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finantial
The
rotude
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
State & Municipal Compendium
Railway Earnings Section
VOL. 123.
SATURDAY, JULY 10 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3185.
tible. Car loadings reported for the week ended
June 26 stood at 1,062,252, or a decided gain over
the previous week and the corresponding week a
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year ago. Loadings for the first six months of 1926
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The Financial Situation.
stocks and invariably changes in the status of inThere have been no outstanding developments dur- dividual stocks. A study of this industrial average
ing the week affeCting the securities markets. The is, however, of use in indicating the changes in genspeculation on the Stock Exchange has gone merrily eral tendencies affecting all securities.
on, though with rather a sharp reaction at the close
Purchases of securities now at above their real
yesterday, and many new high records for the year values, or extensive purchases of seaurities in thinly
have been established in the railroad list and a few margined accounts will result now in just what
in the industrial list. Unquestionably the railroads happened in March. It is to be hoped, therefore,
are on a sounder and more prosperous basis than that there will be no such manipulation and skying
for years past, and there is in that warrant for a of prices by pools as occurred in the early part of
higher level of values, but there are unhealthy fea- the year. Investment buying on keen analysis of
tures connected with the movement and it is being values brings about normal movements in prices.
fed and fostered out of the boundless facilities fur- The movement engineered by purely speculative
• nished by the Federal Reserve banks. Brokers' buying, or by the market tactics of pools, are freloans are again rapidly mounting up. They under- quently wholly illogical and if so, are certain to be
went substantial contraction after the March break followed by reactions.
in prices and yet never got back to proper normal
Our security markets are not at present sensitive
limits. Outside banks and bankers have been with- to European news. During the past twelve years
drawing some of their funds, but the city institu- Europe has been subject to every kind of terrible
tions have more than made good the loss. Accord- experience, but in connection with most of them the
ing to the figures furnished by the Federal Reserve business reactions in this country have been comBoard, loans to brokers and dealers (secured by paratively slight and many of them have been fastocks and bonds) made by the 59 member banks in vorable, whether originating from trouble or progNew York City stood at $2,565,177,000 June 30, ress in Europe. It is true, of course, that during
.against $2,532,898,000 June 23 and $2,408,695,000 the first weeks of the European conflict, before the
May 19, while the Stock Exchange figures, which British fleet had gained command of the seas, the
are on a somewhat different basis, show a total for sudden shutting down of international
traffic
June 30 of $2,926,298,345, against $2,767,400,514 for played havoc with our markets, and also the evenMay 31.
tual drawing of the United States into the war was
Investment bond issues continue to be absorbed in a matter of tremendous business consequence. On
large quantities at practically a stable price level. the other hand, neither of these events is in the
Money remains easy, the stiffening over the first slightest degree feared at present, so that European
of the month having been little more than percep- news goes largely unnoticed except by the most far-
PIC
Throntrit.
116
THE CHRONICLE
seeing. It is, however, very gratifying that the present French Administration is apparently making
progress towards a reform of the fiscal situation.
The securities markets are, of course, deeply concerned with progress in Europe, as was evidenced
by the announcement made on Wednesday by the
Department of Commerce that more than $4,000,000,000 of foreign bonds had been publicly offered
to investors in the United States since Jan. 1 1921.
On the same day a most interesting foreign issue
was offered by a syndicate headed by J. P. Morgan
& Co. This consisted of $10,000,000 Fiat 20-year 7s,
1946, offered at 93, yielding 7.69%. The Fiat Company is the largest industrial concern in Italy and
one of the largest manufacturers of automobiles in
Europe, the production being estimated at 60,000
cars for the current year, and engaging the services
of 17,500 men. The company also manufactures
many other products, including forgings, castings,
tractors, Diesel engines and railway rolling stock,
employing altogether 32,000 persons. The present
issue of $10,000,000 bonds constitutes the company's
only funded debt; total net assets, including $21,630,560 working capital, are given a valuation of
$92,872,580, or about nine times the amount of the
bonds. Earnings during the past years have averaged the equivalent of approximately $3,800,000,
and during 1925 the equivalent of $8,600,000. The
bonds are given an attractive speculative feature in
that to each $1,000 bond is attached a detachable
warrant entitling the holder to purchase 40 shares
of stock at $25 each. These warrants are interesting, inasmuch as the earnings in 1925 amounted to
about $4 per share. The current rate of dividend
is equivalent to something over $1 and the stock is
now selling at the equivalent of about $19. In view
of the rapid industrial development now going on
in Italy, particularly the automobile business of
this corporation, the prospect of piliancement in
the value of this stock has an attractive element in
it. The bonds were offered on subscription and
were immediately taken.
Reference was made in our issue of last week to
the insolvency returns of the United States for the
first half of the current year. There was little variation as to the number of mercantile defaults for
this year to date, as contrasted with 1925, but the
indebtedness involved this year was considerably
less than for ftny corresponding period back to 1920.
These returns, compiled from the records of R. G.
Dun & Co., are separated by quarters, and for the
second quarter of 1926 are now published by geographical sections. There is some improvement for
the second quarter of this year as contrasted with
the first three months of 1926. In two of the three
months of the second quarter of this year mercantile
failures in the United States were fewer in number
than during the corresponding mouths of 1925, these
two months being May and June. On the other hand,
-the reverse was the case as to the returns for the
first quarter of 1926. Furthermore, quite a decline appears in the amount of liabilities reported
for May and June this year, the figures for June
being less than for any month back to September
1923.
There were 5,395 commercial defaults in the
United States during the second quarter of 1926,
with liabilities of $101,438,162, against 5,451 failures a year ago for $110,916,670. This year's de-
[VoL. 123.
faults include 1,366 manufacturing failures for $42,982,510; 3,754 trading concerns for $50,328,658, and
275 insolvencies among agents and brokers, with
$8,126,994 of liabilities. Theye is a decrease this
year as to the number of trading defaults in comparison with the second quarter of 1925, while manufacturing defaults and those among agents and
brokers show an increase over a year ago. The indebtedness shown for all three classes during the
second quarter of this year is less than it was a year
ago.
Four sections of the country out of the eight into
which the United States is divided show a larger
number of mercantile defaults during the second
quarter of this year than in the same period of 1925,
notwithstanding that there is a decrease in the total
for this year covering the United States as a whole.
Both the number of failures and the liabilities reported are larger this year than last for New England and for the Western and Pacific Coast States.
There is also an increase in the number of defaults
this year for the Central Southern States, notably
for Alabama, Mississippi, Arkansas and Texas. The
increase in the New England States applies to all of
them excepting Rhode Island, in which State there
is a decrease. Some large manufacturing defaults
in Massachusetts and Connecticut added to the number and indebtedness shown for those two States.
As to the Western States, the increases are mainly
in Iowa, Nebraska and Colorado, while California
and Oregon contribute the entire addition in the
case of the three Pacific Coast States.
The other four sections of the United States all
reported fewer commercial failures in the second
quarter of this year than was shown a year ago, and
as to the indebtedness, the liabilities are also less
this year. There is a marked decline-both in number
and liabilities at New York this year compared with
a year ago, the falling off this year including both
manufacturing and trading defaults. New Jersey
and Pennsylvania also show fewer failures this year,
although some large manufacturing defaults in both
of these States have added to the indebtedness. The
Central States show a reduction both in number
and liabilities this year, although Illinois and Michigan are the only States in that section reporting a
decline in number this year. The other three States,
Ohio, Indiana and Wisconsin, each report small additions. The South Atlantic States also show a decline both in number and indebtedness, chiefly the
States of Georgia, South Carolina and Maryland.
There were fewer failures in Virginia during the
second quarter of this year than a year ago, but a
small increase appears in the liabilities reported by
that State this year. In Florida the indebtedness
was much heavier in the second quarter of 1926
than it was a year ago, but there was no change as
to the number of defaults. A considerable increase
appears in the report of failures for West Virginia
this year, both as to the number and indebtedness,
and some increase is also reported for North Carolina. Georgia makes by far the best showing as to
insolvencies for the second quarter of this year of
any of the Southern States.
Reference has been made to the improvement that
appears in the insolvency return for June of this
year. There were in all 1,708 commercial failures
reported last month, with liabilities of $29,407,525.
Both in number and indebtedness these figures are
smaller than a year ago. Manufacturing defaults
JULY 10 1926.]
THE CHRONICLE
117
numbered 435 in June, with liabilities of $10,091,- South include four banks each in Florida and Texas
603, as against 431 for $16,159,040 in June last year; and three banks each in North Carolina, Kentucky
trading defaults last month were 1,160 in number and Oklahoma.
for $15,525,130, the corresponding figures for June
Efforts on the part of the French Cabinet to stabil1925 having been 1,229 for $17,213,189 of indebtedness, while there were 117 failures of agents and ize the franc have continued with increased vigor,
brokers in June this year owing $3,790,790, in com- at least so far as Joseph Caillaux, Finance Minister,
parison with 85 a year ago for $3,329,267 of liabili- is concerned. Seemingly about the same degree of
ties. The improvement this year is very largely in political opposition has been encountered in Parthe class embracing trading concerns, although there liament this week as has been noted since the moveis a reduction of 37.5% in the liabilities reported for ment began. The first decisive step of a public charmanufacturing defaults in June this year, as com- acter to be taken by M. Caillaux this week was a
pared with a year ago.
presentation of the extremely critical position of
The improvement shown in the trading class af- the franc to the Chamber of Deputies on Tuesday
fects mainly the divisions embracing grocers, the and the Cabinet's plan for at least relieving it. This
clothing section, dry goods and the shoe and leather followed the publication of the report of the experts'
lines, there being fewer failures reported for those committee with respect to ways of stabilizing the
important departments for June this year than last financial situation. It was taken as the basis for
year. There is also some reduction in the amount of the Cabinet plan of relief. Evidently the Finance
liabilities reported for failures in the divisions above Minister was determined to take the stabilizing of
mentioned. On the other hand, there was some in- the franc into his own hands. According to an Assocrease last month over a year ago in the number of ciated Press dispatch from Paris Tuesday evening,
defaults reported among general stores, furniture "Finance Minister Caillaux to-day demanded of the
dealers, traders in hardware, in drugs and in jew- Chamber of Deputies full powers for the Governelry. The number, however, as to each of the latter ment to issue decrees to solve the financial situation.
was not large. The increase in the manufacturing The Deputies were told they would have to renounce,
lines last month over a year ago, was among cloth- for the time being, discussions of measures for rening manufacturers, printing and engraving and ovating the country's finances, and turn the task
bakers. In lumber manufacturing the number of over to the Ministry." The correspondent also 'cadefaults last month was less than a year ago, like- bled that "Caillaux categorically declared the Govwise as to manufacturers of machinery and tools, ernment must be authorized to proceed by decree to
there being a marked reduction in the indebtedness effect economies, apply restrictions in consumption
reported as to the last-mentioned division for June and arrange the details of a scheme for stabilizing
this year as compared with a year ago. As to the the franc. This must be done secretly, he asserted,
large failures last month, there were 43 defaults for in order to succeed. The whole Government's finanwhich the liabilities in each instance amounted to cial program, as outlined by the Minister, is founded
$100,000 or more, the total indebtedness for all be- on stabilization of the franc, with the settlement of
ing $11,599,170; for June 1925 the corresponding the nation's debts a prerequisite."
figures were 44 and $16,979,732, respectively. The
As to the general financial situation, "the Fidecrease this year for these larger defaults amounts nance Minister said only 500,000,000 francs were left
to $5,380,562.
to the State from advances authorized by the Bank
Banking failures in the second quarter of 1926 of France. The legal limit of circulation would not
continued mainly in a few of the Western States and be surpassed as of June, he added. Further inflain the South, as they did in the first three months tion is inevitable, Finance Minister Caillaux told
of this year and have for several years past. The the Chamber, unless the financial situation is alnumber of banking defaults shows little variation, tered. To this end, he declared, stabilization of the
and those that have occurred are in the smaller franc was absolutely necessary. He asserted this
cities or towns with limited resources, and in the would mean the necessity of obtaining credits abroad
main are State institutions. During the second and to obtain these credits France must settle her
quarter of 1926 115 banking failures were reported, foreign debts."
according to the records of R. G. Dun & Co., with liabilities of $30,309,000, these figures comparing with
With respect to the probability of the Cabinet
94, for $25,893,778 of indebtedness, for the first meeting with success in the Chamber of Deputies,
three months of this year, and with 111 for $42,859,- the Paris representative of the New York "Evening
470 for the second quarter of 1925. In the six States Post" cabled the same evening (July 6) that "as the
embracing Minnesota, Iowa, Missouri, the Dakotas session of the Chamber of Deputies opened sentiand Kansas there were 81 banking failures during ment among the most cynical showed signs of softenthe second quarter of this year with liabilities of ing and there were many who believed the Govern$18,124,000, the number being 70% of all such de- ment would win a vote of confidence authorizing it
faults in the United States during that period, and to carry out the financial rehabilitation of France
the indebtedness reported nearly 60% of the total and to conclude the Mellon-Berenger agreement.
of all. Nineteen bank failures for the second quar- There has been increased evidence lately of the
ter of this year occurred in the South, with a total strength of the Briand-Caillaux Cabinet and the
of liabilities of $9,165,000; 6 for $1,700,000 in the Chamber was expected to exhibit more of it to-day.
four Central States including Ohio, Indiana, Illi- As a result of the financial expert committee's renois and Wisconsin,8 for $1,220,000 in the far West- port, the political parties are less willing to take reern States, which includes Colorado and Montana, sponsibility for refusing ratification of the debt
and a small bank in the Pacific Coast States. There accord. Failure to approve it, they now realize, will
have been no banking defaults in the East this year mean the defeat of the Government and a conseto date. For the second quarter of 1926 those in the quent sharpening of the financial crisis."
118
THE CHRONICLE
The Associated Press representative in the French
capital added still another note of hopefulness in a
dispatch, also on Tuesday evening. He said that
"before the presentation of Finance Minister Calllaux's financial program,it was conceded by former
opponents that it had a good chance of passage. One
critic of the Washington agreement,- Albert Du
Barry, writing in `La Volonte,' admits that he would
prefer to repulse that 'crushing treaty with hands,'
but 'to-day France's safety is a supreme law. It
demands real men, a program and a majority.' The
Government was hopeful of a majority for the financial program inclusive of plans for stabilizing the
franc and increasing revenue as outlined by the experts and of ratification of the Mellon-Berenger
agreement, and was not greatly concerned as to
whether the majority would prove large or small."
[VoL. 123.
delay will only serve to aggravate them.
Insistence
is clear and emphatic that there
must be an immediate ratification of the Washington
debt settlement
and a settlement with Britain. In a
chapter on the
Treasury problem and the relief from
the burden of
the floating debt, the experts declare
against a forced
consolidation by a capital levy or a
forced loan. As
M. Caillaux tried a year ago, they
propose a voluntary consolidation loan with an
exchange rate guarantee and an interest rate governed by
the financial
market. For the redemption of the
defense bonds
they propose they should be taken out
of Treasury
control and be met by a sinking fund,
fed by regular resources provided by the total
receipts of the
tobacco monopoly, the income from the
Dawes annuities and several specified revenues. An
initial fund
of four billion francs should be create
d by means of
a foreign money loan, and further
similar loans
Reverting to the report of the committee of ex- should in
part be devoted to this purpose. Guara
nperts, the Paris representative of the New York tees of
the proper administration of the
defense
"Times" cabled on the evening of July 3 that "it is bonds funds
should be given so as to preserve public
by sound old-fashioned means and by no palliatives confidence.
Another chapter, devoted to the probthat the French experts' committee of financiers, lem of
stabilization, concludes that it should
be
bankers and.economists has recommended to the done by
stages by the Bank of France. The first
French Government and Parliament the way by thing to be
done, according to the experts, is to conwhich financial health must be sought. Their re- stitute a
large fund of foreign moneys and francs.
port, which will be published in full to-morrow, con- , This fund should
be composed of the gold holdings
tains no other than familiar remedies for curing the of the bank
plus long and short-term credits from
financially sick State. There must be rigorous econ- foreign
banks of emission and private and commeromy, strict equilibrium of expenditure and income, cial
credits. When that has been done and the peno more borrowing from the Bank of Prance, con- riod
of temporary stabilization secured, measures
solidation of the floating debt, freedom for capital, can be
taken for complete stabilization. In this secexact fulfillment of the obligations of the State, in- ond
period the bank will maintain the exchange by
cluding the settlement and payment of its foreign the
purchase and sale of currencies at a fixed rate.
debts, and, to aid all this, there must be established . The
third step will be the legalization of the stabiliforeign credits and the flotation of long-term loans. zation
thus achieved by laws which will fix a value
There are three objectives which the experts have for the
new monetary unit, readjust the advances
set themselves: First, perfect balancing of the of the
Bank to the State on the basis of the revalbudget; second, relief of the Treasury; third, sta- oried
currency and transform into legal obligations
bility of the national money."
the charge assumed by the Bank for maintenance
of
He added that "to attain these three objectives a fixed
exchange rate."
they make nine proposals, which may be summarCommenting upon the plan, the Paris correspondized as follows: (1) Improvement of the taxation ent of
the New York "Times" said in a dispatch the
system so as to give a quicker and larger return and next
day (July 4) that "the experts' report, on
to provide about four billions in new revenue; (2) which
Finance Minister Joseph Caillaux will base
energetic compression of State expenditure; (3) ces- his
program to save the franc, was made public this
sation of the system of advances from the Bank of aftern
oon. It is a good report. It is full of wisFrance to the State to cover new expenditure. That
dom and replete with logic. It is just such a report
is to say, the prevention of any further inflation; as
the same committee of bankers might have made
(4) a gradual reduction of the advances of the bank any
time in the past three years. But the big issue
to the State, so as to strengthen the bank note cover; does
not relate to the virtues of the experts' report
.
(5) relief of the Treasury and a return to its normal The
important question is, What will Parliament do
functioning by the reorganization of a large part of
about it? Owen D. Young said a few weeks ago in
the floating debt and its administration by a sep- Paris
that with $500,000,000 in gold (the Bank of
arate sinking fund; (6) voluntary effort at the conFrance has $700,000,000) and full powers any
good
solidation of the short-term national defense and
financier could solve the fiscal problems of
the
Treasury bonds; (7) the realization as soon as posFrench Government. It may be that M. Cailla
ux
sible, with the aid of the bank, of monetary stabilcould do so under the conditions specified by one
of
preparation for the return of capital, for
ity; (8)
the authors of the Dawes plan. But for him to get
which purpose it will be necessary to contract longthose conditions he must have a favorable action by
term loans in foreign values and to obtain credits
the Chamber of Deputies, which is saturated by
abroad; (9) drafting an economic policy which will
demagogic politics."
prevent in some measure inevitable difficulties
As for the Finance Minister's chances of success,
which will attend a return to sane money."
the "Times" correspondent said: "As M. Caillaux
sees it, it is 'after me, the deluge.' Whether the
Continuing to outline the report, the "Times" cor- Deputies will agree and keep
him on, to avoid openrespondent said: "In a footnote the committee adds ing the flood gates, remain
s to be seen. It appears
that full warning must be given to the country that to-day about an even guess in the minds of
observers
a restoration of the national finances will be accom- in the French capital. For the ordinary French
panied by difficulties and suffering, but that any politician to espouse the experts' report is to
con-
JULY 10 1926.]
THE CHRONICLE
front a degree of unpopularity from which only signal success could rescue him. M. Caillaux is no
ordinary French politician and cares little for public opinion, but the same cannot be said for the
Chamber party leaders."
The "Times" correspondent evidently had been in
London for the purpose of learning British sentiment with respect to the immediate financial situation in France. Under date of July 2 he sent a
wireless message to his newspaper in which he said
in part: "The British attitude toward the French
financial situation is mainly one of pessimism. In
other words, London expects the franc to fall still
lower than the new record set to-day of 182 francs to
the pound sterling. There exists on this side of the
Channel a double doubt about the Finance Minister,
Joseph Caillaux. In the first place there is doubt
that he has the answer to the French financial riddle, and in the second place there is doubt that, if
his plan is a proper one, he can put it into force, in
view of the political opposition which has developed
in the Chamber of Deputies. In the latter doubt the
British see the main trouble in the Paris situation.
The Chamber is observed to be hopelessly divided in
everything it has tried to do and the feeling predominates here that the Deputies have not yet taken
a sufficiently serious view of the situation to lead
them to surrender any power they hold as members
of party groups in the French Parliament. Until
they do so, or until there is a new Chamber, London
thinks the country's finances will be the victim of
too much domestic politics. As seen from here this
factor is even more important than appears on the
surface."
119
guard and transfer clauses, Henry Franklin-Bouillon, former Minister of Missions Abroad, told the
Chamber of Deputies to-day. His statement was
made in the course of a strongly worded protest
against the Government's demand for ratification
of the agreement, which was negotiated by Ambassador Berenger."
From a later special Paris cablegram to the New
York "Times," the same evening (July 7), an entirely different opinion could not fail to be derived.
It was stated that "to the accompaniment of the
applause which at times compassed the whole semicircle of the Chamber, two Deputies, M. FranklinBouillon, Chairman of the Foreign Affairs Commission, and Leon Blum, leader of the Socialists, spent
the entire afternoon attacking with oratory and
argument two pillars of the bridge on which Finance Minister Caillaux and the committee of experts have planned to build a road to financial safety. M. Franklin-Bouillon's attack was directed at the
Washington debt accord, which the experts demand
shall be ratified before anything else can be done.
M. Blum's oratory was directed against the demand
of the Government that it receive special powers to
take the necessary steps, when and how it can, for
the stabilization of the franc without having to submit all its actions to Parliamentary control. To
judge by the applause which greeted these oratorical
efforts neither of the Government's proposals, if
ever offered, seems to have any chance of passing.
At times it looked as if the Cabinet had no support
at all, so general was the approval of some of Franklin-Bouillon's criticisms and of Blum's defying Parliament to abrogate its constitutional powers and
national security."
Subsequent accounts of M. Caillaux's presentaThe position of the French Cabinet and the gention of the situation in the Chamber of Deputies in- eral financia situatio
n were regarded as a little
l
dicated that it was received with less opposition more favorab
le as a result of certain developments
than at first represented. For instance, the New on Thursday. The Paris
representative of the New
York "Times" correspondent said: "He was not York "Herald Tribune
" cabled on July 8 that, "alcontradicted in either his general thesis or his sug- though the franc tumbled
dizzily, the Chamber of
gestions of what could and should be done. Even Deputie
s by adjourning early to-night, again posthis adversaries admit his plans are sound and in poned
the climax of the great debate which must
accord with the strictest principles of finance. But termina
te in an expression of Parliamentary apwhile the Left considers them not radical enough,
proval or disapproval of the Briand-Caillaux Govthe Right is reserved in its judgment on the man
ernment, mainly on the vital issues of ratification of
and his record. It would prefer that its own nomithe debt pacts, negotiations for foreign credits and
nees, MM. Poincare, Tardieu or some other, should
Joseph Caillaux's demand for extraordinary powapply the program which the experts laid down
for ers. There is every indication that the Government
the Government. There will be danger during
the to-morrow will not insist on out-and-out ratification
next three or four days of a combined
vote of the of the American debt agreement, but will sugar-coat
extremists wrecking their whole proposals.
To-day, that problem with an appeal for confidence, on the
however, passed smoothly. In a thin, high-pit
ched assumption that ratification will follow later, after
voice and with gestures and modulations which
did the Government has negotiated supplementary
not always accord with the gravity of his thesis,
the pledges from the United States relative to the guarFinance Minister reviewed the whole situatio
n in anty and transfer features. It was hinted
in Govjust such a speech as he has several times
made to ernment circles that if the Chamber goes that
far
the country, toned perhaps at times and in
ways not the American bankers will be ready to
make posto arouse opposition."
sible the credits with which Caillaux may proceed
According to an Associated Press cable message
in his stabilization program. The Government will
from the French capital the next day the
Finance approach Washington in its plea for amelior
ation
Minister's report and speech were quite well
re- of the debt accord with the British debt agreement
ceived. The correspondent said that "even the bitin one hand, giving in its text assurances on which
terest of Finance Minister Caillaux's critics to-day
the majority of Frenchmen insist, but which are now
paid homage to him for his brutal clearness in deomitted from the Mellon-Berenger text. The Britpicting France's financial situation before the ish agreeme
nt had not yet been completed, although
Chamber of Deputies yesterday. France's great mis- the 'Herald
Tribune' understands that Caillaux will
take in the Washington debt agreement was her ac- proceed
to London, possibly this week, to affix
his
ceptance of 'such astronomical figures' without safe- signatu
re with Winston Churchill's to the documen
t.
120
THE CHRONICLE
[Vori. 123.
which have gone on in the lobbies of the House of
Commons, at the end of the week than there was at
the beginning, and though there is no very visible
sign that the end of the deadlock is approaching,
several doves are being dispatched out of the ark
with the object of testing whether or not the flood
The week began with no brighter prospects of an has reached its height and the waters are subsiding."
early settlement of the British coal miners' strike.
A new turn in the British coal miners' situation
Cabling on July 2, the London correspondent of the
"hopes developed in the House of Lords on July 6. It was
New York "Herald Tribune" declared that
for an early settlement of the British coal strike related in part as follows by the London representaraised by Prime Minister Baldwin's statement in tive of the New York "Times" in a dispatch on that
the House of Commons last night faded to-day when date: "Intervening dramatically during a peaceful
Winston Churchill, Chancellor of the Exchequer, discussion of the Government's bill to enable Britmade it clear that the Government had not changed ish coal miners to work eight hours a day, Viscount
its policy. Coincidentally, a call to the unions for Cecil announced in the House of Lords to-night that
united resistance to the Government's plans for the Government had reconsidered its intention to
longer hours was broadcast by the Trades Union accelerate the bill because it considered profoundly
Congress. The Chancellor's interpretation of the unsatisfactory new terms posted by the coal owners
Prime Minister's speech came after Mr. Baldwin, in one colliery district. The statement cause surearlier in the debate, had shaken his head in answer prise and some apprehension among coal-owning
to a question by Captain Wedgewood Benn as to peers. Lord Crawford asked with some agitation
whether the Government was now prepared to ac- for details, declaring that if the bill were withdrawn
cept the Samuel report if it was acceptable to the all those who had posted or contemplated posting
Miners' Federation. 'The moment those who have notices would be left in a quandary. Lord Salisbury
power to settle are willing to come forward and try replied that the Government was animated by a deto arrive at the best solution the Government will termination to fulfill the Prime Minister's pledge
come forward and do its part. That is the meaning that no injustice should be done the miners. The
and intention of the declaration by the Premier last terms posted in one district were so disappointing
night,' Mr. Churchill said, replying to the debate that some time for explanation or alteration must
staged on the address in reply to the King's message be given." It was added that "the new difficulty
intimating a continuance of the emergency regula- has strengthened the demand in many quarters that
tions. The address was carried by a vote of 244 to 82 all parties should return to the Coal Commission's
after a Labor amendment virtually censuring the report and ascertain whether negotiations are now
Government for its policy in the strike v-as defeated possible on the basis of a reduction of wages rather
than an increase of hours."
by a vote of 256 to 95."
The "Times" correspondent called special attenCommenting on both the Chancellor's speech and
Council, the tion to still another development. He said that
the statement of the Trades Union's
London representative of the New York "Times" "while this eleventh-hour development was taking
said: "It was felt here to-night that Mr. Church- place in the coal stoppage situation the delegates to
ill's speech made clearer than ever before certain the National Union of Railwaymen, continuing their
points about the Government's attitude in the coal conference to-day, made a determined attack on
crisis. However, no signs of imminent reconcilia- their leaders. J. H. Thomas, as representative of
tion are to be seen. Meanwhile the manifesto of the the railwaymen on the general council of the Trades
Trades Union's Council, if taken literally, would Union Congress, which conducted the general strike,
seem to imply that the labor union leaders want the and C. T. Cramp, for his negotiation of the railwaycoal miners to fight to the finish. The manifesto, men's settlement following the strike, were vehewhich was signed by Arthur Pugh, the Chairman, mently criticized by the extremist section. Mr.
and Walter M. Citrine, Secretary of the Trades Thomas spoke two hours in his own defense and
Union Congress, declares that the most recent Gov- made an impression by producing documents indiernment coal proposals belie Premier Baldwin's ear- cating that the delegates calling for his resignation
lier statement that the Government is not fighting were being advised, not by the members of the union
to lower the standards of living of the miners or any they represented, but from Communist sources. An
amendment express:ng lack of confidence in Thomas,
other class of workers."
editorial correspondent in London of the New Cramp and other leaders was then moved, but was
An
York "Times" cabled about the same time: "To be- defeated by an overwhelming majority." Evidently
gin with the British coal stoppage. There has been the conference decided that it had acted rashly and
much letting off of steam during the past week. The unwisely with respect to newspaper men. AccordLabor extremists have shown both bad temper and ing to the "Times" dispatch, "the conference also
bad manners. A Scotch member went to the length decided that newspaper reporters, who left in a body
of expressing his irreverence for royalty as an insti- yesterday after it was decided to exclude representution in accents so redolent of the Clydeside that tatives of all but the completely unionized news
only a few of his Parliamentary colleagues knew agencies, should be invited to return without diswhat he was talking about. No harm was done, any- crimination."
how. Other labor members of Parliament provoked
Further evidence of an apparent lack of harmony
Ramsay MacDonald to a repudiation of methods
exposed the Parliamentary institutions to in certain labor circles was furnished in the followwhich
to ing special London dispatch to the New York "Herpublic scorn, and the offenders appeared to take
their chief. ald Tribune" on July 6: "While the conference of
heart the lesson thus read to them by
conversations the National Union of Railway Men to-day continThere is less bitterness, judging by
The Government's political stock took a decided
boom this afternoon when Caillaux, after great applause from a majority of Deputies, scathingly destroyed the Socialists' proposals for abrupt deflation and a capital levy."
JULY 10 1926.]
THE CHRONICLE
ued its acrimonious discussions at Weymouth, indications of another broad split in the trade union
movement were furnished by the publication in the
paper edited by John Bromley, M. P., a member of
the Trades Union Congress, of a stinging attack on
A. J. Cook, the miners' Secretary. Mr. Bromley
quotes from the Trades Union Congres 'inquest'—an
unpublished report on the failure of the general
strike—to show that the leaders of the other unions
throughout the strike disapproved the miners' attitude and that the strike was terminated solely because the miners could not be made to alter their
position. Charging that the miners' leaders must
have been aware, as other unionists were, that the
mining industry would have to be reorganized before it could pay and that periodical strikes had not
altered the situation, the article says 'we suggest
that to continue with such leadership is puerile and
we say without hesitation that it is not leadership
merely to stand by while hundreds of thousands of
men and women starve on a slogan.'"
The action of the Government in holding up the
eight-hour bill had the desired effect. On July 7,
the very next day, the London correspondent of the
New York "Times" cabled that "the Government's
refusal to expedite passage of the bill permitting an
eight-hour day to be worked in the coal mines, as a
protest against the proposal of the Yorkshire coal
owners to take a larger share of the mine profits for
themselves and leave a smaller share for wages than
under the last agreement has had immediate effect.
It was announced in the House of Lords to-day that
the Yorkshire owners are willing to come into line
with other districts and devote 87 instead of 85% of
their surplus profits to wages. The third reading of
the bill will accordingly be taken on Friday."
The proceedings in the House of Commons on
July .7 evidently were spirited. The New York
"Times" representative said that "the Commons
meanwhile waged a bitter battle over the Government's proposal to devote £3,000,000 to the importation of coal, this sum to constitute a capital which
will be used over and over again while the mine
stoppage lasts. The Labor back benches, headed by
Jack Jones, insinuated that Sir P. Cunliffe-Lister,
President of the Board of Trade, would not be unmindful of his own private interests in the coal business. This elicited from the Minister a statement
that in view of his interests in coal he had offered
his resignation to the Prime Minister as soon as the
coal question loomed on the political horizon. He
had withdrawn it under pressure from many quarters in Parliament, but had insisted on the full nature of his interests being communicated to the Opposition leaders. There was a good deal of disturbance during the Minister's remarks."
The eight-hour bill became a law Thursday evening, July 8. The New York "Herald Tribune" correspondent cabled that, "amid wild and disorderly
scenes such as are rarely witnessed even at St.
Stephen's, the bill legalizing an eight-hour day in
the British coal mines—the Government's measure
for ending the coal strike—was enacted into law
to-night. When the Lord Chancellor, Viscount
Cave, the Speaker, announced in the House of Lords,
with the peers seated on red plush benches and the
Commons humbly standing behind the bar, in accordance with the ritual of the British Parliament
since time immemorial, that King George had given
121
his royal assent to the bill, a chorus of execrations
came prom the excited and embittered miners' members of the House of Commons. 'Shame!' they cried
repeatedly, and George Hardie, an aged Scottish
miner, was heard shouting,'It is a murderer's bill!'
Never within living memory, it is said, has the
stately ceremonial of the royal commission been subjected to such abuse and ridicule. But this incident was merely the most striking of many episodes
of disorder that occurred in both Houses of Parliament to-night, including a free fight in the corridor
of the House of Commons between Conservatives
and Labor members as the members were returning
to their own chamber from the House of Lords."
Premier Mussolini of Italy and his close associates
are pushing and extending the program .outlined in
the "Chronicle" last week for strengthening the
economic situation in Italy. The latest steps taken
were sketched in part as follows in an Associated
Press dispatch from Rome on July 6: "The Fascist
Government, in an effort to ward off internal political strife, has decided to suspend indefinitely all
provincial, communal and municipal elections. In
well-informed circles it is believed that this decision
is a forerunner of considerable extension of the Podesta system, which already has been installed in
four-fifths of the nation's communes. By this system communal administrations have been abolished
and have been replaced by an individual public official directly responsible to Rome. The object of the
suspension of elections is to concentrate every bit of
national energy for the struggle to improve Italy's
economic situation. This drastic step will be taken,
it was learned semi-officially, because the Cabinet's
recent economy campaign has not served to check
the polemics of local political leaders, who have been
clamoring for new elections. The Government's
economy campaign has been received sympathetically by the great mass of Fascisti. The Cabinet is
desirous to check any possible action by local politicians which might retard nation-wide observance
of the retrenchments outlined in the recent decrees.
Another factor which, it is asserted, may have influenced the decision is the publication of trade statistics for the first five months of this year, which
show a further weakening of the international balance. Importations increased from 11,541,000,000
to 11,601,000,000 lire, while exports dropped from
6,806,000,000 to 6,634,000,000. The first food canteens provided for in the Cabinet's decrees will be
opened next Saturday. These institutions, which
are intended to furnish food at cost price to Government employees, will be installed at the Central
Post Office and the Ministries of Naval and National Economy. Nine others, which will be opened
later, will sell spaghetti, food pastes, rice, coffee,
sugar, olive oil, soap and canned tomatoes."
According to cable advices from Rome in the last
few days the proposed increase from an eight to a
nine-hour working day has been held up. The correspondent of the New York "Evening Post" cabled
that "negotiations for an increase in the working
day throughout Italy to nine hours have been postponed, says the official ‘Tribuna,' which severely
criticizes the other semi-official organs, notably the
'Corriere della Sera of Milan,' for speculating on
the proposal. The latter had maintained that for
certain industries the extra hours would be without
122
THE CHRONICLE
recompense, for others it would be compulsory but
with extra pay, and for a third it would be non-applicable. Fascist discipline demands that there be
no move and no argument until the matter has been
definitely settled by Premier Mussolini in collaboration with the labor unions and employers' federations. Employees in the public services are destined
to be weeded out systematically over a long term of
years until 500,000 civil servants have been dismissed, necessitating harder work for those remaining. The economic battle is now envisaged in press
comment as the most difficult the nation has faced,
and it is doubtful if the new measures will be efficacious for several years. There are obvious reasons
for that, such as Italy's great poverty in raw materials."
Announcement was made in a special wireless
message from Rome to the New York "Times" on
Thursday that "the Government has made two more
moves in the 'economic battle,' toward winning
which, according to repeated official utterances, all
efforts are now directed. The first is of a purely
moral character and consists in the padlock placed
by Premier Mussolini for one year on all decorations, knighthoods, honors, etc., which are so dear
to the hearts of Italians. It is intended to call the
attention of all Italians to the necessity of living
in simpler fashion till the economic crisis is over and
working hard for the good of the nation without
hope of honorific rewards. The second is the inauguration by Signor Mussolini this morning of the National Institute of Exportation. This institute,
which is run under Government auspices by the
best business brains of Italy, is intended to co-ordinate all the services which contribute to the increase of the exportation of Italian goods. The dedication speech at the new institute was made by its
President, Dr. Alberto Pirelli, one of the negotiators
of the Italian debt settlement at Washington. He
laid great stress on the necessity for Italy not only
to produce more but to save more by the constant
exercise of the most rigid thrift."
Some of the most recent reports relative to economic conditions in Soviet Russia have been more
encouraging. In a special Moscow dispatch to the
New York "Times" under date of July 6 it was
stated that "progress is shown in the Soviet Union
budget published in 'Economic Life' to-day, covering the fiscal year from Oct. 1 1925 to Sept. 30 1926.
This is the second year in succession that the budget
has not only been balanced, but shows a surplus of
117,812,000 rubles. Last year's surplus was 20,000,000 rubles, but the total budget then was only 2,875,000,000 rubles, whereas this year it is 4,039,000,000.
Healthy signposts are the telegraphs and railroads,
State industries, which this year show an excess of
receipts over expenditures, which was not the case
hitherto. Despite that fact, the task of repairing
the losses of the Great War and the revolution are
still uncompleted and the expenditures in each case
have been largely increased. The peasant tax was
35% less than that of last year, and, although taxes
on industry and incomes were slightly increased,
direct taxation as a whole was reduced from 646,000,000 rubles to 583,000,000 rubles. It is true that
120,000,000 rubles from internal loans were included
In this year's receipts, but in addition to the surplus
above mentioned there are two items of expenditure,
'the reserve funds and the subvention fund, which
[Vol,. 123.
amount to a total of 246,000,000 rubles. On the
other hand, though deprived of foreign financial
assistance, which helped to balance the budgets of
Germany and Italy, Russia is not burdened by a
foreign or an internal debt, except 200,000,000 rubles raised in the last two years."
Joseph Pilsudski, virtual if not actual dictator of
Poland, continues to meet with opposition and apparently is making rather slow progress in carrying
out his plans. One of the latest developments in the
situation was reported as follows in a special cable
dispatch from Warsaw to the New York "Times" on
July 6: "The political fate of Poland was postponed
another two weeks to-night. While the Sejm was
disorganized over the bitter offensive launched last
night by the Socialist Deputy Cicero, Deputy Zaszynski afterward proposed that the administratorial
changes reputed to effect the constitutional reformation of the country be returned to the conference
committee. They will not be considered again until
July 15. A Socialist motion for their rejection was
voted down, but the strength of the Socialists was
such that adoption even of minor changes in the administrative procedure had to go to the conference.
The fact that such a powerful orator as Zaszynski
could utter a scathing attack against Pilsudski and
his new Government without reprisals is taken here
to mean that the boasted dictatorship is crumbling
and that the Marshal delayed too long in putting
into effect his proposed reforms. As a result of the
Socialist orator's offensive, it appears to-day that
the Government may slide back into practically the
same old rut that Parliamentarism will have scored
a triumph over military rule."
It seems that Deputy Zaszynski elaborated his position in an interview with American correspondents the next day. The New York "Times" representative said that 'Poland's distinctly bright outlook
created by the revolution is in a state of dangerous
confusion, according to the Socialist Deputy Zaszynski, who yesterday dramatically jumped to leadership of the first opposition to Marshal Pilsudski's
rule. Speaking to American correspondents, he
demonstrated that the opposition is not hostile, but
is determined to force the new Government to enunciate something definite instead of demanding reforms in general terms."
According to an Associated Press dispatch from
Warsaw on July 8, "Marshal Pilsudski has taken a
renewed grip on the situation here in his determination to bring the country back to normal. The Marshal is expected to assume the dual post of Minister
of War and Inspector-General of the Army, and,
with the object of aiding him in his work, the Cabinet has approved the proposal to place the Presidential Balace at Belvedere at Pilsudski's disposal.
Premier Bartel has finally completed his Cabinet,
set up after the recent coup d'etat. Professor Antony Sujkowski has been appointed Minister of Education. He is a prominent geographer and was a
member of the Polish National Committee in Paris
in 1919. Many important changes in the higher
military posts have occurred during the past week.
The official gazette has announced 137 enforced retirements and transfers. The Presidential guard,
which took an active part in the defense of former
President Wojciechowski, has been disbanded. All
soldiers have been transferred to a Warsaw regiment, while the officers have been distributed to
JULY 10 1926.]
THE CHRONICLE
other regiments. There has been a rumor in Warsaw that a $50,000,000 loan from America has been
offered to the Polish Government. This, it is said
in well-informed circles, has emanated from the
Ministry of Finance with a view to allay public nervousness over the financial situation."
According to cable advices received from Berlin
under date of July 6, the Imperial Bank of Germany
has lowered its official discount rate / of 1%, to
1
2
6%. Aside from this change, however, official bank
rates at leading European centres continue to be
quoted at 7 % in Austria; 7% in Belgium and
/
1
2
Italy; 6% in Paris; 5 % in Denmark and Norway;
/
1
2
5% in London and Madrid; 4 % in Sweden, and
/
1
2
3 % in Holland and Switzerland. In London the
/
1
2
open market discounts were slightly higher, 4 5-16
@4%7 being quoted for both short bills and
0
three months' bills, against 418% for short bills
/
and41 8@4 3-16% for three months' bills a week
/
ago. Money on call in London was firm
and advanced to 418%, but closed at 378%,
/
/
14
which compares with 3/% last week. In Paris and
Switzerland open market discount rates remain at
5 % and 238%, respectively, the same as hereto/
1
2
/
fore,
The Bank of England this week reported a further
small addition to gold holdings, namely £171,420.
Nevertheless, there was again a reduction in the reserve of gold and notes in the banking department.
The last named item dropped £341,000, owing to an
expansion in note circulation of £512,000. There
was a substantial shrinkage in the deposit and loan
items, and the proportion of reserve to liabilities
advanced to 22.98%, as compared with 17.19% last
week. In the corresponding week of 1925 the ratio
stood at 25.75% and the year before at 17187..i
/ a ,Public deposits rose £6,041,000, but "other" deposits
were reduced £49,074,000, while the Bank's temporary loans to the Government decreased £14,090,000 and loans on other securities declined £28,531,000. Gold holdings total £150,520,960, which compares with £158,861,736 last year and £128,269,317
a year earlier (before the transfer to the Bank of
England of the £27,000,000 gold formerly held by the
Redemption Account of the Currency Note Issue).
Reserve amounts to £28,054,000, as against £33,405,986 a year ago and £20,749,417 in 1924. Note circulation stands at £142,218,000, which compares with
£145,205,750 and £127,269,900, one and two years
ago, respectively, while loans stand at £74,560,000,
as against £71,992,302 in 1925 and £69,950,129 the
year before that. The Bank's official discount rate
remains at 5%, unchanged. Clearings through the
London banks for the week totaled £849,984,000,
which compares with £818,764,000 a week ago and
£811,476,000 last year. We append herewith comparisons of the different items of the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1928.
1923.
1922.
July 8.
July 9.
July 7.
July 11.
July 12.
Circulation
b142,218.000 145,205,750 127,289,900 126,409,635 124,248,705
Public deposits
16,498,000 11.250,201
9,928,000 11,597,431 12,612,045
Other deposits
105,596,000 118,652,498 110,875,468 107,981.759 112,375,059
Governm't securities 37,520,000 42,516.733 48.057.467 46.838,731 47,103.552
Other securities
74,560,000 71,992,302 69,950,129 69,702,107 73,663,109
Reserve notes & coin 28,054,000 33,405.988 20,749,417 20,963,059 22,101,993
Coin and bullion.. a150,520,9(0 158,861,736 128,269,317 127,622,694 127,900,698
Proportion of reserve
to liabilities
22.98%
2531%
1734%
Ini%
1754%
Bank rate
5%
5%
4%
4%
3%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency note issues and which was transferred to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
123 _
The Bank of France in its statement the present
week reported a further large expansion in note
circulation, amounting in fact to no less than 947,689,000 francs, bringing the total up to the new
high figure of 54,861,926,850 francs. This compares
with 44,493,751,250 francs in 1925 and with only
40,224,978,825 francs the year before. Another
addition was made to gold holdings during the week,
the increase being 41,325 francs. Gold holdings
now aggregate 5,548,632,700 francs. At the corresponding date last year gold holdings amounted to
5,546,771,991 francs and in 1924 totaled 5,543,283,675 francs. Additional borrowing of 350,000,000
francs by the Government brought the total of
advances to the State up to 37,700,000,000 francs,
the largest figure on record. In 1925 and 1924 the
amounts were 27,400,000,000 _francs and 23,000,000,000 francs, respectively. Other changes in the
Bank's report were: Silver gained 19,000 francs,
trade advances were increased by 112,221,000 francs,
Treasury deposits rose 15,192,000 francs and general
deposits 138,185,000 francs. Contrariwise, bills discounted fell off 735,812,000 francs. Comparison of
the various items in this week's return with the
figures of last week and with corresponding dates in
both 1925 and 1924 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
July 81926.
July 9 1925. July 10
for Week.
.1924.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
41,325 3,684,311,793 3,682,451,084 3,678,962,768
Inc.
In France
1,864,320,907 1,864,320,907 1,864,320,907
Unchanged
Abroad
41,325
Inc.
Total
19,000
Inc.
Silver
735,812,000
Bills discounted- —Dec.
Trade advances__ _Inc. 112,221,000
Note circulation—Inc. 947,689,000
Treasury deposits_Inc. 15,192,000
General deposits Inc. 138,185,000
Advances to State_Inc. 350,000,000
5,548,632,700 5,546,771,991 .5,543,283,675
337,562,943
299,869,771
311.416,141
4,869,767,841 3,346,228,281 4,864.021,212
2,366,159,770 3,057,164,185 2,772,985,073
54.861,926,850 44,493,751,250 40,224,978.825
38,487,160
14,098,183
15,235.570
3,340,234,870 2,473,875,313 2,200,241,984
37,700,000,000 27,400,000,000 23,000,000,000
Preparations to meet the July 1 settlements were
reflected in the statement of the German Reichsbank, issued as of June 30. Note circulation, which
had been declining the three preceding weeks, expanded heavily, viz., 473,013,000 marks, bringing the
total outstanding up to 2,971,153,000 marks, or the
highest level since the early part of last May. At
this time a year ago note circulation stood at 2,474,416,000 marks. There were, however, declines in
other maturing obligations and in other liabilities
237,120,000 marks and 40,505,000 marks, respectively. On the assets side, the Bank reported a gain
in holdings of bills of exchange and checks of 64,258,000 marks and in advances 137,977,000 marks.
Reserve in foreign currencies increased 175,002,000
marks, but declines took place in silver and other
coins, 6,236,000 marks; notes on other banks, 26,358,000 marks, and other assets 149,279,000 marks. Gold
and bullion holdings gained 24,000 marks, and the
stock of gold now aggregates 1,492,234,000 marks,
as against 1,061,717,000 marks in 1925 and 462,187,000 marks a year earlier.
Material reductions in gold reserves, smaller open
market operations, but heavy expansion in rediscounting of all classes of paper, were shown in the
Federal Reserve banks' weekly statements, issued
at the close of business on Thursday. The changes
reflect the strain of meeting July 1 interest and
dividend payments. In the report of the System
gold holdings were reduced $28,100,000. Rediscounts of Government secured paper increased $66,100,000 and•"other" bills $31,400,000, so that total
bills discounted gained $97,500,000, to $612,567,000,
124
THE CHRONICLE
which compares with $450,331,000 a year ago. Holdings of bills bought in the open market fell off $11,800,000. Increases occurred in total bills and securities (earning assets) of $75,100,000, and in deposits of $19,300,000. Federal Reserve notes in actual circulation increased $40,200,000, while member bank reserve accounts were augmented $11,000,000. At New York very similar conditions prevailed. Gold holdings diminished $107,400,000. Rediscounting of all classes of bills increased $135,600,000, so that total bills discounted now aggregate
$238,003,000, in comparison with $123,780,000 last
year. Open market purchases were $3,100,000
smaller. Additions to total bills and securities
were $125,500,000, while deposits mounted $22,900,000, and the amount of Federal Reserve notes in
actual circulation expanded $3,300,000. Member
bank reserve accounts rose $22,500,000. Drawing
down of gold holdings, both locally and nationally,
accompanied by larger deposits, naturally served to
lower reserve ratios. The New York bank reported
a drop of 10%, to 74.6%. For the banks as a group
the reserve ratio declined to 73.2%, 2.1% off.
The New York Clearing House banks and trust
companies in their return last Saturday revealed
some striking changes, due presumably to shifting
of funds,connected with the 1st of July disbursements and settlements. Chief among these was a
huge increase in loans—$219,492,000, while deposits also showed large gains. Net demand deposits
expanded no less than $153,315,000, to $4,564,675,000, which total is exclusive of $24,585,000 of Government deposits. In time deposits there was an
expansion of $14,270,000, to $599,184,000. Cash in
own vaults of members of the Federal Reserve Bank
increased $445,000, to $45,710,000, but this is not
counted as reserve. State bank and trust company
reserves in own vault were augmented $295,000, but
the reserves of these institutions kept in other depositories. fell $209,000. Member banks added to
their reserves in the Federal Reserve institution
$4,413,000 this, however, was not sufficient to counteract the effect of the expansion in deposits, and
the result was a loss in surplus reserve of $15,875,060, which carried excess reserves down to $6,020,800, as against $21,895,860 the previous week. These
figures of surplus reserve are based on legal reserve
requirements of 13% against demand deposits for
member banks of the Federal Reserve System, but
do not include $45,710,000 cash in own vaults held
by these member banks on Saturday last.
[VoL. 123.
an increase of $32,279,000 over the preceding week,
while the Stock Exchange figures for June disclosed
a total increase of $158,897,831. It was regarded
as specially significant that, in spite of the various
conditions and developments mentioned, the supply
of call money yesterday was abundant for all requirements. Rates may be a little higher next week,
while preparation is in progress for the mid-month
disbursements. Time money was a little firmer
yesterday, particularly for six months' accommodations. General business conditions and railroad
traffic have not undergone especial change.
As to specific rates for money, the call loan market
has remained stationary, there having been only one
rate quoted-43/2%—which compares with last week's
range of 43@5%. Monday was a holiday (Independence Day). During the remaining period,
Tuesday, Wednesday, Thursday and Friday, all
funds on call were placed at 41
4%.
For fixed date maturities the market was quiet
and toward the latter part of the week a shade
firmer, so that closing quotations for the longer maturities, four, five and six months advanced to
%
%@43 %, against 43% last week; sixty and
4
ninety-day money remained at 4X@4%%, un3
changed. No large individual trades were reported.
Commercial paper was in good demand, but as
offerings were as light as ever, trading was not
active. Four to six months' names of choice character have not been changed from 3%@4%, though
the bulk of the business is now passing at the outside
figure. New England mill paper and the shorter
choice names are still being dealt in at 3%%.
Banks' and bankers' acceptances remain at the
levels previously current. The tone of the market
has been steady but trading has been quiet and
featureless. Falling off in the demand was due to
the hardening in the call division. Out-of-town banks
furnished most of the limited business passing. For
call loans against bankers' acceptances the posted
rate of the American Acceptance Council was yesterday advanced from 3% to 4%. The Acceptance Council makes the discount rate on prime
bankers' acceptances eligible for purchase by the
Federal Reserve banks 334.% bid and 31 % asked for
4
bills running 30 days, 3/ bid and 33i% asked for
8
%
60 days, 31
4% bid and 33 % asked for 90 and 120
4
days, 35
4% bid and 332% asked for 150 days, and
39% bid and 3 8
% asked for 180 days. Open
market quotations are as follows:
SPOT DELIVERY.
3 D i
0 t
6 %a s.
9m
30 e3DaHys.
Prime eligible bills
Prime eligible bine =VERY WITHIN THIRTY DAYS.
F011,
3 D s.
0Ha i
3 t
.
334 bid
Eligible non-member- banks----------------------------------------311 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
The ease noted in the local money market at the of rates now in effect for the various classes of paper
at the different Reserve banks:
very beginning of the month has continued through- DISCOUNT
RATES OF FEDERAL RESERVE BANKS IN EFFECT
/
1
2
out the week, 4 % having been the going rate on
JULY 9 1926.
call loans. There was no change yesterday, although
Paper Maturing—
it was Friday and notwithstanding the showing
After 90 After 8
but
Days. but
made, both by the Federal Reserve System and the FEDERAL
Within 6 within 9
Days.
Within 90
RESERVE
Months. Months.
BANK.
New York Federal Reserve Bank.• The reserve ratio
Com'rcial Secured
Agricul'i
Agrfc't
of the former was down from 75.3 last week to
by U.S. Bankers' Trade
and
Accepand
Ltvestock Govern't Acreis
Payer. Obliga- lances. tances. Livestock Livestock
73.2%, while in the case of the latter the decline
Paper. Paper.
n.e.s.
lions.
was much larger—from 84 to 74%. The calling of Boston
4
4
4
4
4
4
New York
3y4
35;
334
33i
334
334
$20,000,000 loans in this market yesterday may Philadelphia
4
4
4
4
4
4
Cleveland
4
4
4
4
4
4
have been due, in part at least, to these ex- Richmond
easily
4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
hibits. The statements of the Federal Reserve Chicago
4
4
4
4
4
4
St. Louis
4
4
4
4
4
4
Board and of the New York Stock Exchange as to Minneapolis
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
brokers' collateral loans may have played a part Dallas
4
4
4
4
4
4
San Francisco
4
4
4
4
4
4
also in the calling of demand accommodations. For *Including bankers acceptances drawn for an agricultural purpose and secured
by warehouse receipts. &c.
the week ended June 30 the Federal Reserve reported
JULY 10 1926.]
TfltJ
unatuiN
jLimmmmmmmmgIIIIMIMNIMMI
days) at 4 82 and seven-day grain
- The market for sterling exchange has appeared to payment (sixty
4
of mid-summer dullness and trading bills at4 857 . Cotton and grain for payment finished
be in the grip
during much of the time has been virtually at a at 4 86.
No gold was reported for export or import to this
standstill. Intervention of the Independence Day
the purcelebrations, which in some quarters is regarded as country. The Bank of England reported
figured chase of £112,000 in gold bars and receipts of £250,000
the ushering in of the summer vacation season,
to
prominently in the drop in trading. Even with the from South Africa. Exports included £5,000
business on Tuesday, very Holland, £7,000 to India, and £90,000 to Spain.
resumption of regular
little semblance of activity developed and dealers con- It is reported that during the last few weeks approxibeen withdrawn
tinued to maintain an attitude of complete indiffer- mately £400,000 in sovereigns have
for export to Spain.
ence to sterling. So far as the more speculative ele- from the Bank of England
is mainly
ment is concerned, attention is still centered on some The recent rise in the value of the peseta
the movement.
of the Continental currencies, notably those of the so- responsible for
called neutral group. Up until Wednesday prices
A renewal of the spectacular weakness that has
for sterling ranged within 1-32 of a cent; later on
of values, then closing so frequently characterized trading in the currencies
there was a slight lowering
Italy, has been the outfirmness, and the week's range for demand was of France, Belgium and
standing feature of the week in Continental exbetween 4 85 13-16 and 4 86 7-16.
foreign exchange
One of the results of the changing monetary condi- change. In other divisions of the
the way of sustained activity
tions in the New York and London markets that has market very little in
e of the market was
perhaps received less attention than it warrants, has was apparent and the underton
irregular. As has been the case for a
been the gradual elimination of sixty and ninety days nervous and
francs predominated as a
bankers' bills, particularly as a form of investment. good while past, French
factor and were again responsible for the
Owing to the fact that money rates at the British market
other two of the ill-fated
centre have for many months almost invariably ruled erratic movements in the
those prevailing in New York, trio. Following the interruption of the Independence
either above or around
slightly easier, then under
bankers no longer find these bills profitable and the holiday, francs opened
movement of major prodemand for the once popular bankers' long bill has the pressure of a selling
to recede rapidly, until by
consequently practically ceased. In the late deal- portions, commenced
through all previous
ings sterling, as shown above, trended slightly down- Wednesday prices had crashed
established a new low of 2.573/2. Thursward for a while, owing mainly to larger offerings of records and
n down to
commercial bills. This aroused interest as by some it day a fresh collapse carried the quotatio
y low point of 2.51, which represents
was taken as an indication that the seasonal move- the incredibl
high level of
ment of cotton and grain exports to Great Britain a falling off of about 38% from the
other hand, the demand the year, namely, 3.903j in early January. The
is about to begin. On the
dropping to
for sterling incidental to the transfer of the proceeds Belgian unit moved in sympathy,
were likewise adversely
of the recent Brazilian loan to London is believed to 2.34, while Italian lire
thus for the first time
have about culminated. The unsettled coal strike affected and broke to 3.293/2,
below the low record of 3.333
this year selling
is still an important factor in depressing prices.
g most of the
to quotations in greater detail, sterling established in 1925, though recoverin
Referring
a result of short covering rather than
exchange on Saturday last was easier and demand loss later on as
bulk of the selling was of
declined a fraction to 4 85 31-32@4 86 and cable official support. The
origin, emanating as a matter of fact in
transfers to 4 86 15-32@4 86; quotations on bank- foreign
blocks of francs and lire were
ers' sixty-day bills have been discontinued because London, where huge
for sale at almoSt • any
of the fact that bankers no longer find this form thrown upon the market
of investment profitable, while for straight exchange price.
No sustained effort was made at official
transactions, commercial bills now find precedence.
took only a minor part
Monday was a holiday (Independence Day). After support. Local operators
the crash in values simply rea weak opening the market steadied on Tuesday in the dealings and
ng factors in
with the result that rates were a trifle higher, at flected movements abroad. Underlyi
were very similar to those that have
4 85 15-16 (one rate) for demand and 4 86 7-16 for the decline
long—lack of
cable transfers. Wednesday's market was dull, but been overhanging the market for so
on the part of the public at large, and
steady, and still unchanged; demand bills continue confidence
of those
to be quoted at 4 85 15-16 and cable transfers at lack of constructive effort on the part
and financial leaders who are entrusted
4 86 7-16. Freer offerings induced weakness on political
present
Thursday, but the quotation was still at 4 85 15-16 with the task of digging France out of her
activity is
for demand and to 4 86 7-16 for cable transfers; predicament. This week, speculative
the
trading was rather more active, partly because of said to have been at the bottom of a large part of
of the franc
inquiries against British imports of grain and cotton selling movement. Distrust of the future
so
and partly as a result of the cessation of the demand on the part of the French populace has become
g a species of panic,
for sterling that has been in progress incidental to the pronounced that it is producin
transfer of the proceeds of the new Brazilian loan to and business men and investors everywhere are transity
London. Friday the undertone was easy and a ferring their holdings of francs at every opportun
something that speculators are naturally
further fractional lowering in quotations occurred, possible,
financial
although a recovery set in before the close; demand making the most of. In the opinion of
85 13-16 and cable transfers at experts, no improvement is likely until France can
was quoted at 4
4 86 5-16@4 86 23-32. Closing quotations were be brought to the place where she will support
similar
4 86 7-32 for demand and 4 86 23-32 for cable trans- whole-heartedly some rehabilitation program
So far as Belgium is
fers. Commercial sight bills finished at 4 86, sixty to that adopted in Germany.
complete lack of
4
days• at 4 817 , ninety days at 4 80, documentsfor concerned, there appears to be a
-
1 S
'
[VOL. 123.
buying power. The collapse in the lire
is causing at 40.49, against 40.45 and
40.50, while Brazilian
some uneasiness but is regarded as corre
lated to milreis finished easier at 15.6
5 for checks and at 15.70
the breakdown of franc values, since Italy
's trade for cable transfers, in comp
arison with 15.85 and
is suffering from the depreciati
on of the franc 15.90 last week. Chilean
exchange went up to 12.10,
through an increase in competition
for her ex- but finished at 12.05, while
Peru continues to be
perts, as well as through the hard
ships entailed quoted at 3 72 (unchang
ed).
upon Italian workers, on operatio eithe
ns
r permanFar Eastern exchange was as follows:
ently or temporarily settled in Fran
Hong Kong,
ce. The feeling 55.42@55.70, against 55.6
5 and 55.80; Shanghai at
seems to prevail that failure to stabi
lize lire in the 723/@725 s, against 723/
2
/
2@72%; Yokohama at
earlier part of the year proves concl
usively that 46.95@47.05 (unchanged);
Manila at 49/@49%,
higher levels cannot be maintain
ed until France's against 49M@49%; Sing
apore at 563/@563/ (unexchange has been brought into line.
2
The final changed); Bombay at 36/
3©36M (unchanged), and
spurt of activity and strength was entir
ely due to Calcutta at 36%
@363/ (unchanged).
covering on the part of an unwieldly shor
t interest.
There is practically nothing to report
Pursuant to the requirements of Section 522
in the minor
of the
groups. Greek exchange continues heav
y, at about Tariff Act of 1922, the Federal Reserve Bank is now
1.22. German reichsmarks again rang
ed between certifying daily to the Secretary of the Treasury the
23.79 and 23.81. Austrian schillings
are stationary buying rate for cable transfers in the different counat 141 , while the • minor exchange
A
s have been tries of the world. We give below a record for the
colorless.
week just past:
The London check rate on Paris close
FOREIGN EXCHANGE
d at 187.10,
RATES CERTIFIED BY FEDERAL RESE
RVE
BANKS TO TREASURY
as compared with 181.35 last week
UNDER TARIFF ACT OF 1922,
. In New York
JULY 3 1926 TO JULY
9 1926, INCLUSIVE.
sight bills on the French centr finis
e
hed at 2.55,
Noon Buying Rate for Cable Transfers in New
against 2.663'; cable transfers at 2.56 agai
Country and Monetary
York.
nst 2.673';
,
Value Os United Slates Money.
Unit.
commercial sight at 2.54, against 2.65
Jug/ ..i.
and commerduty b. July IL
JI44Y I. , b• , .•
wY
uell
cial sixty days at 2.51, against 2.61
EUROPE8
a week ago. Austria,schIlling*____ .14082
$
$
$
$
$
.14075
Closing rates on Antwerp francs were 2.32
.14075
.14079
Belgiu
.14070
franc
.0264
for checks Bulgarim, lev
.0257
.0256
.0242
.0237
a,
.007201 .007272 .00
and 2.33 for cable transfers. This comp
Czechoslovakia, krone .007228
17268 .007259
.029612
.029618 .029614 .029614 .029616
ares with Denmark, krone
.2350
4
.2650
.2650
.2650
Englan
2.61 and 2.62 a week earlier. Reichsma
.2650
rks finished ling d, pound ster- 4.8644
4.8640
4.8640
4.8633
I inland, markka
4.8625
at 23.79@23.81 for checks and cabl trans
.025212
.025213 .025212 .025207 .025205
e
fers alike, France,franc
.0269
.0269
.0267
Germany, reichsm
.0256
.0262
the same as a week ago. Austrian schillings
.2380
.2380
.2381
.2380
continue Greece,drachma ark. .2380 3
.01222
.01,2207 .012245 .012225 .012223
Holland. guilder
to be quoted nominally at 141%. Lire
.4016
.4015
.4015
Hungary,
.4015
.4015
closed at 3.48 Italy, lira_ pengo
.1756
.1755
.1756
.1755
.1755
for bankers' sight bills and at 3.49 for cable
.0343
Norway
.0,336
.0331
.0356
transfers. Poland,, krone
.2195
.2196
.2184
zloty
.2194
A week ago the close was 3.49 and 3.50
. . .0000221089315884971046:18706
.0928
Portuga
.0919
.0939
.09'39
. Exchange on Rumanil. escudo
.0513
.0513
.0513
a,leu
.0515
.0513
Czechoslovakia closed at 2.969, (unchang
.004751 .004726 .004677 .004546
peseta
ed); on SSwpaeid n kronanar_ _
.1575
Yugoslavia,ne
.1597
.1592
.1585
di
Bucharest at 0.453/, against 0.48k;
.2681
.2681
.2681
.2881
2
on Finland at Switzerland, franc._. .1n36
.1936
.1936
.1936
.1936
2.523/ (unchanged), and on Pola
2
.017687 .017689 .017681 .017678
ASIAnd at 9.00, (un- ChinaHOLIDAY
changed). Greek drachmae finished
Chefoo, tael
.7525
at 1.21k for Hankow,tael
.7529
.7527
.7533
.7538
.7422
7420
checks and at 1.22M for cable transfers,in
Shanghai, tadl
7419
.7420
.7425
comparison Tientsin. tael
.7214
.7209
.7220
.7215
.7525
Ho xgcan d ad o.
meni Kontu rly
.7523
.7529
with 1.22 and 1.223 the previous week
.7533
sr.5511
.5505
.5521
.
.5512
:7723220
..55524891
5
.5225
Tientsin or Peiyani,
dollar
.5217
.5217
.5221
.5158
.5158
.5150
Yuan, dollar
.5142
.5146
The former neutral exchanges moved within
.5117
.5142
.5133
India,
.5096
narrow Japan,rupee
.5113
.3679
.3629
.3626
.3627
yen
.3623
limits on a small volume of trading. The unde
.4686
.4684
.4690
.4684
.4685
rtone Bingapore(S.S.),dollar .5621
.5621
.5621
NORTH AMER..5621
.5621
was firm and prices were maintained on
Canada, dollar
the Scandi- Cuba, peso
1.001142
1.000904 1.000833 1.000927 1.000993
naviabs which all ruled at close to last week
.999156
.999188 .999156 .999188 .999102
Mexico peso
's levels; Newfoundland, dollar .48383
.4a9000 .488667 .488500 .488500
also on Swiss and Spanish exchange
.998719
.998633 .997844 .99o406 .998633
SOUTH
s. Dutch Argentina, AMER.peso (gold) .9180
guilders continue depressed by reas
.9185
.9194
Brazil, milreis
.9185
.9187
.1584
on of the British Chile, peso
.1588
.1585
.1576
.1569
.1204
coal strike and hovered around 40.1 closi
.1204
.1204
.1204
.1204
Uruguay. peso
1.0026
4,
ng slightly
1.0039
1.0031
1.0015
.9994
below this figure.
The New
Bankers' sight bills on Amsterda
m closed at operations York Clearing House banks, in their
with interior banking institutions, have
40.133/, against 40.14; cable trans
2
fers at 40.153/2, gained $6,11
5,557 net in cash
against 40.16, and comm'ercial sight
result of the curat
rency movements for the as a
week ended July 8.
against 40.11; commercial sixty days are 40.0932,
not being Their receipts from the inter
ior have aggregated
quoted, because so little business is transact
ed in long $6,994,057, while the shipments have reached $878,
bills at the present time. Swiss francs finis
500, as per the following tabl
hed at
e:
19.353 for bankers' sight bills and at
4
CURRENCY RECEIPTS
AND SHIPMENTS BY NEW YORK
19.369 for
BANKING
INSTITUTIONS.
cable transfers, in comparison with
19.35 and 19.36
the previous week. Copenhagen chec
Into
Out of
Week Ended July 8.
Gain or Loss
ks closed at
Banks.
Banks.
to Banks.
26.47 and cable transfers at 26.51, again
Banks'interior movement
st 26.48 and
$6,994,057
$878.500 Gain $6.115.557
26.52. Checks on Sweden finished at 26.7
As the Sub-Treasury was taken over
7 .and
by the
cable transfers at 26.81, against 26.7
9 and 26.83, eral Reserve Bank on Dec. 6 1920, it is no Fedlonger
while checks on Norway closed at
21.903/ and cable possible to show the effect of Government operatransfers at 21.943/, against 21.93 and 21.9
tions on the Clearing House institutio
2
7 the week
eral Reserve Bank of New York was ns. The Fedpreceding. Spanish pesetas finished the
creditor at the
week at Clearing Hous
e each day as follows:
15.87 for checks and at 15.89 for cable transfers,
DAILY CREDIT BALANCES OF
NEW YORK FEDERAL
after having declined to as low as 15.70 earlier in
RESERVE BANK
AT CLEARING HOUSE.
the
week. Last week the close was 16.00 and 16.02.
Saturday. Monday, Tuesday,
Cy.
ay,
Aggrega
" The South American exchanges were also dull and July 3. July 5. July 6. Wane:7. 1 Thursd8. Fridav. for te
July
July
July 9.
Week.
$
featureless with a slight lowering in price levels. Holiday Holiday
5
$
118,000000 81.000.000 89.000,000
$
96.000.000 Cr. 384,00
0.000
Argexrtine checks closed at 40.44 and cable transfers Note.
-The foregoing heavy credits
to the New York Reserve Bank from reflect the huge mass of checks which come
all parts of the country in the
operation of
JULY 10 1926.]
THE CHRONICLE
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clea big
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
July 8 1926.
July 9 1925.
Banks of
I
Gold.
Silver.
Total.
Gold.
Silver.
Total.
I
England,150,520,969
_ I
150,520,960 158,861,736
158,861,736
France _a147,372,472 13,480,000 160,852,472 147,298,043 12,440,000 159,738,043
y 61,596,700 d984,60 62,591,300 53,266,200 d994,6
54,260,800
Aus.-Hun) b2,000,000
b2,000,000 b2.000,000
b
b2,000,000
Spain
1,101,635,000 26,968,000128,603,000 101,464,000 26,256,000 127,720,000
Italy35,730,000 3,426,000 39,156,000 35,589,00
3,349,00 38,938,000
Neth'iands 35,526,000 2,279,000 37,805,000 36,970,000 1,853,000 38,823,000
Nat. Belg_ 10,955,000 3,569,000 14,524.000 10,891,000 3,217,011 14,108,000
Switzerrd_ 16,775,000 3,567,000 20,342,000 19,932,0
3,572,00 23,504,000
Sweden.,.. 12,691,000
12,691,000 13,045,000
13,045,000
Denmark _ 11,400,
836,000 12,236,000 11,636,000 1,137,000 12,773,000
Norway
8,180,00
8,180,000 8,180,00
8,180,000
e
I
Total week 594,382,132 55,119,6 649,501,732 599,132,979 52,818,600651.951,579
Prey. week 594,139,859 55,017,6001649,157,459 592,948.834 52,770.600645,719,434
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £13,015,000 held abroad. d As of Oct. 7 1924.
The French Financial Program.
The eagerly awaited speech of M. Caillaux, the
French Minister of Finances, in the Chamber of
Deputies on Tuesday, appears to have been in substance a restatement of the unanimous recommendations of the experts appointed by Raoul Peret, the
former Finance Minister, to consider how best to
cope with the financial situation of the country.
The full text of the report has not yet been made
available here, but an extended summary of its contents published by the New York 'Times" on Sunday
is sufficient to indicate its general nature.
The three results which the experts regarded as of
primary importance are, first, a balanced budget;
second, relief for the Treasury, and third, stabilization of the franc. For the attainment of these ends
they propose, in addition to various measures of
economy and more effective administration of the
tax laws, the stopping of further inflation by abandoning the system of advances from the Bank of
France to cover new expenditures; the removal of
the redemption of national defense bonds from control by the Treasury, and the establishment of a sinking fund to be derived in the first instance from a
foreign loan of 4,000,000,000 francs, but ultimately
from the receipts of the tobacco monopoly, the Dawes
annuities, and other specified revenues; and the
accumulation of a large fund of francs and foreign
currencies, made up from the gold reserve of the
Bank of France, the balance of the Morgan credit,
and short or long-term credits from banks and commercial or private sources, the fund so accumulated
to be used to bring about a temporary stabilization
of the franc. For the maintenance of stabilization,
once it has been achieved, the experts rely upon the
aid of the Bank of France in buying and selling foreign money at fixed rates, and upon laws fixing the
new value of the franc and readjusting the advances
of the Bank to the Treasury to conform to the revalored currency. The report opposes a forced consolidation of the floating debt either by a compulsory loan or by a capital levy, and advocates instead
a voluntary consolidation loan similar, apparently,
to that which M. Caillaux proposed about a year
ago, the value of the new bonds to be guaranteed upon
an agreed gold basis, while the rate of interest would
be determined by the current rate of exchange. The
report is further characterized as "clear and emphatic" in its insistence upon the immediate ratification of the war debt settlement with the United
127
States and the conclusion of a debt settlement with
Great Britain.
M. Caillaux, who appears to have laid special
emphasis, in his speech on Tuesday, upon the necessity of stabilization, challenged the Opposition in
the Chamber by declaring that stabilization, if it
was to be successful, must be carried through "almost secretly." It was not an operation to be accomplished through acts of Parliament, with discussion in detail and at length, but the Government
would ask for authority to proceed with the task
when and as it saw fit. What this means is that the
reforms which are adjudged to be necessary would
be put into effect, in the main at least, by Ministerial
decree, without waiting for detailed authorization
by statute. Premier Briand promptly announced
that the whole Ministry would join with M. CaillauT
in this demand. The political expediency of the demand, in view of the precarious position of the new
Ministry, can be judged more accurately when the
debate on the financial program, which opened on
Wednesday with vigorous onslaughts from the Right
and Left, shall have run its course. In the present
state of parties and factions in the Chamber, and
with the experiences of the past two years in mind,
it is certainly difficult to see how the complicated
and detailed operations involved in stabilization and
general financial reorganization can be successfully
put through if all the steps in the process are first
to be agreed upon in partisan debate. It is a weakness of French Parliamentary discussion that it inclines to mix principles and details, and to let loose
upon any question of fundamental policy a flood of
theoretical argument and partisan or personal recrimination which obscures the main issue, and
drags out discussion to interminable lengths. The
question, of course, is one for France alone to decide, but it is certainly not lightly to be assumed that
Premier Briand and his Finance Minister have in
view a financial program which will leave France
in a worse state than it is at present, and something
is to be said, in the present crisis, for a procedure
which would enable the Government to circumvent
the speculators who have shown themselves only too
ready to profit by the continued fall of the franc.
Whatever course may be adopted, the primary
conditions of the problem are clear. The first necessity of France is to restore confidence in the
franc, and the only way to do that is to stabilize the
franc at some fixed value in gold. As long as the
value of the franc remains uncertain, inflation will
continue to be resorted to and the franc will continue its decline, with the example of Germany as a
warning of the lengths to which the fall of a depreciated and inflated currency may go. The restoration of confidence in the franc, however, together
with the return of capital to France which is so
much desired, will not be attained unless confidence
in the credit of France is also restored and maintained, and the first condition at that point is the
prompt ratification of the Mellon-Berenger debt
agreement. The repeated affirmations of successive
French Governments that France intends to pay its
debts are of no value unless the debts are paid, and
there is no reason to expect a lifting of the ban on
American loans as long as the debt question is left
hanging in mid-air or treated 'as a partisan football.
The committee of experts are absolutely right in insisting, "clearly and emphatically," upon the ratification of the pending debt settlement with the
128
THE CHRONICLE
[VOL. 123.
United States and the conclusion of a satisfactory sympathy. We are told by the wiseacres
of politics
settlement with Great Britain, and unless M. Cail- that the bill which passed, after
many others were
laux has in mind some unsuspected source of finan- defeated, will not satisfy—that
what the farmer
cial aid, he cannot afford to dally long with the debt wants is not sympathy but a subsidy.
But we must
question, for the 4,000,000,000 francs of foreign loan not be too sure of the
inefficiency of the measure
which the experts regard as necessary to effect tem- enacted until its results
are worked out. Next to
porary stabilization will be difficult to get until the giving a mendicant money
is loaning it to him.
debt question is settled.
Alas, it may be that the giving of good advice will
It is for this reason that the speeches of M. Frank- be no more acceptable to the farmer
than to others.
lin-Bouillon and M. Leon Blum in the Chamber of It would seem that as the Fess
bill is defeated there
Deputies on Wednesday seem rather ominous for the is to be no dubious loaning to co-operative
marketfuture. M. Franklin-Bouillon, who argued vehe- ing associations; instead there is to be "Co-opera
a
mently against the Mellon-Berenger agreement, inti- tive Marketing Division" in the Department of Agrimated that his objection was due in part to the fact culture. Just what this will embody in the end
must
that the terms accorded to France are less favorable await the creation and functioning of this division.
than those accorded to Italy, but the substance of That it will make another bureau
to be filled with
his argument, as far as can be gathered from the office-holders is certain. And it
is equally certain
press dispatches, appears to have been nothing more that it puts the Government into business
by a side
than a reiteration of the old demand for cancella- door if no other. But in place
of a direct subsidy
tion, or else for a settlement, whatever the terms, or an open credit it is as sounding brass and tinkling
which shall be contingent upon the receipt of sat- cymbal.
isfactory reparations from Germany. M. Blum, on
We remain of the opinion formerly expressed that
the other hand, speaking for a Left which is as much the substantial farmers of the country have not
opposed to the Mellon-Berenger agreement as is the been and are not a party to this farcical legislation.
Right, denounced the experts' plan as only adding Its origin is in a species of political fear upon the
burden to burden, and repeated the Socialist de- part of men who are up for re-election; and it is
mand for a capital levy. There is no reason to think nourished and fostered by leaders in farm organizathat the demand for a capital levy represents any- tions who find it profitable to live upon their thething like a majority opinion in France, but it will ories and perhaps upon their salaries. It does find
be difficult for Americans to understand why M. a resting place in the minds of many who were hard
Franklin-Bouillon, admittedly one of the ablest men hit by the falling prices in stock and products of the
in French public life, should persist in urging argu- soil and in the prices of boom lands. But those who
ments which the United States has weighed and re- own their farms free of mortgages hopeless of payjected, unless he intends to resist any practical set- ment, who conduct farming in an orderly and safe
tlement whatever of the debt issue. In any case, the way, having the knowledge of experience yet not
fact that Congress has adjourned until December averse to scientific discovery and aid, who are not
means a delay of several months in securing ratifi- deceived by the iridescent promises of politics, know
cation by the Senate, even if France were to act now, that there is no power in Government to aid them
but favorable action by France would unquestion- and are content in their own strength, conscious that
ably do a great deal to revive confidence in French their salvation lies in raising something to sell, at
credit, and so help M. Caillaux in his effort to stabil- the right time and place.
ize the franc. The speeches in the Chamber on
We need not pause to picture the spectacle preWednesday, however, can only be taken as indicat- sented to the country by this failure to legislate reing a willingness on the part of a considerable sec- lief. The farm organizations themselves could not
tion of that body to keep the debt question in con- agree on a method. And in the discussion which
troversy indefinitely, let the financial consequences followed on the floors of Congress the advocates of
to France be what they may.
one measure destroyed the claims of the others. And
We shall probably know in a few days whether out of the confusion nothing came. Sober second
the Ministry is to stand or fall, and whether, if it thought will soon have its day. And parties will
stands, it is to be allowed to carry out a financial take another lesson from the fact that lurid planks
program without undue interference from Parlia- in platforms soon burn themselves out—and busiment. The hopeful factors are the general sound- ness resumes at the old stand in much the old way.
ness of the experts' recommendations, with which Against the excitement of sectionalism stands the
M. Caillaux appears to be in substantial accord, and deliberative thought of a whole people. So varied
the powerful influence of the financial and business and comprehensive are the industries of our vast
interest which the experts represent. The dubious territory that it is impossible to single out one class
factors are the divided party councils in the Cham- without doing injustice to others and the equalizing
ber of Deputies and the Senate, the insistence of the. processes of production and exchange when free
Socialists upon the scheme of a capital levy which must always be more salutary and effective than
they have not votes enough to carry through, and the legislative acts designed artificially to even things
personal and political hostility which is still felt in up that are and always will be subservient to natvarious quarters toward M. Caillaux. It is upon the ural laws.
And even these co-operative marketing association
successful adjustment of these opposing interests
that the financial restoration of France appears laws are not innocuous. •They cannot but be destructive to local conditions and institutions that grow
now to depend.
and change gradually to meet the wants and needs
The Farce of'Farm Legislation."
of environment. The farmer yields to the pressure
The mountain labored and brought forth a mouse! of circumstances as do those engaged in merchanThe United States Congress agonized over the con- dising, manufacturing and mining. As matters now
dition of the farmer and ended in a little squeak of stand the local mill, once the destination of every
JULY 10 1926.]
THE CHRONICLE
129
grain grower, is not the intimate reliance it was
The New Generation and the Revolt of
twenty-five or forty years ago. -Why? Simply from
Youth.
the fact that even the farmer does not, in entirety,
However the cost of the war in men is estimated,
bake his own bread. City bakeries are now sending
truckloads of bread fifty and a hundred miles. The and it is variously put far up in the millions, it has
farmer does not exchange grain for flour as he once come to mean the practical elimination of one gendid. We need not inquire whether this is a bene- eration. When not only the killed and wounded are
ficial development or not, the fact remains. To counted, but all who were withdrawn from their
gather up grain by wholesale and ship it out for Sale normal and productive occupations and were not
at long distances may be a good thing for the grower returned to them, are included, it is easy to see that
or it may not—it is a bad thing for the local miller. a large part of the working section of the population,
It is much more possible to apply the glittering doc- that which contains the energy and the constructive
trine of self-determination to. the economics of self- and controlling power of the nations of the West,
support to localities than it is to the political au- was destroyed or withdrawn from active participatonomies of a world. Local self-government and tion in the work of the world.
The new, generation that is to take their place,
local self-support go hand in hand. Destroy one and
other. And it must always be true and is already with us, consists not of those who
you injure the
that selling the surplus of the farm to the demands were young in the war period, but of the whole mass
of the nearby city, that consumes but cannot pro- of the adolescent youth in the schools and colleges
duce, is better than piling up an unnatural surplus now pressing forward toward manhood and womanby means of co-operative marketing associations to hood. We may look upon the war as an historic
sell overseas—is better for producer and con- event, one of many that have had grave but passing
influence on human society. The crude and erratic
sinner.
Our purpose here, however, is to draw from this Youth Movement in Germany, the student outbreaks
alllusion the fact that this whole agitation for farm in China, the widespread restlessness in India and
relief is founded in a false premise. When you at- the Mohammedan world, may all be attributed to
tempt to fit a theory to practice it must have within it; as much of the change in the ways and views of
it right and substance. No one in this long conten- our young people may be traceable to impulses then
tion has shown that any and all of these measures created; but causes are at work that lie far deeper
must increase the price of bread. No one has sought and are both extensive and permanent. They relate
to show that the Government ought to subsidize the to the younger new generation, and consequently
buyer as well as the seller. The farmer is never in deserve the attention of the fathers and mothers
need of bread if he will bake It. He has grain that whose children are still in the home.
The facts of the situation are important,and when
turns into flour, naturally. The poor man who must
have the same "staff of life" cannot get it first hand. they are of a kind little known and rarely discussed
If he turns labor into bread, the price of labor, un- it is doubly important to call attention to an acless boosted by processes of coercion, is fixed in count of them which is outspoken and trustthose same competitive and leveling markets for all worthy.
Judge Lindsey, the creator of the Juvenile Court
things to which the labor of the farmer, turned into
of Denver, Col., after 26 years of service, has written
grain and flour, goes. By what rational right does
it become the province of Government to aid one and a record of his experience. It is the work of a man
not the other by gift or loan? Of course, the more who because of his deep sympathy with the youth
you put these schemes into juxtaposition, the sooner who came before him, determined to do all in his
they fail. Not even political fear could jam through power to change the conditions which made the
major proposals offered in bills. The truth was set young people what they were, and of which the comfree by the freedom of discussion. What might have munity was little aware. It is a book* alive, as he
happened if the sponsors of the farmers had been says, "with stark realities." These concern indiable to agree we do not like to conjecture. As it is, vidual lives and must be read; we cannot give the
some good has come out of the turmoil because the details, outspoken and disturbing as they are. As
natural laws which finally control anyhow are less his court handles 12,000 cases of individuals a year,
and as in two years, 1920-21, 769 cases of delinquent
impeded and thus more beneficent.
And now what will happen? In all this section, girls came before him, involving not less than 2,000
known to some delirious enthusiasts as the revolting persons, with far further ramifications than the
Mid-West, the suns of summer will ripen the good court had the means of following up, the size of the
grain and to him who husbands his resources there problem is apparent and the sufficiency of the mawill come profit and plenty. We might write these terial for forming a judgment is convincing.
A glance at the table of contents discloses an
two words in large letters, for despite the quacks
and calamity howlers, the farmer, regardless of amazing array of questions which cut deep into the
trade conditions and prices, the farmer himself will life of the home and the community. These extend
be the last man to starve. Sometimes conditions of from a "Murderous Morality," and "The Fool's
poverty in cities grow repellent. Sometimes we are Paradise of Parents," to the "Compulsions of Encompelled to turn away from those who will not lightened Freedom," a "Plea for Glass Prisons,"
turn from these hopeless areas of congested effort with a "New Profession for Human Artistry," and
into the open fields where there is opportunity for the foundation of a new dominant "Racial Strain,"
life and gain. But putting this aside, when we are involving an enlightened method of human salvagturning Government into a mysterious benefactor ing imperatively needed.
Judge Lindsey speaks of feeling, in his efforts to
showering aid out of a bottomless purse, ought not
some help to come to those who eat bread yet have see for himself in getting at the facts, like a deep
none? Ought not, in justice to all, these farmer-aid sea diver groping in dark and filthy places amid
schemes to fail?
*"The Revolt of Youth," by Judge B. B. Lindsey. Boni ,Sz Liverigbt.
130
THE CHRONICLE
[VOL. 123.
strange monsters and slimy trails, and when
Much that is done is but an overflowing
at times
of high
overwhelmed with the force of evil about him
com- spirits and abounding life which needs more direc- •
ing like so many cuttlefish which one must
fight as tion. It breaks bounds under the idea that times
one may. Little children, but also adults of
every have changed, and it is "the thing." It means
age are involved. He can offer no panac
ea; but if "thrills." As times are, the girl, even should she
the facts can be known a reasonable soluti
on will go the limit, does not lose her self-respect, as she
be found. As it is, ignorance and injust
ice are do- once would have done. Girls are to-day more nearly
ing deadly work. He upholds our
necessary tra- than ever before on a level with men. She is more
ditions and conventions, marriage, virtue
, chastity tolerant than she once would have been to apand the like, but he finds so many deceiving
appear- proaches that she would have resented as improper
ances and such comfortable acceptance of
human or an insult, because she holds life to be far freer
society as it is, that the rebellious spirit now
so than it once was. All the more there is need to-day
prevalent in the youth of to-day is portentous
of of spiritual culture on a sound basis, of light within
danger. Because it can be met and guarded in
bet- and simple facts held in true relations, and then of
ter ways to the promotion of happiness for
all, he intelligent self-control. Primitive raw desire is a
writes his book.
shabby, feeble thing against this cultured
insight
The first danger to-day lies in the effort to
shield when it exists. Voluntary internal restraint on the
both old and young from learning what they
ought individual conduct will alone serve to maintain huto know. The law has for generations treate
d per- man society on a workable basis. We may add that
sons under 21 years of age as children, i. e.,
imma- it will make purity of life and thought a religiots
ture and inferior to adults in judgment and
expe- attainment of the finest type.
rience. It therefore is very careful to look
We have given the outline of Judge Lindse
after
y's aptheir interests and to guard them against injury
or peal to the men of to-day, for such it is, as largely
loss in all their material and bodily relations;
it is as possible in his own words. It only remains to
less concerned about their minds or their moral
s. add a few lines of his conclusions. He says that "the
At times it interferes when protection is needed,
but revolt from old standards of conduct is unlike any
neither in the home nor in the State can coercion and revolt that
has occurred before. It has the whole
command take the place of enlightenment, which weight and
momentum of a new scientific and modcomes with knowledge, sympathy and respect. Only ern order
behind it. It has come in an age of speed
with these can influence and guidance be obtain
ed. and science; an age when women vote and can make
The chain of cause and effect to all kinds of youth- their own
living." "In the past the revolt of youth
ful delinquency and to much adult misconduct
can always turned out to be a futile gesture. Now boys
usually be traced back to prohibitions and taboos and girls
can live up to their manifesto and nothing
arbitrarily imposed in childhood in connection with can prevent
them. The only question is how soon
fear of pain or displeasure. It rivets the
child's will the internal restraints of a voluntarily accepted
attention on the negatives of conduct and raises a code, which
alone can keep people going straight,
screen behind which the child is the victim of every take their
place?"
wild imagination or impulse. Crime even in its
"That the youth of to-day makes mistakes dismost distressing form may then easily be the fruit of turbs me
somewhat but not excessively. That it is
the modern misdirection of youth, with responsibil- honest hearte
ns and delights me much. Here it
ity to fasten, not, perhaps, on well-intentioned pa- comes, with
its automobiles, its telephones, its folly
rents, but on general social conditions.
and its fun, and its open and unashamed refusa
l to
The lack of courtesy, the flouting independence, bow down to
a lot of idols made of mud; and it
the tacit hostility, the readiness to take offense, the makes me
hope. It offers the world more hope than
scant attention so constantly seen are evidence of anything that
has happened in centuries. Once in
this. They are symptoms of a widespread state of so often the
human race rediscovers Fire. This
mind, which under the facilities now everywhere at younger
generation, Prometheus-like, is doing it
hand in the automobile, the telephone and easy now."
money, and the incitement of others, make anything
The question is not whether things are better or
possible, as was not the case 30 or 40 years ago. A worse than they
were in the past. Our concern is
change begins when a mutual understanding and with the situation
to-day, the facts and the condiconfidence exist between parent and child in which tions that produ
ced them. Judge Lindsey pleads
facts can be talked over frankly for instruction and for wisdom and plain
speech. He continually avows
guidance, and where there is no fear of his belief in all that
has been held most dear in the
reproach.
teachings of the past. He believes also with
his
The change certainly is needed. The youth of the whole heart in the young
people, of whom he has led
new generation finds himself in a new world of im- so many into rescued lives of happi
ness for thempulse, of curiosity, of passion, where the forbidden selves and others.
is peculiarly attractive. He has no real guidance,
Because passion and evil are always with us,
and
so he takes what is within his reach and meets his youth always has been impatient of control
and easwants. It has a "kick." Now he is made wise, and ily led astray, he pleads for restraint that
shall rest
he believes that he has no need to think. He is cap- upon knowledge as well as affection. The
foundatured by superficialities and crudities. Penalty or tion of sound morals as well as of civilization
is in
abuse only stiffens his purpose. It was a very small the acceptance of truth; and truth to be convin
cing
boy who said of what he had done, as he turned tear- must give evidence of knowledge of the facts. Fear
fully away after his punishment: "It was worth of them is as demoralizing as ignorance. Youth was
it." How often he then runs with the crowd. He never fuller of promise, never more buoyant, never,
does what the others do. His impulse is to be free abler than it is to-day. The call of the hour is for
from authority, though he may surrender every item a wisdom that will guide the life of the community
and be of that promise a guaranty.
of liberty to be bound by the ways of his fellows.
JULY 10 1926.]
THE CHRONICLE
131
The Uses, by Societies, of Money to Procure that "money talks." If a small coterie of citizens
(small compared to the mass) seeking a law can
and Enforce Laws.
spend money in elections to secure it and afterward
We often consider blocs, classes and sections, in
spend money to enforce it, we are compelled to ada study of the origin of our laws, and ask ourselves, mit, in so far
as any one instance applies, that we
as citizens, is this the proper way to secure laws that live under the tyranny of
militant minorities. Our
should be obeyed by all the people? There is but one Government is no longer a repre
sentative one, it is
answer; and yet classes and sections continue
their not even a pure democracy. It is an institution in
selfish activities .and no way appears to stop
them. the hands of zealots who use it for the purpose of
coercion. It becomes an agency for enforcing the
We have all sorts of gatherings for the promotion
of
ideas and ideals of the few. The ancient right to
the interests of these minor subdivisions of our
so- "life, liberty and the
pursuit of happiness" becomes
cial and political fabric—very few in._the makin
g of obsolete. Societies that have
-no political power;
laws in the interest of all the people. -Some
where a that have no lawful existence, respo
nsible to no one,
demand springs up for some specific_ want,
and or class, but themselves, become our rulers.
Using
straightway a political faction is formed to
procure money, though openly, they threaten the general
it. Farmers want this, workingmen
want that, welfare by their unregulated activities.
teachers want something else—miners, manuf
We say this is a regretful condition of affairs, for
acturers, lawyers, doctors, each have a desire
in their intent and membership these organizations
peculiar to
themselves. As agitation goes on the
specific want are often worthy. They are so carried away in their
is made to do duty for some general need.
The par- zeal for reform, as they see it, that they thus stoop
ticular becomes the general—is not agric
ulture pri- to conquer. It is said of at least one of these organizations that it accepts the principle of fighting the
mal, is not education imperative—can we
exist withdevil with fire, that is, willing to do a wrong that
out a prosperous farming industry—can
we prop- good
may follow. But other citizens deny that the
erly train our youth without an educationa
l system object sought is a good. Thus
we have small bands
co-ordinated in a Department of the natio
nal Gov- of citizens, in themselves without
criticism, lending
ernment?
themselves to questionable methods, that they may
It is not to be doubted that as long as
we tacitly lift up the life of the people by fastening upon
citirecognize these methods as right, we will
continue to zens conduct they believe righteous. A representahave many laws. And if we could wait
for a crystal- tive republican government cannot exist, and in fact
lization of public opinion that dema
nds general does not exist, under this regime. Unity, peace, liblaws, laws that apply to all the people
irrespective erty, cannot exist at the dictation of the organized
of class or section, we would have few
laws. And few. And money so used is used wrongfully.
we would have more of harmony in our
In the nature of things these social orders must
social and
vocational and business life. As it is,
find their theories in conflict. They must needs
section and
look upon men not in their capacity as citizens but
class seek first selfish aggrandizement.
For we as individual
s who ought to be taught and forced to
have been swept along, unconsciously,
perhaps, to a live according
to schedule. What has any one of
belief that government and law are
intended to help these independent social entiti
es to do with citizenthe weak, to do for men that which they
cannot do ship? They are not the law or the Governme
nt
for`themselves, to make poor men rich
and to bring They have no fundamental right to become the
law
prosperity where energies and resources
have failed. or the Government, which they do become, when, by
We have prostrated ourselves at. the
feet of the the use of money,or propaganda,orlobbying, or what
throne of political power. We are bendi
ng the knee not, they force upon all the people a law which
before our own servant. We no longer
demand that originally had no promoters but themselves, and
Government keep its hands off our
individual per- which the people in general suffer to be enacted
sonal affairs. We pray for the laying
on of hands through ignorance or indifference. And when they
that we may be healed.
undertake to supplant the Government as the enforcing agency of the people they not only corrupt
Yet there is another feature.- of this
anomalous it, but
situation to which we have so -far given
they render it a subservient tool, too frail to
scant con- resist and
fit only for ridicule and contempt
sideration. This is the social and
factional organiSometimes the wonder is that our Government
zations that are brought into being to
secure the im- lives. A thing of drive
s and spurts of frenzied facposition of an ideal, a custom, a moral
, upon all the tional endeavor, a patch
work of laws and boards and
people by means of a law. And it is
a matter of re- commissions, a seething
cauldron of political partigret that some of our most respected
social organi- sanship, it still pursues a stately cours
zations are engaged in this very work.
e and is a
The truth is magnificent emprise. But we , are
awaking to the
brought home to us by the investigat
ion of the use truth that some time these
rapid changes, these hotof funds in the late primaries in
Pennsylvania. It house laws, these forcing societies, ,these
sporadic
has been shown that certain organizati
ons not only and selfish uses of money, must-cease, or we will
be
collect and expend money in primaries
and elections mere puppets in their toils. Individualism canno
t
to elect men friendly to the purposes of
these organi- always survive these attacks. Liberty ,cannot live
zations, but to secure the passage of
laws, and even that is constricted by selfish laws. What each man
worse than this, to aid in the enfor
cement of laws thinks and believes, what he strives and - works
for,
after they are enacted. To cite one
example only, he has no right to force upon others. The indiv
idual
that a social society actually paid the salar
y of a is also a citizen, but the citizen is not, oonversely
district attorney when State funds for
that purpose and• equally, an individual. The citizen' has
taken
were exhausted.
on a new purpose—to guard the individual rights of
There is an old saying of wide import to the
effect all men that they may become and be citizens.
132
THE CHRONICLE
[VOL. 123.
Railroad Gross and Net Earnings of United States for May
Earnings of United States railroads, both gross tions, but derive significance from the fact that they
and net, continue to make very gratifying exhibits. follow improvement (even though equally moderate)
Our compilation this time covers the month of May, in the year preceding, too. In brief our compilaand with the exception of the return for the month tions show $28,515,298 gain in gross, or 5.85%, over
of March, when comparison was with diminished May last year, and $15,677,492 gain in net, or
totals a year ago, the showing is •the best of any 13.89%, the augmentation in expenses having been
month of the year thus far. The anthracite car- only $12,837,806, or 3.43%. In tabular form the
riers are now registering substantial gains where comparisons are as follows:
earlier in the year they suffered heavy losses because
Month of May—
Inc. (+) or Dec. (+).
1926.
1925.
(187 Roads)—
of the strike in the anthracite regions, which was Miles of road
236,833
236,858
—25 0.00%
Gross earnings_
$516,467,480 $487,952,182 +$28,515,298 5.85%
not definitely terminated until Feb. 18. In those Operating expenses
387,885,914 375,048,108
+12,837,806
3.43%
Ratio of expenses to earpings75.11%
76.86%
parts of the West where crop shortage of one kind
Net earnings
$128,581,566 $112,904,074 +$15,677,492 13.89%
or another last season has served to reduce grain
As just stated, the present gains come after imtonnage the present year, this circumstance is becoming an item of diminishing importance as we provement last year, too. Our tabulations for May
approach the time for the new season. In the South- 1925 recorded $11,114,584, or 2.33%, increase in
west some change, due to the better outlook for the gross, and $16,805,030 increase in net earnings, or
new season, is already manifest. The winter wheat 17.49%, to which the present year's gains are thereharvest in Kansas, Oklahoma and Texas, the present fore additional. However, it is important to bear in
year, is certain to be immensely larger than the very mind that these increases for 1926 and 1925 follow
short yield of 1925. As affording an idea of the con- tremendous decreases in 1924 and hence constitute
trast in that respect, the report of the Agricultural merely recovery of what was then lost. Our statement
Bureau at Washington, issued in June, and indi- for May 1924 showed no less than $70,476,133 falling
cating the *prospects for the current season, pointed off in the gross and $30,448,063 falling off in the
to a wheat crop the present year of 62,730,000 bush- net. The gain in gross in the two years since then
els in Oklahoma against an actual harvest of only has been but little more than half this large loss for
28,282,000 bushels in 1925; a crop of wheat in Texas 1924, but in the net the increases for 1926 and 1925
of 31,479,000 bushels, as against an actual yield of combined somewhat exceed the falling off in net at
no more than 6,552,000 bushels last year, and a win- that time. In other words, operating efficiency has
ter wheat crop in Kansas of 133,172,000 bushels, as brought the net up to the point where they are
against only 74,750,000 bushels in 1925. Of course larger than ever before, which is at once the striking
none of this new wheat had begun to move in May, feature and the encouraging feature in the entire
and as a matter of fact there was very little move- course of railway net income at the present time.
With reference to the big losses in earnings susment of new wheat even in June. But the assurance
production, as compared tained in 1924, of which only a portion, at least in
of such a greatly improved
with the very poor yield of 1925, served to stimulate the gross, has been recovered in 1925, it seems proper
general trade in those sections as early as May, and to recall that these losses followed prodigious gains
this played its part in adding somewhat to the gen- in the year preceding—that is in May 1923, when the
eral merchandise traffic in that part of the country. totals, as already stated, were of exceptional size.
As far as the great manufacturing sections of the In May of that year the roads were in enjoyment of
country are concerned, business has unquestionably an unexampled volume of traffic, and our compilaslackened somewhat in recent months, but the slack- tions showed an addition to the gross (as compared
ening has been far less than that experienced in 1925 with the preceding year) of no less than $97,510,and of course there has been nothing even remotely 054, or 21.77%, and an addition to the net in the
akin to the tremendous slump in business which sum of $32,573,715, or nearly 35%. But admitting
occurred in 1924, the year of the Presidential elec- the existence of exceptional prosperity at that time,
tion, when such momentous issues were at stake. it is equally plain that in 1924 the roads once more
Speaking generally, business the present year was passed to the other extreme, and had to sacrifice
better than last year and far better than in 1924, practically all they had then gained. Of the $97,but not up to the record proportions of 1923. And 510,054 increase in gross in May 1923, $70,476,133
this remark applies particularly to the railroads in was lost in May 1924, and of the $32,573,715 imthe big manufacturing districts of the United States provement in net no less than $30,448,063 was lost.
in the territory between the Mississippi River and Of the loss in the gross, $39,629,882 has now been
the Atlantic seaboard and north of the Ohio and the recovered in 1925 and 1926, and in the net more than
Potomac. The year 1923 was a record-breaking one the whole of the 1924 loss has been made good.
In the net earnings, therefore, these rail carriers
for this large body of roads, and notwithstanding
improvement established in 1925 after the col- in 1926 have not only got back to their 1923 record
the
lapse of 1924 and the further improvement estab- figures, but speaking of them collectively, have been
lished in 1926, this important body of rail lines has able slightly to exceed that record. This gives renot yet got wholly back to the record made in 1923 newed emphasis to what we have said on previous
—certainly not as far as the gross earnings are con- occasions, that through control of their expense
cerned, though in the matter of net earnings, owing accounts, which was destroyed during the period of
to the wonderful growth in operating efficiency, the Government operation, the carriers have vastly im1926 totals are in some instances better even than proved their position since 1920, when they were still
suffering so seriously from the demoralization prothose of 1923.
The further gains in earnings now disclosed in duced by Government control of their affairs. In
May are not of themselves of exceptional propor- brief, they have kept enlarging their net year by
JULY 10 1926.]
THE CHRONICLE
133
year and the 1923 gains which were almost entirely of $33,958,788. Similarly for May 1918 our comlost in 1924, have been more than recovered in 1925 pilations registered $31,773,655 increase in gross,
and 1926, and were simply the topmost of a series of but $14,459,024 decrease in net, owing to an increase
improvements that began long before 1923. Thus in of $46,232,679 in expenses. For the three years comMay 1922, when business revival had already begun, bined, therefore, the loss in net for this single month
but when the carriers suffered a very notable reduc- was $70,790,203, in face of an increase in gross earntion of their coal tonnage by reason of the strike at ings of $105,535,033. Expenses in the three years
the unionized coal mines then prevailing throughout for this month increased $176,325,236. Even prior
the country (coal loadings then having fallen off to 1918 rising expenses were a feature of the re47.4% as compared with May of the year before) turns, though, not, of course, to anywhere near the
there was only a very small improvement in the extent which subsequently developed. In the folgross earnings-only $4,069,751, or less than 17
0
- lowing we show the May comparisons for each year
but there was at the same time a contraction in ex- back to 1906. We give the results just as registered
penses of $23,995,177, and this brought about an aug- by our own tables each year, though in 1908 and
mentation in the net in amount of $28,064,928, or prior years a portion of the railroad _mileage of the
roughly 43%. There was improvement also in the country was unrepresented in the totals, owing to
net in the year preceding (1921), though gross at the refusal at that time of some of the roads to furthat time was declining, owing to the collapse in nish monthly figures for publication.
trade. The decrease in the gross then was $13,214,Gross Earnings.
Net Earnings.
331, but it was accompanied by a reduction in ex- Year.
Year
Increase or
Year
Year
Year
Increase or
penses of $58,054,141, thus leaving a gain of $44,839,May.
$
$
$
810 in the net earnings. The loss in the gross at 1906 _- 115,304,506,105,787,062 +9,517,444 34,414,213 30,946,848 +3,467,365
144,267.760 121.074,984 +23,192.776 43,765,836 37.319,290 +6,446.546
1907
that time was only 2.89%, which, of course, failed 1908 - 133,680,5%1 5172,218,497-38,537,942 38,076,927 50,922,6 78-12,845,7
196,826.686 170.600.041l+26.226.6451 64,690,920 49,789.800 +14,901,120
1909
to reflect either the great falling off in traffic or the 1910 _- 230,033,384 198 049,990 +31,983,394 70,084,170 64,857,343 +5,226,827
226,442,818231.066,896 -4,624,078 69.173,574 70,868.645 -1,695.1 7
1911
226,184,666 +6.044,698
extent and magnitude of the depression in trade 1912 232,229,364 232,879,970 +30,616,063; 66,035,597 68.488.263 -2,452,666
73,672,313 66,499,916 +7,172,397
1913 _-- 263,496,033
239,427,102
under which the country was then laboring, the rea- 1914 244.692,738 265.435.022-26,007.920 57,628.765 73.385,635-15,756,870
243,367,953 +1,324.785 71,958,563 57,339,166 +14,619,397
308,029,096
91 5
1
71,791,320+33,806.935
son being that railroad rates, both passenger and 196 353 825 032244,580.685 +63,448,411 105,598,255 105,782,717
308 132,969 +45,692.063 109.307,435
1917 _-+3,524.718
342,463,442
91,995,194
freight, had been advanced and the added revenue 1918 374,237,097 378,058,163 +31,773,655 58,293,249 106.454.218-14,459.024
413,190,468
+35,132.305
1919
92,252,0371-33,958,788
_- 387,330,487,348,701,414 +38,629.073 28.684,058 51.056.449,-22,372,3
from the higher rates served to that extent to offset 1920 ..„444,028.885457.243,216-13,214,331 64,882,813 20,043,0031+44,839,891
1921
10
447,299.150
+4.069,751 92.931,56564,866,6371+28,064,928
1922
the loss in earnings resulting from the shrinkage in 1923 .._ 545,503,898443,229,399 +97,510,054 126,173,540 93,599,825+32,573,7
447,993,844
15
476,458,749,546,934,882-70.476.133 96,048,087 126,496.150-30.448,063
the volume of traffic. Contrariwise, the saving in 1925 -_---- 487,664,3851476,549,801 +11,114,584 112,859,524 96,054,4944-16,805,030
94
2
expenses then achieved was effected in face of higher 1926 ---516,467,480 487,952,182 +28.515.298128,581,566 112,904,0741+15,677,492
-Includes for
Note.
in 1907; in 1908 the returns were
wage scales, the Railroad Labor Board having the based on 153,310 mllesMay 96 roads in 1906, 92 in 1910, 229.345:in 1911, 236,230:
of road; in 1909, 220,514:
In 1912,235.410;in 1913, 239,445;in 1914, 246.070:in 1915,247,747;in 1916,248,006;
previous summer awarded a 20% increase to the em- in 1917, 248,312; in 1918, 230,355: in 1919, 233.931; in 1920, 213,206; in 1921.
235,333; in 1922,
ployees, at the same time that the Inter-State Com- in 1926, 236,833. 234,931; in 1923, 235,186: in 1924, 235,894;11n 1925, 236,663;
merce Commission granted the carriers authority to
The most gratifying feature of the gains the presput into effect higher rate schedules for passengers ent year in May is that they are so uniform in charand freight. Had business and traffic remained acter, coming from all classes of roads and from all
normal, the higher rate schedules would, according sections of the country. While decreases in the case
to the computations made at the time, have added of the separate roads and systems are by no means
$125,000,000 a month to the gross revenues, and the lacking, they are of consequence only in those few
higher wage schedules would have added $50,000,000 instances where low temperatures and the backa month to the payroll of the carriers, as was pointed wardness of the season constituted an important
out by us at the time.
adverse feature. In the gross the losses running in
On the other hand, in any attempt to appraise cor- excess of $100,000 are contributed only by such
rectly the big reduction in expenses effected in 1922 roads as the Duluth Missabe & Northern, the Deand 1921, and the steady improvement in operating troit Toledo & Ironton, the Bessemer & Lake Erie,
efficiency since then, the fact should not be over- the Duluth & Iron Range, the Maine Central and
looked that, as a result of the antecedent prodigious the Duluth South Shore & Atlantic, and three of the
increases in the expenses, net earnings in 1920 had same roads appear also among the important debeen reduced to very low levels. High operating creases in net earnings. The names of the roads
costs had been a feature of the returns for many make it apparent at once that the late opening of
years preceding, and it so happened that in May 1920 navigation on the Great Lakes must have been
the so-called "outlaw" strike, which had served
so mainly responsible for the shrinkage in revenues.
seriously to interfere with railroad operations the Aside from the roads mentioned, gains in earnings
previous month, continued with greatly aggravated both gross and net, are found nearly everywhere, at
consequences. In these circumstances, it was no least in the case of the larger systems, and many of
surprise to find that although gross earnings in- these gains are of large magnitude. The Pennsylvacreased $38,629,073 over the amount for May of the nia Railroad on the lines directly operated east and
previous year, the augmentation in expenses reached west of Pittsburgh reports $3,153,183 increase in
no less than $61,001,464, leaving a loss in net of gross and $1,888,407 increase in net, which comes
$22,372,391.
after $2,385,965 increase in gross and $1,516,861 inBut, as already stated, the 1920 decrease in net crease in net in May last year. The New York Cenwas merely one of a series of losses in net that had tral has added $1,146,964 to gross and $576,158 to
been continuing through successive years. As indi- net this year, following $1,058,910 increase in gross
cating how expenses had been mounting up,it is only and $514,413 increase in net in May last year. For
necessary to note that in May 1919, though gross the whole New York Central System, including the
earnings increased as compared with 1918 in amount various auxiliary and controlled roads, the result
of $35,132,305, the augmentation in expenses the present year is a gain of $2,523,399 in gross and
reached $69,091,093, leaving a diminution in the net of $1,196,779 in net, after $1,891,285 increase in
134
THE CHRONICLE
gross and $1,382,590 increase in net in the same
month of 1925. The Baltimore & Ohio has also done
well, reporting $1,571,079 addition to gross and
$819,446 addition to net, following $327,389 gain in
gross, though $81,921 decrease in net a year ago.
As a matter of fact, however, as already indicated,
nearly all the more important roads and systems are
able the present year to show substantial improvement in gross and net alike. In New England, the
New Haven road is a good illustration, with $513,636 increase in gross and $350,988 increase in net.
In the South all the prominent systems, like the
Louisville & Nashville, the Atlantic Coast Line, the
Southern Railway and the Seaboard Air Line, are
distinguished for the extent of their improvement,
while in the Southwest the rule is much the same,
though here there are some minor roads which have
fallen behind, either in gross or in net, or in both
combined, while the great transcontinental lines and
also the Northwestern roads belong in the same
category. As instances, the Atchison has added
$1,223,694 to its gross and $1,085,189 to its net; the
Union Pacific $1,344,181 to gross and $257,866 to
net; the Southern Pacific $1,301,647 to gross and
$1,390,625 to net; the Missouri Pacific $366,074 to
gross and $247,344 to net; the Burlington & Quincy
$743,474 to gross and $187,137 to net and the Milwaukee & St. Paul $615,922 to gross and $1,039,475
to net; the Chicago & North West $1,319,782 to gross
and $96,712 to net, and the Northern Pacific $486,094 to gross and $368,962 to net. The Great Northern, on the other hand, which must have suffered a
diminution of its ore traffic to the upper lakes,
reports only $5,391 increase in gross with $85,332 decrease in net. The St. Louis & San Francisco has
added $100,510 to its gross, but has a trifling decrease in net. In the following we show all changes
for the separate roads for amounts in excess of $100,000, whether increases or decreases, and in both
gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR MAY.
Increase.
Increase.
a$3,153,183 Denver & Rio Gr West.... $241,746
Pennaylvania
220,657
1,577,018 Hocking Valley
Norfolk & Western
213,370
1,571,079 NO Texas & Mex (3)-Baltimore & Ohio
213,219
Union Pacific (4)
1,344,181 Minn St Paul & S S M_...
212,682
Chicago & North Western 1,319,782 Internat'l Great Northern
200,403
Southern Pacific(7)
1,301,647 Virginian
198,306
Atch Top & S Fe (3)
_ 1,223,694 Del Lack & Western_ _
198,150
New York Central
b1,146,964 Colorado & Sou (2)
189,459
Southern Railway
1,130,565 Boston & Maine
187,131
831,213 Grand Trunk Western....
Michigan Central
184,553
Atlantic Coast Line
811,007 Texas & Pacific
182,717
Chicago Burl & Quincy
743,474 Western Maryland
179,316
675,136 Wabash
Chesapeake & Ohio
166,567
670,631 Erie (3)
Louisville & Nashville_ _ _
152,520
615,922 Chicago & Eastern Ill..Chicago Milw & St Paul_
143,130
519.359 Delaware & Hudson__ -Chicago R I & Pacific (2)
141,012
513,636 Chicago Great Western.._
NY N H & Hartford.._ _ _
124,524
502.935 Chic St P M & Om
Reading
120,574
486,094 Norfolk Southern
Northern Pacific
100,510
426,851 St Louis-San Fran (3)_ _ Seaboard Air Line
414,509
00 C & St Louis
$27,785,762
378,419
Total(70 roads)
Buffalo Rochester & Pitts
Decrease..
366,436
Illinois Central
$583,464
366,074 Dul Miss & Northern_
Missouri Pacific
161,197
335,904 Detroit Toledo & Iront
Central of New Jersey....140,493
335,644 Bessemer & Lake Erie_ _ _
Long Island
125,528
324,824 Duluth & Iron Range_ _ _
Lehigh Valley
108,208
316,716 Maine Central
Florida East Coast
104,528
281,339 Dul So Shore & Atl
Pere Marquette
273,819
Elgin Joliet & Eastern_ _ _
Total(6 roads)
$1,223,418
257,161
Central of Georgia
-All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate returns so as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis,
and the Grand Rapids & Indiana).
b The New York Central proper shows $1,146,964 increase. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c., the whole going to form the New York Central System,
the result is a gain of $2,523,399.
[VoL. 123.
Increase.
Inc
-ease
Hocking Valley
$210,511 Norfolk Southern
$111,688
Chicago Great Western..
197,637 Seaboard Air Line
109,809
Chicago Burl & Quincy
187,137
Buffalo Rochester & Pitts
Total (54 roads)
175,230
$16,824,734
Colorado & Southern (2)
174,686 Pere Marquette
Decrease.
169,500
Central Vermont
163,947 Duluth Missabe & North $594,114
C C0 & St Louis
155,369 Detroit Toledo & Ironton
222,854
Long Island
152,988 Erie (3)
179,675
Grand Trunk Western
139,390 Gulf& Ship Island
108,084
Internat Great Northern
135,222 Alabama & Vicksburg..
107,195
Minn St P & S S M_
130,598 Maine Central
103,587
Chicago St P Minn & Om
122,146
Kansas City Southern_ _ _
112,651
Total(8 roads)
$1,315,509
a This is the result for the Pennsylvania RR. (includinglthe former
Eftnraln ankam znvah nZittsburgh Cincinnati Chicago & St. Louis and
e
v
spl i iae
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is an increase,,of $1,196,779.
Arranging the roads now in groups, or geographical divisions, according to their location, we find
further evidence of the general .and widespread,
character of the improvement in both gross and net
earnings. In gross and net alike every group and
every district shows improvement as compared with
a year ago, the gains being heaviest and most pronounced in the Pocahontas region (embracing the
Norfolk & Western, the Chesapeake & Ohio and the
Virginian) as regards the gross and the same group
in the net, together with two divisions of the Western District, namely, the Northwestern region and
the Central Western region. Our summary by.
groups is as follows. We now group the roads to
conform with the classification of the Inter-State
Commerce Commission. The boundaries of the dif-.
ferent groups and regions are indicated in the footnote to the table:
SUMMARY BY DISTRICTS AND REGIONS.
District and Region.
Gross Earnings
May1928.
1925. Inc.(-I-) or Dec.(-)
Eastern District$
$
$
%_*4
New England Region (10 roads)
+727,070 I 3.3222,602,702 21,875,632
Great Lakes Region (33 roads)___...... 97,081,903 92,726,521 +4,355,382 4.70
Central Eastern Region (30 roads)......122,844,720 115,739,166 +7,105,554
5.75
Total(73 roads)
Southern District
-
242,529,325 230,341,319 +12,188,008
5.30
70,310,161 65,785,075 +4,545,088
Southern Region (31 roads)
6.92
12.07
Pocahontas Region(4 roads)
23,244,188 20,740,698
Total(35 roads)
Western District
Northwestern Region (18 roads)
Central Western Region (23 roads)
Southwestern Region (38 roads)
93,554,349 86,505,773 +7,04
8,576
815
58,241,190 55,636,343 +2,804,847
78,008,254 72,715,778 +5,292,478
44,134,362 42,752,971 +1,381,391
4.69
7.28'
3.23
+2,503,490
Total(79 roads)
180,383,806 171,105,090 +9,278,716 5.43
Total all districts (187 roads) " 516,487,480 487,952,182 +28,515,298 5.85
District & Region- -Mileage-Net Earnings
May
(-)
Inc.
(+)or Dec.
1928.
1925.
Eastern District- 1928. 1925.
$
$
%
$
New England
Region 7,479 7,647
+904,
331 1975.
5,482,043 4,577,712
Great Lakes Region 24,927 24,944 26,568,857 24,171,326 +2 397,
9.91
531
Cent.East.Region_ 26,957 26,954 31,546,108 28,105,378 +3:440,730 12.25
105,378 +3,440,730
Total
District_ 59,363 69,545 83,597,008 58,854,418 +6,742,592 11.88
Southern
Southern Region.. 38,494 38,528 18,769,716 15,522,619 +1,247,097 7.83
Pocahontas,Region- 5,554 5,547 8,548,728 6,265,845 +2,282,883 36.44
Total
44,048
Western DistrictNorthwest'n Region 48,645
Cent. West, Region 51,006
Southwest'n Region 33,771
Total
44,073 25,318,444 21,788,464
+3,529,980 16.20
48,718 12,284,904 10,812,133
50,916 17,544,599 14,284,493
33,606
9,164,568
9,836,611
+1,472,771 13.62
+3,260,106 22.88
+672,043
7.33
133,422 133,240 39,666,114 34,261,194 • +5,404,920 15.78
Total all districts_236,833 236,858 128,581,566 112,904,074 +15,677,492 13.89
NOTE -We have changed our grouping of the roadsto conform to the classification of the Inter-State Commerce Commission, and the following indicates the
onfines of the different groups and regions: •
EASTERN DISTRICT.
New England Region.
-This region comprises the New England States.
Great Lakes Region.
-This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York,
Central Eastern .Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia; east of Kentucky and the Ohio River north to Parkersburg,
W.Va., and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova, W. Va., and a'line thence
following the eastern boundary of Kentucky and the southern boulidary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada lying
PRINCIPAL CHANGES IN' NET EARNINGS FOR MAY.
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
Increase.Increase. to Portland and by the Columbia River to the Pacific. •
a$1,888.407 Northern Pacific
Central Western Region.
-This region comprises the section south of
Pennsylvania
Maine
$3 8793
366 62 western region, west of a line from Chicago to Peoria and thence to St. the North6, 8
1,447,054 Boston & Ma
Western
Norfolk &
Louis,
358,517 north of a line from St. Louis to Kansas City and thence to El Paso and by and
1,390,625 Central of New Jersey
Southern Pacific (7)
the
350,988 Mexican boundary to the Pacific.
,085,189 N Y N H & Hartford
Atch Topeka & S Fe (3) 1,039,475 Del Lack & Western_ _ _ _
28,223
-This region comprises the section lying between the MisSouthwestern Region.
1
Chicago IVIilw & St Paul
Valley
285,899 sissippi River south of St. Louis and a line from St. Louis to Kansas City and
819,446 Lehigh
Baltimore & Ohio
thence
257,866 to El Paso and by the Rio Grande to the Gulf of Mexico.
625,826 Union Pacific (4)
Southern Ry
Chesapeake & Ohio
New York Central
Louisville & Nashville.._,
Chicago R I St Pac (2)....
Michigan Cenral
601,976
b576,158
500,747
466,367
453,542
Elgin Joliet & Eastern
Missouri Pacific
Virginian
Atlantic Coast Line
Delaware & Hudson..---
251,485
247,344
232,731
217,102
215,558
The grain movement over the Western roads was
on a somewhat smaller scale than a year ago. The'
receipts of corn, oats and barley at the Western primary markets were somewhat heavier, but there was
a substantial falling off in the movement of wheat
and of rye, the receipts of wheat for the four weeks
ending May 29 having been only 15,038,000 bushels.
as compared with 16,710,000 bushels in the corresponding four weeks of 1925, and the receipts of rye
but 1,187,000 bushels, as against 3,251,000 bushels.
For the five cereals combined the receipts for the
four weeks were 42,066,000 bushels, as against 44,024,000 bushels for the corresponding four weeks of
last year. The details of the Western grain movement in our usual form are shown in the table we
now present:
WESTERN FLOUR
Wheat.
4 Weeks Ended Flour.
(bush.)
(bbls.)
May 29.
Chicago
866,000 1,871,000
1926
813,000 3,190,000
1925
Milwaukee
380,000
179,000
1926
103,000
220,000
1925
-St. Louis
355,000 1,334,000
1926
324,000 1,718,000
1925
Toledo
489,000
1926
392,000
1925
Detroit
43,000
1926
62,000
24,000
1925
Peoria
75,000
200,000
1926
100,000
136,000
1925
Duluth
3,266,000
1926
4,355,000
1925
Minneapolis
-4,141,000
1926
2,843,000
1925
Kansas City
1,764,000
1926
1,776,000
1925
Omaha & Indianapolis
831,000
1926
1,033,000
1925
Sioux City
102,000
1926
102,000
1925
St. Joseph
391,000
1926
519,000
1925
Wichita
351,000
1926
517,000
1925
Total All
1926
1925
Jan. 1 to
May 29.
Chicago
1926
1925
Milwaukee
I... 1926
I 1925
St. Louis
1926
1925
Toledo
1926
1925
135
THE CHRONICLE
JULY 10 1926.1
AND GRAIN RECEIPTS.
Corn.
Oats.
Barley.
(bush.)
(bush.)
(bush.)
Rye.
(bush.)
2,906,000 2,723,000
3,352,000 2,642,000
629,000
293,000
55,000
1,548,000
152,000
624,000
224,000 1,001,000
811,000
676,000
35,000
68,000
1,687,000 2,314,000
1,769,000 2,596,000
4,000
7,000
3,000
Flour.
Wheat.
Corn.
Oats.
Barley.
(bbls.)
(bush.)
bush.)
(bush.)
(bush.)
Detroit
297,000
1926
336,000
436,000
3,000
1925
35,000
531,000
176,000
661,000
38,000
Peoria
1926
1,097,000
500,000 10,836,000 3,835,000
681,000
535,000 9,518,000 4,175,000
1925
390.000
997,000
Duluth
11,581,000
46,000 6,776,000
404,000
1926
401,000 3,020,000
13,272,000
938,000
1925
Minneapolis
32,278,000 4,397,000 9,352,000 6,501,000
1926
27,833,000 10,355,000 12,050,000 6,863,000
1925
Kansas City
11,426,000 9,430,000 1,938,000
1926
11,067,000 10,786,000 2,807,000
6,000
1925
Omaha & Indidnapolis4,401,000 15,355,000 5,622.000
1926
6,403,000 14,770,000 8,726,000
1925
Sioux City
911,000 1,046,000 1,224,000
15,000
1926
673,000 2,254,000 1,324,000
21,000
1925
St. Joseph
2,106,000 4.950,000
868,000
1926
3,376,000 4,375,000
512,000
1925
Wichita
2,857,000 1,182,000
237,000
4,000
1926
3,058,000 1,413,000
188,000
1925
23,000
22,000
205,000
136,000
535,000
615,000
40,000
15,000
85,000
76,000
1,548,000
1,291,000
652,000
474,000
6,000 2,430,000
40,000
88,000
290,000 1,219,000
302,000 1,351,000
1,245,000
955,000
191,000
366,000
12,000
7,000
160,000
41,000
4,000
8,000
157,000
744,000
476,000 1,440,000
937,000
785,000
306,000
156,000
6,000
1,780,000
858,000
1,783,000 1,490.000
140,000
173,000
186,000
184,000
1,034,000
558,000
86,000
88,000
198,000
200,000
6,000
16,000
1,000
1,000
2,000
1,600,000 15,038,000 11,231,000 11,909,000 2,701,000 1,157,000
1,517,000 16,710,000 10,798,000 10,987,000 2,278,000 3,251,000
Corn.
Wheat.
Oats.
Flour.
Barley.Rye.
(bush.)
(bush.)
(bbls.)
(bush.)
(bush.)
(bush.)
5,044,000 6,138,000 38,964,000 15,494,000 2,960.000
461,000
5,581,000 8,695,000 35,755,000 18,710,000 3,487,000 2,901,000
716,000 1,321,000 4,855,000 3,804,000 3,479,000
419,000
576,000 1,046,000 4,564,000 5,183,000 4,740,000
575,000
2,133,000 9,104,000 10,215,000 13,780,000
266,000
217,000
2,152,000 12,839,000 10,803,000 15,637,000
156,000
26,000
2,571,000 2,232,000 1,968,000
8,000
88,000
2,032.000 1,562,000 2,390,000
2,000
68,000
Total All
1926
1925
Rye.
(bush.)
94,000
113,000
22,000
23,000
2,916,000
4,158,000
1,883,000
1,502,000
2,000
8,000
8,990,000 85,491,000 103844,000 65,334,000 14,321,000 6,102,000
9,341,000 91,360,000 106732,000 75,383,000 16,641,000 9,374,000
As to the Western live stock movement, the receipts at Chicago comprised 19,307 carloads in the
month of May 1926, as against 18,554 cars in May
1925, but at Omaha the receipts were only 7,841 carloads, as compared with 8,143 cars, while at Kansas
City the receipts were 8,237 cars, against 7,394 cars.
In regard to the cotton movement in the South,
the shipments overland in May 1926 were 63,513
bales, as compared with 29,004 bales in May 1925;
40,534 bales in 1924; 65,395 bales in 1923; 139,348
bales in May 1922; 224,354 bales in May 1921; 184.436 bales in May 1920; 211,617 bales in May 1919,
and 285,394 bales in May 1918, while the receipts at
the Southern outports in May the present year
reached 337,563 bales, as compared with 188,024
bales in May 1925 and 209,024 bales in 1924. The
complete details of the port receipts are given in the
table which follows:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1928, 1925 AND 1924.
May.
Ports.
Galveston
Texas City, ,te
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1926.
1925.
Since Jan. 1.
1924.
1926.
55,790
84,585
79,760
9,988
1,830
70,5313
52,528
62,302
38,146
1,579
600
6,901
16,835
3,463
14,776
12,385
517
13,066
5,871
5,575
11,340
337,563
188,024
1925.
1924.
37,902 694,616
19,593 575,502
89,617 670,895
57,891
12,193
3,503
288
27,161 267,218
909.663 573,566
763.010 244,058
593,345 499,926
44,951
33,107
2,831
4,777
179,569 137,902
350
121,469 115,186
43,533
33,132
47,149
23,239
104,235 136,074
91,623
209.540 2.528,461 2.792.128 1.651.731
Economic Nationalism-Patriotism Gone Mad-The Delusion of
National Self Sufficiency
By
HARTLEY
WITHErs, formerly E ditor of "The Economist" of London.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
Patriotism is the most respectable of prejudices, and,
when it stimulates its possessors to noble action in times
of crisis, rises to the dignity of a splendid virtue. All the
more disastrous are its effects when it warps people's minds
into doing things which are silly, from a mistaken belief
that they are conducive to the good of their country. When
once this process starts, it is almost as difficult to stop it
as a form of religious mania or a currency cure. Argument
is unheeded, because anyone who attempts to protest is
thereby convicted of being unpatrotic and therefore out of
court; and the only hope for a remedy is for the disease to
burn itself out or to produce so much pain that it kills itself.
At the present moment perverted patriotism of this kind
is largely responsible for the depression of international
trade which is holding back the recovery of Europe and of
most of the other economic areas, on the prosperity of
which we are all more or less dependent. The war made
nearly everybody patriotic in the countries that were directly or indirectly affected; during the war period this
patriotism was generally magnificent, especially in the
early period, before the Governments, by inflationary finance, had encouraged those who stayed at home to enrich
themselves at the expense of those who were facing death
and incredible hardships at the front. Since the war patriotism has degenerated from the'splendid spirit which made
men willing to give life and fortune for their country, into
a chattering bogey which tells us that it is wrong to buy foreign goods, and so prevents us from getting back to the old
system by which the interchange of goods between nations
enriched all the countries of the earth.
Even before the war the international division of labor
was obstructed by plenty of obstacles, but their number
and obstructiveness has been enormously increased by the
craving for economic self-sufficiency developed by the new
States that have come into being and by the increased
anxiety of the older States to tie trade up in red tape bands,
so that it may run, not along the channels through which
it would be directed by the convenience of producers and
136.
THE CHRONICLE
consumers, but into little stagnant pools dug by politicians
and bureaucrats. When we consider what a disastrous muddle these well-meaning gentlemen have lately made of their
real job—which is providing us with peace abroad and
security and well-ordered life at home—their increased attention to commercial questions does not promise hopefully
for the growth of wealth and prosperity.
Wealth and prosperity have been shown, both by theory
and practical experience, to depend largely on getting things
made by the people best qualified to produce them. This
statement is so platitudinous that one would hesitate to
waste paper by repeating it, were it not that it is ignored
by the present policy of most nations with regard to foreign trade.
The principle which it -sets forth is followed as a matter
of course by every individual. Some few people sometimes
try to do things for themselves which could better be done
by others, usually paying heavily for the mistake. It is a
common saying that a man who is his own doctor has a fool
for his patient, and it is still more obvious that a man who
is his own tailor or builder or plumber has a fool for his
customer. The same principle applies with at least equal
truth to the nations, but Is consistently ignored among them.
Countries which used to buy, for example, textile goods
from abroad, now obstruct their entry by high customs
duties and by the extension of vexatious customs formalities which are almost equally obstructive, so that a textile
Industry, artificially fostered and consequently expensive
and probably inefficient, may be developed at home. The
result is, that the local population pays high prices for an
Inferior article, and the goods which the restricting country used formerly to export have more difficulty in finding
a market. A few spoon-fed manufacturers make comfortable profits, the consumer—that is the unfortunate man in
[VOL. 123.
the street, who is probably already fleeced to the bone
by
the tax gatherer—has his cost of living screwed up,
and the
real staple industries of the country, which used
to sell
abroad the goods that it was best qualified to produce,
in
exchange for textiles, languish because their market is narrowed.
Such a policy, carried to its present height, is patrioti
sm
gone mad; an dthe delusion on which it is based
has already
appeared. This is the belief, which seems to
be cherished
by those who obstruct foreign trade, that
foreign goods
come in to be given away and consequently cause
unemployment. In fact, of course, every pennyworth of
them has to
be paid for by an equivalent export, produced
by the workers of the country which buys. When an English
man buys
foreign goods, the foreign seller gets a sterling
credit and
it is bound, ultimately (perhaps after traveling
round the
world in the exchange market), to be spent in England
on
something produced there. He is thus giving
employment
at home just as much as if he bought British goods
directly
and at the same time he is helping his country'
s export
trade and incidentally increasing the volume of
international trade, and so promoting the interests of
the sorely
depressed shipping and shipbuilding industries.
Fortunately, the policy of obstruction has its
limits.
America is pre-eminent among the countries which put
high
duties on imported goods and justifies her policy on
the
ground of the high standard of life enjoyed by her
working •
classes, which would be imperiled—so it is argued—
by the
competition of cheap goods from Europe. Neverthe
less,
not only do imported goods climb in over the tariff
wall, but
thousands of American tourists flock every year to
Europe
and spend there on traveling, hotel bills and other forms
of
expenditure, sums that are estimated to aggregate over
£100,000,000 a year.
1.•••••M1,
11111.......1.1
.1 I 01.1•••••••MonI•1 Ilb1. MM..
1.1.
• I
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 9 1926.
There is less wholesale business in this country, although
the sales in small lots make no bad showing in the aggregate. People are not buying ahead. In the Southwest
trade is stimulated to some extent by the large receipts of
new crop wheat. Wheat has advanced 4 to Sc. as crop
prospects in Europe darken because of rains and floods, and
it is suspected that the worst is being concealed across the
water. Besides, the spring wheat crop in this country may
show a considerable decrease. The European demand for
North American wheat, largely for Manitoba, just now is
good, as Europe's stocks are small. Corn is higher owing
to recent bad weather,'though the prospects are now better.
Rye has advanced some 5 to Be. In response to a rise in
wheat and the menace to European crops of wheat and
rye of prolonged rains. European grain markets have been
rising. At Chicago it looks as though big operators there
and here have taken hold of the bull side again, largely
because of the gloomy foreign crop outlook.
Cotton has advanced over $5 a bale owing to reports of
the presence of the Mexican hopper flea in some half a
dozen States, especially in Texas and Louisiana and
more or less damage to cotton squares by it. It is feared
that it may be the prelude of worse damage by the weevil
later. Louisiana entomologists assert that the hopper is a
serious menace to the crop this season. However that
may be, speculation has revived, or at least is more active
than it has been for months past. Wall Street interests
were large buyers of October and December here to-day,
supposedly for the most part to cover, as the price swept
rapidly upward in a short market. Some Carolina and
other interests are said to be buying freely. The short
account, however, has been sharply reduced during the
week and there is no certainty as to just how much damage the "hopper" pest has really done. Some reports assert
that it has been much exaggerated. Meantime, however,
spot cotton - markets are rising sharply in this country,
England and Egypt, a very noticeable rise-35 to 65 points
—occurring in Alexandria to-day. Worth
Street, too,
shows more activity and Fall River is having
a somewhat
better business, though it is nothing large.
North Carolina
textile reports are more or less contradictory, but
on the
whole, if there is a slight improvement in the
Charlotte
district, there is still large room for gain. In Lancashi
re
textiles a somewhat larger trade is reported, but the British
coal strike is still a drawback which it would be useless
to
minimize. Wool has been quiet and the American Woolen
Co. has cut prices of its goods on the average about
10%,
the range being 7 to 15%. On some staple lines prices
are
the lowest in four or five years, and in some others
the
lowest for nine years in conformity with recent
declines in
raw wool and economies in mill operations. There
is only
a moderate business in silk goods. Raw silk has
advanced,
but the trade balks at the higher quotations.
Coal has been quiet for the home trade, but
2,000,000 tons
of soft coal have been sold to England since
the British
coal strike began in May. Rubber has
declined as tire
prices have been cut some 10%, and stocks in
London mount.
Pig iron has been in fair demand and
about steady. Some
of the steel mills are doing a very fair
business for this
time of the year; in fact, in some cases rather
liberal orders are reported. In the Southwest' the
flour milling
business is said to be good. Building operations
in June
showed a small increase. Mail order and chain
store sales
In June were larger than those of last year.
Coffee prices
have on the whole rather hesitated and the
trade here is
keenly watching the Brazilian Defense Committ
ee, suspecting that it may try to sell more freely on bulges,
and doubting on the whole whether it can continue to
dominate the
situation with a big crop ahead. Sugar has been
rather
weaker of late after recent very heavy buying by
refiners.
And however it may be explained, refiners' new
business is
not up to expectations; in fact, it is quite disappoi
nting.
Yet the week here and in other parts of the
country has
been warm, the temperature to-day at New York
reaching 88 degrees, the highest thus far this season.
Foreign
sugar crops may show some decrease in the
future and
JULY 10 1926.]
THE CHRONICLE
137
Europe may have to compete with the United States in buy- ter, S. C., the Lancaster cotton mills were closed over July 4
ing Cuban sugar rather more freely than during the past and remained closed this week. The Newberry cotton mills
year. But there is always the chance that reports of will resume operations on full schedule beginning July 5
damage to foreign crops of sugar as of other products, are and continue until Aug. 8, at which time a two weeks' vacamore or less exaggerated. In any case the sugar market tion will be given the employees. Charlotte, N. C., reported
an unchanged curtailment situation, except that the July 4
here of late has been less active.
Commodity prices in general have recently declined for holidays temporarily brouglit smaller production. At
the seventh month in succession. In other words, they are Charlotte, N. C., the Southern Yarn Spinners' Association
moving towards the pre-war level, although the pace is very reports a larger inquiry from cotton consumers who are
slow. The furniture manufacturing business is still dull. said to be considering the making of forward commitments,
The oil industry is brisk. Stocks of crude petroleum are Birmingham, Ala., reports that all of the textile mills in
the smallest since 1923, but gasoline production is up to a the leading centres of the State are being operated with
new high, according to the latest figures, with a better full day forces, while a few are working at night. There
trade as the weather becomes more seasonable. The out- is but little idle labor and no indications of strikes at any
standing facts in the business situation in the United mill town in Alabama.
States is that aggregate transactions are of fair magniThe mills not only of the United States, but of England,
tude, although they are in small lots. The people are stick- Germany and some other countries, continue to run on a
ing to the policy of buying in that way. They trust to greatly curtailed basis. The Merchants National Bank of
quick deliveries and they are not disappointed. Stocks have Boston says prospect of possible largest supply of cotton on
been advancing in a busy market, latterly with railroad record next season is holding up purchases of cotton, yarn
stocks leading. It is regrettable to see that French and and cloth throughout the world. Mills of this country;
Belgian francs and Italian lire have fallen to new low England, Germany and some other countries cantinue operlevels during the week. Mussolini in Italy has felt it neces- ating on greatly curtailed basis, with no early improvesary to do something looking to the stabilization of Italian ment in sight. Brazilian banks are to aid the textile trades
currency, but in the long run it is not politicians who regu- of Brazil. The spinning mills of Czechoslovakia operated
late these things. It is immutable economic laws, and in at about 87% of their normal capacity during April, against
time it is hoped and believed that they will remedy the 100% during March and 107% in April 1925. The jute crop
matter. In the meantime the countries in difficulties this year is large.
must balance their budgets and increase taxation of necesSales of F. W. Woolworth Co. last month showed an insary and thus show outside countries from which they may crease of more than 13% over June 1925. Five hundred
wish to borrow that they are willing to help themselves, workers of three garment shops in Jersey City went on
and thus inspire confidence on the part of others. Bonds strike on the 8th inst. Garment workers here on strike
have been in steady demand and call loans have latterly say they will fight to a finish.
been at 4%%. French francs advanced to-day on rumors
It was warm here over July 3 and 4 and it rained on the
that the English and French had reached some agreement night of July 5 and the next morning. The maximum temin the matter of the debt question. There is also a belief perature here on the 6th fell to 74, or 12 degrees lower than
that the stabilization of the French franc is not far off. on the same day last year, but the humidity was high after
Say what they will about M. Calllaux, he seems to under- the rain ceased, namely 75 to 80%, and it was. very unconistand the necessity of going to the root of the matter in fortable. In Chicago on the 5th it was 78, in Cincinnati
the problem of French finance.
86, in Indianapolis 84, in St. Paul 82, in Kansas City 94.
Experts in dealing with France's financial problem urge Rains were very general in the South. Yet maximum tema balancing of the budget, relief of the Treasury and of peratures in some States were 100 to 107. It was 83 oil
course the stability of the franc as the main objective. It the 7th here and 82 on the 8th. In the far Southwest it
has dropped to a new low. It is also suggested that prompt has been 100 to 108. To-day the heat rose to 88 degrees,
action on the debt to this country is desirable. Foreign the highest thus far this summer, and four persons were
credits are recommended, with long-term loans, and ob- prostrated, with the humidity 72 to 83. Cooler weather is
viously an increase in direct taxation. This is going to the predicted for Saturday night. Yesterday it was 92 in Chicore of things. The taxation should be increased and cago, Detroit and St. Paul, 88 in Cleveland, 86 in Cincinnati
should be made effective. Economy in Governmental ex- and 90 at Kansas City.
penditure is also necessary. Also a stoppage of advances
by the Bank of France to meet new expenses. Inflation
should be checked. This is a rough idea of the financial General Industrial Activity in United States in June
agenda. Of course It rests on the basis of common sense.
12.6% Greater than Last Year—Electrical
Energy the Measure.
There is no mystery about finance in its broadest outlines.
It simply negatives the idea that two and two make more
Industrial activity of the nation as a whole in June was
than four. No juggling can make it five. In order to put 12.6% greater than in the corresponding month last year,
France on a sound financial footing the nation must con- according to a survey made by the "Electrical World."
tribute needful sums to that end in the form of taxation The months of June and July are normally, it is pointed
and render due help in floating bond issues.
out, the low months in industrial activity, but the present
Some urge the mills to stick to their curtailment schedule year has failed to follow the past trend in seasonal activthrough July and August, regardless of the better demand. ity. The rate of activity of general industry is based on the
Fall River reported a better demand, though no more than monthly electrical energy consumption of some 1,700 large
a fain business was done. At Saco, Me., the York cotton manufacturing plants in various industries, scattered
mills, after a shutdown of two weeks, will reopen Monday throughout the country, "Electrical World" reports. The
• with only 700 looms, some 900 draper looms being idle, plants consume a total of 6,000,000,000 kilowatt-hours of
owing to light orders. In southern New Hampshire condi- energy a year.
tions are better. The Goodall Worsted Co., whose mills at
The returns received indicate that in June general inRochester and Kennebunk manufacture Palm Beach cloth, dustrial activity for the entire country was 17.1% above
are running overtime. The mills of the Kesar Falls, N. H., the average monthly rate for the past three years, this figWoolen Co. are running behind orders for high -grade ure having been corrected for seasonal variation and
women's goods. The Sandford mills, makes of Chase plush weighted in accordance with the importance of the various
and worsted linings, are working day and night shifts. The industries. The fact that in June of last year general inLimerick mills are working day and night shifts on worsted dustry was operating at only 4.5% above the average
yarns. The rush has compelled them to begin building a monthly basis for the past three years but Intensifies the
four-story 250-foot addition to the Limerick plant. At Roch- prosperous condition of American industry to-day. Notester, N. H., the Old Colony Woolen Co. mills, which were withstanding many predictions to the contrary, manufacrecently purchased by the Wyandotte Worsted Co. at a turing activity failed in many instances to show the norreceivers' sale have begun operations and expect to be mally expected seasonal decrease, and in some instances the
running on women's coatings and dress goods within a leaders actually reported a materially increased rate of acweek. Many improvements and renovations have been made tivity over May.
The metal industries taken as a group and for the nain machinery, buildings, etc. Picking, carding and spinning rooms are in operation. Finishing will be done at tion as a whole reported activity in June as 31.0% above •
Waterville until the new plant is able to handle it. There the average monthly for the past three years, as against •
Is some talk of starting a night shift later on. At Lancas- 8.7% in May and 7.7% in April. Although June activities
138
THE CHRONICLE
are normally the 'lowest of the ydar, "the manufacturing
plants in the metal industries Which have reported their
energy consumption indicate a June consumption of 9%
greater than that of May." In June of last year the
Metal industries- Were Operating exactly at the average
mdrithly rate for the past three years.
While the rate of activity in the automotive industry in
Jtitie was under that of May, the decrease was not to the
extent which would normally be expected. The leather,
stone, claY and glass industries reported improved condition In June, but activities in the lumber mills were under
those of the preceding month. The textile mills of the
country operated close to the estimated normal.
June Building Construction Volume Shows Only Slight
Decrease—Increase for Half Year.
The volume of building and engineering contracts declined
very slightly in June, according to F. W. Dodge Corporation.
Construction contracts let during the month in the 37 states
east of the Rocky Mountains (which include about 91% of
the total construction volume of the country) amounted to
$547,792,400. The decrease from May 1926 was less than
1% and the decline from June of last year was 2%. The very
good showing for June of this year was to a considerable
extent, it is stated, due to increased activity in the Pittsburgh
district, which had last month its highest total so far this
year. The more important classes in last month's building
record were: $237,724,900, or 43% of all construction, for
residential building; $98,200,200, or 18%, for public works
and utilities; $67,960,200, or 12%, for commercial buildings;
$54,514,700, or 10%, for industrial buildings; $40,753,400,
or 7%, for educational buildings; and $17,036,600, or 3%,
for social and recreational projects.
New construction started in the 37 Eastern states during
the first half of 1926 reached a total of $3,113,158,500, as
compared with $2,748,694,800 in the corresponding period of
1025, the increase being 13%. The figure for the first 6
months Of this year was also the highest on record for the
first six months of any year. The report continues as follows
COntemplated building and engineering work for the 37 eastern
states was reported in June 1926 to the amotint of $807,281,800, being
2 per cent above the amount reported in May of this year, as well as
16 per cent above the amount reported in June 1925.
New York State and Narthex New Jersey.
Building and engineering contracts were awarded during June to the
amount of $127,149,600 in New York State and Northern New Jeersey.
There Was a decrease of 9 per 'cent from May of this year and an increase of 4 per cent over June 1925. The more important items in the
June building record were: $70,938,200, or 56 per cent of all construction, for residential buildings; $18,349,200, or 14 per cent, for commercial buildings; $10,274,300, or 8 per cent, for public works and utilities;
'$8,323,500, or 7 per cent, for educational buildings; $8,101,500, or 6
per cent, for industrial buildings; and $5,340,000, or 4 per cent, for
social and recreational projects.
Constructional started in the district during the first half of 1926
reached a total of $895,979,600, as compared with $625,056,300 for the
corresponding six months of 1925, the increase being 43 per cent:
Contemplated new work reported for New York State and Northern
New Jersey last month amounted to $198,224,000, being a loss of 2 per
cent frof the amount reported in May of this year, but a gain of 23
per cent over the amount reported in June 1925.
New England.
New England had $38,993,800 in contracts for new building and engineering work last month. This was a drop of 18 per cent from May
1926 and of 9 per cent from June of last year. Analysis of June's construction record showed the following items of note: $18,168,000, or 47
per cent of all construction, for residential buildings; $6,175,400, or 16
per cent, for commercial buildings; $5,623,000, or 14 per cent, for
public works and utilities; $3,274,800, or 8 per cent, for educational
buildings; $1,804,000, or 5 per cent, for hospitals and institutions;
$1,666,000, or 4 per cent, for industrial buildings; and $1,175,000, or 3
per cent, for religious and memorial buildings.
The first six months' construction total for the district was $210,413,800, which was a decline of only 1 per cent from the figure for
the corresponding period of 1925.
Contemplated construction projects were reported for New England
in June to the amount of $51,013,900. This exceeded the amount reported in May of this year by 4 per cent, as well as the amount reported
in June 1925 by 21 per cent.
' Middle Atlantic States.
The total volume of construction contracts let in the Middle Atlantic
States (Eastern Pennsylvania, Southern New Jersey, Maryland, Delaware, District of Columbia and Virginia) during June amounted to
$53,067,000. This figure showed a decrease of 9 per cent from May
1926. However, there was an increase of 18 per cent over June of last
year. The month's record included: $23,904,300, or 45 per cent of all
construction, for residential buildings; $9,261,800, or 17 per cent, for
public works and utilities; $6,458,500, or 12 per cent, for commercial
buildings; $5,849,500, Or 11 per cent, for educational buildings; $2,727,800, or 5 per cent, for industrial buildings; $2,006,700, or 4 per cent,
for religious and memorial buildings; and $1,383,600, or 3 per cent, for
social and recreational projects.
The first six months' construction total for the Middle Atlantic States
was $298,430,300, as compared with $276,799,400 in the corresponding
six months of last year, the increase being 8 per cent.
Contemplated construction projects were reported for the district in
June to the amount of $93,456,700, which was a 6 per cent decrease
[VoL. 123.
from the amount reported in May, 1926, but a 33 per cent increase
over the amount reported in June of last year.
Pittsburgh District.
Building and engineering contracts were awarded last month to the
amount of $95,061,300 in the Pittsburgh District (Western Pennsylvania, West Virginia, Ohio and Kentucky). The above figure exceeded
May 1926 by 48 per cent, and June of last year by 51 per cent. Last
month's record included the following items of importance: $30,192,000,
or 32 per cent of all construction, for residential buildings; $22,566,000,
or 24 per cent, for public works and utilities; $22,177,000, or 3 per cent,
for industrial buildings; $6,986,200, or 7 per cent, for commercial
buildings; $6,098,000, or 6 per cent, for educational buildings; and $2,258,900, or 2 per cent, for social and recreational projects.
Construction started in the district during the first half of this year,
amounting to $392,895,000, has decreased 5 per cent from the figure
for the corresponding period of 1925.
Contemplated construction planned for the Pittsburgh District, as reported in June, amounted to $97,645,400, which was 37 per cent more
than the amount reported in June of last year.
The Central West.
The Central West (Illinois, Indiana, Iowa, Wisconsin, Michigan,
Missouri, Kansas, 'Oklahoma and Nebraska) had $146,639,000 in contracts for new building and engineering work last month. This figure
showed an increase of 4 per cent over May of this year. However,
there was a decrease of 19 per cent from June 1925. Including in the
building record were: $59,141,700, or 40 per cent of all construction,
for residential buildings; $28,001,800, or 19 per cent, for public works
and utilities; $19,213,600, or 13 per cent, for commercial buildings;
$14,531,200, or 10 per cent, for industrial buildings; $10,383,900, or 7
per cent, for educational buildings; $4,761,700, or 3 per cent, for social
and recreational projects; $4,522,500, or 3 per cent, for public buildings; and $3,128,200, or 2 per cent, for religious and memorial buildings.
The first six months' construction total for the district was $709,225,300, as compared with $746,344,800 in the first half of 1925, the
decrease being 5 per cent.
Contemplated construction Work reported for the Central West last
month amounted to $231,753,700, being 12 per cent in excess of the
amount reported in May of this year, as well as 25 per cent over the
amount reported in June 1925.
Southeastern States.
Construction started during June in the Southeastern States (the
Carolinas, Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas
and Louisiana) reached a total of $51,701,000. This figure showed
losses of 12 per cent from May 1926 and of 30 per cent from June of
last year. Included in the June construction record were the following
items of note: $18,911,300, or 37 per cent of all construction, for residential buildings; $14,122,600, or 12 per cent, for commercial buildings;
$4,079,500, or 8 per cent, for industrial buildings; and $2,164,200, or 4
per cent, for social and recreational buildings.
Building and engineering work started in the district during the first
half of 1926 amounted to $428,792,900 as compared with $335,122,400,
for the first six months of last year, the gain being 28 per cent.
Contemplated construction projects were reported for the Southeastern
States in June to the amount of $92,881,200. Decreases of 17 per cent
from the amount reported in May of this year and of 26 per cent from
the amount reported in June 1925 occurred.
The Northwest.
The total volume of construction contracts let in the Northwest
(Minnesota, the Dakotas, and Northern Michigan) during June amounted to $10,398,800. There were decreases of 5 per cent from May 1926
and of 17 per cent from June of last year. The more important items
in the June building record were: $3,514,700, or 34 per cent of all construction, for residential buildings; $2,758,300, or 27 per cent, for commercial buildings; $1,895,200, or 18 per cent, for public works and
utilities; $874,100, or 8 per cent, for educational buildings; $626,000,
or 6 per cent, for religious and memorial buildings; and $442,000, or 4
per cent, for industrial buildings.
The first six months' construction total for the Northwest was $54,130,000, as compared with $51,044,900 in the corresponding period of
1925, the increase being 6 per cent.
Contemplated new work reported for the district in June 1926
amounted to $14,503,200. This was an increase of 19 per cent over
May of this year as well as 35 per cent over June 1925.
Texas.
Texas had $24,781,300 in contracts for new building and engineering
work last month. This figure showed a decline of 15 per cent from
May of this year. However, there was an increase of 21 per cent over
June 1925. Analysis of the building record for June showed the following important items: $12,953,800, or 52 per cent of all construction, for
residential buildings; $6,391,200, or 26 per cent, for public w
iprks and
utilities; $1,908,800, or 8 per cent, for educational buildings; $1,896,400,
or 8 per cent, for commercial buildings; $787,700, or 3 per cent, for industrial buildings; and $527,500, or 2 per cent, for religious and memorial buildings.
Construction started in Texas during the first half of 1926 has
reached a total of $123,291,600, being 39 per cent in excess of the figure
for the corresponding period of 1925.
Contemplated construction planned for Texas in June of this year
amounted to $26,802,800. This was 32 per cent below the amount reported in May of this year, but 3 per cent above the amount reported
in June 1925.
New York City Building Contracts Down in June, but
Large for the Half-Year.
New York City had last month the smallest volume of
construction contracts recorded since May of last year,
according to F. W. Dodge Corporation. June contracts
in the five boroughs amounted to $66,998,700; this being a
decrease of 21% from May and also of 12% from June of
last year. Analysis of last month's construction record for
New York City shows the following items of note: $42,203,100, or 63% of all construction, for residential buildings;
$11,771,000, or 18%, for commercial buildings; $6,181,000,
or 9%, for industrial buildings; $2,843,000, or 4%, for
JULY 10 1926.]
139
THE CHRONICLE
public works and utilities; $1,547,000, or 2%, for educational buildings; and $1,092,000, or 2%, for religious and
memorial buildings.
Building and engineering work started in New York
during the past six months reached a total of $607,099,300,
the largest recorded total for the first half of any year.
The increase over the first half of 1925 was 64%. It is
pointed out by the F. W. Dodge Corporation that ever since
1919 New York contracts in the odd-numbered years have
been relatively low in the first half-year, with a big increase
in the second half. The even-numbered years have been
periods of readjustment, with very large volumes in the first
half, followed by decreased contract letting in the latter
portion of the year. The opinion is expressed that as the
1926 monthly contract totals have been declining ever since
January, it seems more than likely that the rest of this year
will follow the usual course, with a fairly considerable decrease in contract volume in the next six months, as compared with the first half of the year. However, contracts
are forward commitments which anticipate actual activity
four to five months ahead. The large volume of commitments to date, together with the added contracts of the
coming months, should, it is declared, keep the industry
employed about up to capacity well toward the end of the
year.
industrial buildings and improvements, $150,000 for commercial buildings, including residential projects, and $15,000
for public jobs. The money value of contracts let in the
United States from Jan. 1 to date amounted to $1,492,984,000, as against $1,204,311,000 in the corresponding period
a year ago. In the total to date private work absorbed
$921,558,000, as against $672,430,000 a year ago.
Prices for materials showed little change in the past week,
with the tone of the market fairly steady. Labor rates are
not expected to go much higher between now and the end
of the year. Higher wage rates in the skilled building trades,
effective May 1 to July I, inclusive, have brought the level
of construction cost above that of 1925. Prices of materials
alone, however, have followed a steady downward trend since
the first of the year. Present construction cost, labor plus
materials, is higher, it is stated, than at any time since
April 1925.
Among the principal labor developments of the past week
were the engineers' strike in Chicago and the granting of
$14 a day to New York structural iron workers, effective
July 1.
of Current Business by United States
Department of Commerce-Decline in
Manufacturing Output.
In making public on June 30 its usual monthly survey of
current business, the Department of Commerce at Washington states that "these combined index numbers present a
more complete picture of industrial trends than the individual business indicators compiled earlier in the month." The
survey follows:
Survey
Gain in Postal Receipts at Fifty Selected Cities in
June.
Of the fifty selected cities throughout the country, but
-showed a decrease in postal receipts
one-Jersey City, N. J.
for the month of June 1926as compared with the same month
in 1925. According to figures made public July 7 by Postmaster-General New, the total receipts for the 50 cities for
June 1926 were $28,719,454 55 while for June 1925 they
were but $26,986,518 72. This shows an increase of $1,g
732,935 83 in last month's receipts over the correspondin
an
period last year, or 6.42%. Fort Worth, Texas, with
of
increase of 39.40%, led the 50 cities in the percentage
gain. Jacksonville, Fla., with an increase of 29.82%,
was second; Dayton, Ohio, showing an increase of 20.30-%,
third, and Baltimore, Md., with an increase of 20.11%,
stood fourth. The summary follows:
Manufacturing output in May declined from the high record of the preceding month,the May index showing no change, however,from a year ago,
according to the monthly statement of the Department of Commerce.
Declines from the previous month were recorded in textiles, iron and steel,
RECEIPTS AT FIFTY SELECTED OFFICES
lumber, leather, and paper and printing, while increasesover April were STATEMENT OF POSTAL
FOR THE MONTH OF JUNE 1926.
made in foodstuffs, stone and clay products, non-ferrous metals, and to1926 1925 1924
June
June
bacco products. Compared with last year, increases were noted in the outOver Over Over
Increase.
1925.
1926.
put offoodstuffs,iron and steel, paper and printing,stone and clay products,
1925. 1924. 1923.
$
5
,
Offices and tobacco products, with declines from May 1925 in the output of textiles,
77 5.75 14.28 *2.07
16
New York, N.Y____ 5,822,598 93 5,506,082 06 316,516 31 3.79 19.11 *2.99
173,665
lumber, leather, and non-ferrous metals. The production of raw materials Chicago, Ill
4,751,570 37 4,577,905
1,587,048 37 1,476,446 45 110,601 92 7.49 19.37 *5.86
was greater in May than in either the previous month or a year ago, all Philadelphia, Pa_
92,799 15 7.66 11.51 *3.16
1,304,268 53 .1,211.469 38
showing increases over both periods except forest products Boston, Mass
major groups
44,138 04 4.58 10.92 0.20
963,603 99
1,007,742 03
St. Louis, Mo
and minerals, which declined from a year ago.
753,346 53 110,933 26 14.73 1438 *4.40
Kansas City, Mo...... 864,279 79
98,034 50 13.32 21.47 *2.76
735,721 51
After allowance for normal seasonal changes, the index of commodity Detroit, Mich
833,756 01
42,565 54 6.18 11.98 0.52
688,574 58
731,140 12
stocks was higher at the end of May than at the end of either the previous Cleveland, Ohio....
55.879 81 . 8.64 10.49 8.83
647,073 34
702,953 15
this condition being largely due to greater stocks of Los Angeles,Cant
month or a year ago,
25,778 47 3.87 16.81 *3.55
666,645 95
San Francisco, Calif.. 692,424 42
2.04
40,364 97 6.53 9.78
617,668 49
raw foodstuffs, as manufactured foodstuffs and raw materials declined.
658,033 46
Brooklyn, N.Y
25,428 04 4.61 12.04 .2.01
551,224 02
576,652 06
The index of unfilled orders, covering principally building materials and Pittsburgh, Pa
2.60
20,892 59 3.67 22.32
569,994 32
590,886 91
Iron and steel, was lower at the end of May than at the end of either the pre- Cincinnati, Ohio__ __ 508,172 14 487,602 45 20,56969 4.22 3.82 *4.54)
_
vious month or May 1925, with each of the major groups showing similar Minneapolis, Minn_
5.08
92,080 10 20.11 *2.32
457,915 95
549,996 05
comparisons.
The index numbers of the Department of Commerce are given belol.:
1925.
1926--
April.
Production (Index numbers: 1919=100)89
Raw materials: Total
122
Minerals
110
Animal products
57
Crops
124
Forestry
131
Manufacturing, grand total (adjusted)
131
Total (unadjusted)
100
Foodstuffs
106
Textiles
140
Iron and steel
168
Other metals
154
Lumber
80
Leather
127
Paper and printing
164
Chemicals and oils
Stone and clay products
136
116
Tobacco
Automobiles (included in miscellaneous group) 267
Miscellaneous
152
Commodity Stocks Index numbers: 1919=100)
Unadjusted)
Total
159
Raw foodstuffs
243
Raw materials for manufacture
123
Manufactured foodstuffs
65
Manufactured commodities
172
Adjusted for seasonal element)
Total
157
Raw foodstuffs
206
Raw materials for manufacture
141
95
Manufactured foodstuffs
Manufactured commodities
169
Unfilled Orders.
Total (1920=100)
51
Iron and steel
38
Building materials
104
May.
94
136
118
57
127
128
128
108
96
135
180
148
73
123
164
163
118
264
146
May.
93
140
114
55
132
128
128
105
99
118
185
150
82
113
164
154
112
254
152
149
215
114
65
170
135
170
93
64
177
162
235
133
84
170
145
191
107
73
177
48
36
100
53
39
107
Weekly Construction Report of "Engineering NewsRecord."
Construction activity for the entire country, measured by
the value of contracts let, was much higher in the past week
than in the same period a year ago. The value of contracts
let _totaled $68,238,000, which compares with $62,265,000
in the preceding week, and $20,163,000 in the corresponding
week a year ago, "Engineering News-Record" reports.
The minimum costs observed in the totals are $40,000 for
Baltimore, Md
Milwaukee, Wis..Washington, D. C__
Buffalo, N Y
St. Paul, Minn
Indianapolis, IndAtlanta Ga
Newark, N. J
Denver, Colo
Dallas, Texas
Seattle, Wash
Omaha, Neb
Des Moines, Iowa__
Portland, Ore
Louisville, Ky
Rochester, N. Y
Columbus, Ohio_
New Orleans, La_ _
Toledo, Ohio..
Richmond, Va
Providence, R.I
Memphis, Tenn.Dayton, Ohio
Hartford, Conn
Nashville, Tenn-.
Houston,Texas
Syracuse, N. Y
New Haven, Conn
Grand Rapids, Mich.
Akron,Ohio
Ft. Worth, Texas..
Jersey City, N. J
Springfield. Mass_ _ _
Salt Lake City, Utah
Jacksonville, Fla_
Worcester, Mass
414,825 90
422,089 01
357,168 93
350,375 93
380,780 06
306,8894
325,875 80
296,690 59
301,664 12
256,731 12
236,892 21
248,028 33
235,798 39
232,957 98
235,652 74
218,344 05
234,012 87
193,465 44
169,079 01
155,940 34
160,058 84
178,059 01
173,707 88
144,756 14
142,868 85
131,757 93
128,020 35
134,671 67
123,715 58
145,065 96
105,836 17
95,425 19
108,332 81
99,412 92
92,980 61
403,986 16
373,598 02
346,547 30
339,206 25
379,478 27
285,980 23
301,305 24
282,693 84
,264,010 62
253,907 15
235,939 95
236,623 31
,227,648 43
216,846 91
220,919 13
215,598 14
218,808 40
168,658 88
168,437 35
150,335 28
146,482 67
147,897 50
156,028 19
143,254 60
127,874 16
123,283 41
124,185 82
127,541 19
109,470 87
104,066 58
108,709 72
93,504 03
105,566 51
76,578 23
90,272 20
10,839 74 2.68 10.51
48,490 99 12.98 10.80
10,621 63 3.06 13.48
11,169 68 329 9.09
1,301 79 0.34 19.31
20,909 25 7.31 14.62
24,570 56 8.15 21.27
13,996 75 4.95 0.32
37,653 50 14.26 11.42
2,823 97 1.11 16.93
952 26. 0.40 8.82
11,405 02 4.82 19.88
8,149,96 3.58 6.45
16,111 07 7.43 9.61
14,733 61 6.67 15.56
2,745 91 1.27 13.99
15,204 47 6.94 15.16
24,806 56 14.71 12.56
641 66 0.38 19.45
6,605 06 3.73 14.33
13,576 17 9.27 12.17
30,161 51 20.39 8.35
17,679 69 11.33 13.69
1,501 54 1.05 13.25
14,994 69 11.73 12.81
8,474 52 6.87 15.92
3,834 53 3.09 13.89
7,130 48 5.59 18.82
14,244 71 13.01 14.83
40,999 38 39.40 20.12
*2,873 55 *2.64 27.73
1,921 16 2.05 6.93
2,766 30 2.62 11.39
22,834 69 29.82 29.11
2,708 41 3.00 8.67
6.52
13.25
*3.85
3.63
3.30
1.19
4.27
0.66
1.00
*1.83
*4.50
*2.80
0.66
9.10
*4.00
6.33
0.39
*2.12
2.54
0.21
1.01
20.91
3.54
4.92
7.87
*7.98
2.38
*0.51
*7.83
*9.47
*17.12
3.60
*351
*5.97
0.97
28,719,454 55 26,986,518 72 1,732,935 83 6.42 14.72 *1.17
Total
• Decrease. March 1926 over March 1925, 15.02; April 1926 over April 1925.
6.08; May 1926 over May 1925, 3.98.
Increase in Postal Receipts at Fifty Industrial Cities
During June.
Postal'receipts at 50 industrial cities throughout the
country for June 1926 showed an increase of $119,804 12
or 1.23% over those for June 1925, according to figures made
public on July 9 by Postmaster-General New. The total
receipts for 50 cities for June 1926 were $2,952,486 56 as
compared with $2,832,682 44 for the corresponding month
of 1925. South Bend, Ind., led all the cities in the percentage of gain, with an increase of 27.90%. Fargo, N. D., was
140
THE CHRONICLE
second, showing a gain of 22.84%. Springfield, Ill., ranked
third, with an increase of 21.93%, while Springfield, Ohio,
stood fourth, showing a gain of 14.75%. The summary
'follows:
[VOL. 123.
Ore loading totaled 71,281 cars, an increase of 3.020 cars above the
preceding week and 8,339 cars above the corresponding week in 1925.
Compared with the same week in 1924,it also was an increase of 12,083 cars.
Livestock loading for the week amounted to 26,615 cars, a decrease
of 568 cars under the week before and 564 cars below the same week in
1925. It also was 1,236 cars below the same week in 1924. In the western
districts alone, 20,184 cars were loaded with livestock during the week,
406 cars below the same week last year.
Forest products loading totaled 74,019 cars, 641 cars below the week
before but 3,027 cars above the same week in 1925. It also was an increase of 6,168 cars above the same week in 1924.
Coke loading totaled 11,861 cars, an increase of 338 cars over the preceding week and 2,483 cars above the corresponding week in 1925 as well
as 4,875 cars above the same week in 1924.
All districts showed increases in the total loading of all commodities
not only over the preceding week this year but also over the corresponding
weeks in 1925 and 1924.
Loading of revenue freight this year compared with the two previous
years follows:
STATEMENT OF POSTAL RECEIPTS AT FIFTY INDUSTRIAL OFFICES
FOR THE MONTH OF JUNE 1926.
%
%
%
June
June
1926 1925 1924
1926.
1925.
Increase. Over
Over
Over
Offices$
1925. 1924. 1923
8
$
Springfield, Ohio
167,323 17 145,817 20 21,505 97 14.75 26.67 34.98
Oklahoma, Okla
123,614 51 126,445 43 *2,830 92 *2.24 25.06
5.87
Albany, N Y
127,030 71 118,668 09 8,362 62
7.05 11.39 14.59
Scranton, Pa
87,987 38
88,539 63
8.41
*552 25
*.62 6.41
Harrisburg, Pa
91,234 47
99,545 21 *8,310 74 *8.35 25.46 *4.61
San Antonio, Tex
93,560 29
83,667 14
9,89315 11.82
7.29 6.10
Spokane, Wash
80.969 54
80,140 52
1.03 12.06 *9.46
829 02
Oakland, Calif
144,491 35 132,501 99 11,989 36
9.05 31.14 12.27
Birmingham, Ala
123,760 31 111,712 42 12,047 89 10.78 21.31
8.73
Topeka, Kan
78,744 23
81,511 63 *2,767 40 *3.39 11.05
4.09
Peoria, Ill
82,212 34
79,213 09 2,999 25 3.79 12.41 *8.69
Norfolk, Va
67,723 88
62,550 46
5,173 42 8.27 3.53 4.55
1925.
1926.
1924.
-Tampa,Fla
68,911 47
77,570 03 *8,65856 *11.16 40.35
8.11 Five weeks in January
4,432,010
4,456,949
Fort Wayne, Ind
4,294,270
78,981 48
77,911 47
1,07001
1.37 17.35 *1.89 Four weeks in
Lincoln, Neb
February
3,676,449
3,623,047
3,631,819
65,509 48
65,373 83
135 65
.21 12.09 *6.72
Duluth, Minn
67,512 26
63,261 96
3,877,139
3,702,413
3,661,922
4,250 30 6.72 6.39 *2.34 Four weeks in March
Little Rock, Ark
74,086 03
65,430 63 8,65540 13.23 15.46 *2.87 Four weeks in April
3,795,837
3,726,830
3,498,230
Sioux City, Iowa
65,194 71
65,706 79
1.27 Five weeks in May
9.58
*512 08
*.78
4,853,379
5,142,879
Bridgeport, Conn
4,473,729
72,368 52
70,622 00
1,746 52 2.47 19.95 *8.00 Four weeks
Portland, Me_
in June
4,112,150
3,965,872
3,625,182
86,456 82
76.510 60 *10,053 78 *13.14 22.14 14.53
St. Joseph, Mo
58,223 14
51,565 62 6,65762 12.91
.56
8.04
Springfield, nl
62,705 28
51,427 40 11,277 88 21.93 11.68 *27.17
Total
25,036,464
24,328,490
23,185,152
Trenton, N.J
61,671 75
60,156 54
8.30
1,51521
2.52 21.86
Wilmington, Del
59,085 42
57,012 21
4.71
2,073 21
3.64 18.14
Madison, Wis
58,900 06
58,474 56
425 50
.73 27.54 *1.96
South Bend,Ind
81,143 97
63.44263 17,701 34 27.P0 31.21 *5.52 Mercantile Insolvenci
Charlotte, N. C
es in June by Branches of Trade.
59,509 91
56.463 02 3,046 89 5.39 12.71 *2.89
Savannah, Ga
44,716 13
41,152 17
3,563 96
7.47
8.66
2.82
Analysis of the Juno insolvency statement, according to
Cedar Rapids,Iowa_
44,432 13
41,081 61
335052 8.15 11.68 *4.79
Charleston, W.Va__
412,190 01
*26583
42,455 84
*.62 18.95 *11.78 the records of R. G. Dun & Co., discloses fewer failures than
Chattanooga, Tents_
63,573 01
58,168 76
5,404 25
.34
9.29 5.80
Schenectady, N.Y
42,812 58
43,053 21
*240 63
*.56 17.77 *1.29 in that period of 1925 in 9 of the 15 separate manufacturing
Lynn,Mass
37,774 11
34,315 52 3,45859 10.08 13.69 *9.12
classifications, these being iron, foundries and nails; maShreveport La
39,316 03
37,61.3 53
1,702 50 4.53 17.48
3.62
Columbia, S.C
26,355 61
30,332 67 *3,97706 *13.11 12.29 *3.40 chinery and tools; woolens, carpets and knit goods; cottons,
Fargo, N. D
34,982 14
28,477 54 6,504 60 22.84 15.73 *4.82
Sioux Falls, S. D
30,964 40
35,438 47 *4,47407 *12.62 41.00 *8.42 lace and hosiery; lumber, carpenters and coopers; chemicals
Waterbury, Conn
34,730 71
32,171 64 2,559 07 7.95
2.27
8.74
Pueblo, Colo
26,939 87
26,841 67
98 20
.87 2.20 3.06 and drugs; leather, shoes and harness; tobacco, &c., and glass,
Manchester, N. II__
25,691 60 „23,583 17 2,108 43 8.94 6.54 8.08
earthenware and brick. Among traders, decreases appear in
Lexington, Ky
30,797 07
31,556 39
*759 32 '241 28.27
.42
Phoenix, Aria
27,602 10
26,314 90
1,287 20 4.89 15.14 *5.99 8 of the 15 separate classifications, while in one
-tobacco
Butte, Mont
18,878 92
18,682 95
195 97
1.04
9.02 *15.80
Jackson, Miss
26,045 14
24,838 47
1,208 67 4.88 25.32
1.30 no change is shown. The classifications disclosing reductions
Boise, Idaho
18,326 00
17,358 00
968 00 5.58 *12.86
1.65 are groceries,
Burlington, VI
meat and fish; clothing and furnishings; dry
20.275 66
19,846 42
429 24 2.16 10.11
7.13
Cumberland, Md
12,989 74
13,463 91
.474 17 3.52 12.29 *4.73 goods and carpets; shoes, rubbers
Reno,Nev
and trunks; paints and
12,98667
*19585 *1.48 2.66 *1.54
13.182 52
Albuquerque, N.M
12,248 45
12,874 94
*626 49 *4.86 19.42 *3.34 oils; books and papers, and hats, furs and gloves. In point
Cheyenne, Wyo
8.94600
8.63804
307 96
'1183
3.55 5.48
of liabilities, the amounts are smaller for June, this year,
than for that month of 1925 in 9 of the 15 separate manufacturing classifications-namely, iron, foundries and nails,
machinery and tools; woolens, carpets and knit goods;
Railroad Revenue Freight Loading Still Running lumber, carpenters and coopers; chemicals and drugs;
Above One Million Cars a Week.
printing and engraving. The detailed report for June
For the sixth week this year, loading of revenue freight is printed below:
for the week ended on June 26 exceeded the million mark,
FAILURES BY BRANCHES OF BUSINESS MONTH OF JUNE.
amounting for that week to 1,062,252 cars. This was an
Number.
Liabilities.
increase of 18.532 cars over the week before and an increase
1926.1925.1924J
1926. I
1925. I
of 60,079 cars over the corresponding week last year. Com1924.
Manufacturers
pared with the corresponding week in 1924 it also was an
Iron, foundries and nails
2
9 $140,000 $159,900 $2,950,477
iacrease of 154,001 cars.
Machinery and tools
4
611 1,151,973 3,262,290 3,475,678
Woolens, carpets
76,000
Freight traffic, measured by the number of oars loaded Cottons,lace and& knit goods. 1 2 6 700,000 432,800 100,581
hosiery
7,500
Lumber,
with revenue freight, was the largest the first six months this Clothing carpenters & coopers. 51 53 35 1,072,70 1,056,538 671,119
and millinery
837,411
4
41
802,571
992,816
621
year ever handled by the railroads during any corresponding Hats, gloves and furs
331,500
20,200
267,800
12
Chemicals and
50,500
248,311
299,035
5
8
period, according to reports filed by the carriers with the Paints and oils drugs
3
37,000
65,400
and engraving
270,650
334,69
2
328,949
1
171
Car Service Division of the American Railway Association. Printingand bakers
Milling
253,838
46
548,465
2
28.
Leather,
Revenue freight loaded during that period-that is, from Liquors shoes and harness_ _ _ 10 16
418,975
308,3765,26
666,019
7
and tobacco
46,10
419,08
6
777,771
January 1 to June 26, inclusive, a total of 26 weeks
81,500
236,798
5
103,073
- Glass, earthenware and brick_ 6
204 18
8,505,53
184 4,222,61
5,398,477
amounted to 25,036,464 cars. This was an increase of All other
Total manufacturing
435 431 439 $10,091,603 $16,159,040,316,645,661
707,974 cars or 2.9% over the corresponding period last year
Traders
and an increase of 1,851,312 cars or 8.0% over the cor- General stores
110 91 1141 $973,99 $1,093,68 $1,110,372
Groceries, meat and fish
271 29 2361 1,731,35
1,989,396 1,501,861
responding period in 1924. It also was an increase of Hotels and restaurants
688,307
86 8
892,220
64
643,313
Liquors and tobacco
244,956
23 2
136,845
22'
160,241
1,030,962 cars or 4.3% compared with the corresponding Clothing and furnishings
145 152 155 1,450.88
1,820,520 2,085,032
Dry goods and carpets
62 82 81 1,652,22
period in 1923 as well as a substantial increase over the Shoes, rubbers and
1,960,355 1,180,713
trunks_
360,584
38 7
51
640,367 1,523,978
Furniture and crockery
corresponding periods in 1920, 1921 and 1922.
55
816,815 1,464,815
4
801,962
Hardware,stoves and tools_ _ _
32 26
38
945,264
937,2
850,485,
The increase in the loading of revenue freight that took Chemicals and drugs
47 36
29
428,49
198,375
271;605
Paints and oils
5
3
6
38,400
59,000
place during the week of June 26 compared with the pre- Jewelry and clocks
103,000
27
545,986
401 21
387,300
417,345
ceding week, was due primcipally to increased shipments of Books and papers
5
8
9
100,500
76,742
65,318
Hats, furs and gloves
5
12
8
97.000
202,438
48,374
miscellaneous freight, coal and grain although coke and ore All other
236 272 192 5,450,351 5,353,83
4,045,994
also showed increases. Decreases under the week before
Total trading
1,160 1,2291,084 $15,525.130$17,2l3.1891$l4,809,593
113 851 84 3,790,790 3,329,2671 2,643,777
were reported, however, in the loading of merchandise and Other commercial
Total
less than carload lot freight, forest products and live stock.
1,7081.7451.607 $29,407,523 $36,701,496 334,099,031
The report given further details as follows:
Total
2,952,486 56 2,832,682 44 119,804 12
4.23 16.45
1.50
*Decrease. March 1926 over March 1925, 16.14; April 1926 over April
1925.
4.05; May 1926 over May 1925 3.89.
Miscellaneous freight loading for the week of June 26 totalled 391,844
cars, an increase of 8,602 cars above the week before and 23,002 cars
above the same week in 1925. It also was 68,645 cars above the same
week in 1924.
Loading of grain and grain products amounted to 44,027 cars, an increase of 4,755 cars above the week before and an increase of 7,511 cars
over the same week in 1925. • Compared with the same week in 1924
it also was an increase of 5,706 cars. In the western districts alone, grain
and grain products loading totaled 28,723 cars, an increase of ,262 cars
over the corresponding week last year.
Coal loading totaled 180,270 cars, an increase of 5,191 cars above the
week before and 19,145 cars above the same week in 1925. It also was
35.517 cars above the same week in 1924.
Loading of merchandise and lees-than-canload-lot freight amounted to
262,335 cars, a decrease of 2,165 cars below the week before, but 6,136
cars above the same week in 1925 and 22,243 cars above the corresopnding
period in 1924.
Observance of Independence Day Mars Lumber
Statistics.
On account of the July Fourth holiday, reports to the National Lumber Manufacturers' Association were incomplete
for the week ending July 3, being received from only 354
softwood and 101 hardwood mills. Data from 339 comparably reporting softwood mills apparently show that there was
little relative change in total production, shipments and new
business when compared with reports from 393 mills for the
week earlier. In comparison with reports for the same period
last year, when 44 more mills reported, there was nevertheless an absolute increase in new business. The hardwood
JULY 10 1926.]
141
THE CHRONICLE
operations show decreases in all three items, when compared
with reports for the previous week, When 49 more mills reported, which again is no doubt chargeable to incomplete
returns due to the holiday shutdown, says the report of the
Association, from which we add the following data:
reached 1,520,137,000 bushels, these figures comparing with
2,413,613,000 bushels in the same month last year. In
the compilation which follows the figures listed represent
sales only, there being an equal volume of purchases:
Unfilled Orders.
Reports were not received from the Southern Pine Association in time for
publication. For the 102 West Coast mills the unfilled orders were 410,064,362 feet, as agains;, 431,424,824 feet for 106 mills a week earlier.
Altogether, the 339 comparably reporting softwood mills had shipments
105% and orders 103% of actual production. For the Southern Pine mills,
these percentages were respectively 110 and 95; and for the West Coast mills
108 and 113.
Of the reporting mills, the 319 with an established normal production for
the week of 214,740,564 feet, gave actual production 98%,shipments 103%
and orders 102% thereof.
• The following table compares the national softwood lumber movement,
as reflected by the reporting mills of eight regional associations, for the
three weeks indicated:
Corresponding Preceding Week
Past Week.
Week 1925.
1926 (Revised).
Mills
339
383
393
Production
227,702,736
256,049,940
282,613,237
Shipments
237,959,705
250,358,104
277,915,603
Orders(new business)
234,202,386
232,234,211
276,579,727
The following revised figures compare the softwood lumber movement
of the same eight regional associations for the first 26 weeks of 1926 with
the same period of 1925:
Production.
Shipments.
Orders.
1926
6.891,855,179
7,044,698,799
7,010.906,650
1925
6,615,472.057
6,652,498,215
6,438,348,461
The Southern Cypress Manufacturers Association of New Orleans,
(omitted from above tables because only recently reporting) for the week
ended June 30, reported from 15 mills a production of 5,661,885 feet, shipments 3,820,000 and orders 3,440,000. In comparison with reports for
the previous week, when one more mill reported, this Association shows
• considerable decrease in production, and nominal decreases in shipments
and new business.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 102 mills reporting for the week ended July 3, was 13%
above production, and shipments were 8% above production. Of all new
business taken during the week 50% was for future water delivery, amounting to 53,916,498 ft., of which 37,801,498 ft. was for domestic cargo delivery,
and 16,115,000 ft. export. New business by rail amounted to 48,547,161
ft., or 44% of the week's new business. Forty-five per cent, of the week's
shipments moved by water, amounting to 47,469,531 ft. of which 36,511,528
ft moved coastwise and intercoastal, and 10,958,003 ft export..
Rail shipments totaled 50,315,317 ft. or 48% of the week's shipments,
and local
deliveries 6,946,573 ft. Unshipped domestic cargo orders totaled
151,090.660 ft., foreign 127,894,887 ft., and rail trade 131,078,815 ft.
Labor.
Reports from most of the Douglas fir districts indicate
that the Fourth
of July stutdown period of logging camps will average one
month for the
industry as a whole, according to the Four L Employment Service. Sawmills, for the most part, will be closed for briefer periods. Logging
camps
in the Grays Harbor district are quite generally closed down
until July 12.
Pine woods operations and sawmills east of the Cascades are continuing
on
schedules that have held for several weeks. Labor turnover in
the lumber
industry is very light.
Southern Pine Reports.
The Southern Pine Association reports were not received in
time for
publication.
The Western Pine Manufacturers Association of Portland, Oregon,
with
four fewer mills reporting, shows substantial decreases in
production and
shipments, and new business well in advance of that reported for the week
earlier.
The California White and Sugar Pine Manufacturers Association of San
Francisco, California, with nine fewer mills reporting, shows heavy decreases
in all three items.
The California Redwood Association of San Francisco, California, with
two fewer mills reporting, shows considerable decreases in production and
new business, and a notable increase in shipments.
The North Carolina Pine Association of Norfolk, Virginia, with six fewer
mills reporting, shows marked decreases in all three factors.
The Northern Pine Manufacturers Association of Minneapolis,
Minnesota, reports some decrease in production and shipments, and
new business
about the same as that reported for the previous week.
The Northern Hemlock and Hardwood Manufacturers Association
of
Oshkosh, Wisconsin, (in its softwood production) with three
fewer mills
reporting, shows nominal decreases in production and
shipments, and
considerable decrease in new business.
hardwood Reports.
The hardwood mills of the Northern Hemlock and
Hardwood Manufacturers Association reported from 16 mills, production as
3,117,000 ft.,
shipments 3,401,000 and
1,207,000.
The Hardwood Ma
Institute of Memphis, Tennessee, reported
from 85 units, producwon as 13,355,299 ft., shipments
12,781,165, and
orders 12,683,525.
1111
For the past 26 weeks all hardwood mills reporting to
the'National
Lumber Manufacturers Association gave production
746,402,208 ft.. shill.
ments 701,704,884 and orders 724,254,545.
VOLUME OF TRADING.
Expressed in Thousands of Bushels, i. e., 000 Omitted.
Wheat. Corn.
Date
-June 1926.
Oats.
Rye.Barley. Flax.
33,824 8,894
27,582
8,485
52,328 17,036
41,127 10,795
60,291
5,757
1
2
3
4
5
6 Sunday
7
8
1,258
1,609
1,997805
1,584
1,158 ____
1,357 2,294 ___
Total.
44,705
38,388
72,166
54,664
69,699
____
____
61,029 15,811
35,374 22,188
4,793
3,231
1,945
1,576
83,578
62,369
36,048 12,551
42,182 12,527
31,953
7,416
43,615 6,833
4,550
3,335
6,025
5,215
1,304
3,166
1,679
1,547
54,453
61,210
47,073
57.210
31,441
28,833
48,604
27,932
31,779
35,867
19,908
12,384
10,248
6.864
14,738
7,619
4,011
2,077
2.167
2,082
1,464
1.886
1,431
1,518
1,320
2,440
5,228
2,135
56,791
44,812
62,339
39,318
53,209
47,507
33,492
33,271
23,665
22,078
62,193
36,002
8,232
11,361
11,619
11,038
14,241
8,620
3,874
3,602
1,817
2,677
4,525
6,067
1,904
4,314
908
583
2.041
1,117
47,502
52,548
38,009
36,376
83,000
51,806
8,576
59,328 11,628
50,716 12,883 5,903
59,535 31,107 13,729
9
10
11
12
13 Sunday
14
15
16
17
18
19
20 Sunday
21
22
23
24
25
26
27 Sunday
28
29
30
1,669
2,772
3,559
----__
-_--
81,201
72,274
107,930
Total Chicago Bd.of Tr.1,050,089 320,783 99,411 49,854
Chicago Open Board _ _ _ _
Kansas City Bd. of Tr_..
Minneapolis Ch.of Cora.
Duluth Board of Trade_
St. Louis Merch. Exch...
Milwaukee Ch. of Corn _
Seattle Merch.Exch._ _ _
San Fran. Grain Exch..
Los Angeles Grain Exch_
Baltimore Ch. of Corn..
588
42,218 6,170
486
37,268 12,238
37,978
51,931
*14,586
1,717
a5,256
1,369
1,397
1,611
181
1,520,137
48,976
49,992
9,738 4,446 2,073 106,166
8,879
25,531
79 1,987
6,973
425
4,802
__-_
181
17
17
Total all markets(1926) 1,203,140 342,277 139,860 68,896 4,542 4,060 1,762,775
Total all markets year
1,758,880 565,916 297,437 51,777 1,931 2,017 2,677,958
ago (1925)
Total Chicago Board,
2,413,613
1,576,880 528,942 261,657 46,134 ---year ago
a Wheat with exception of 25 red wheat.
* Durum wheat with exception of 50 wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR JUNE 1926.
("Short" side of contracts only, there being an equal volume open on "long" side.)
Total.
Corn.
Oats.
Rye.
Wheat.
June 1926.
a76,147,000 58,361.000 36,541,000 8,687,000a179,736.000
1
77,333,000 58,869.000 36,195.000 08,562,000 180,959,000
2
3
4
5
6 Sunday
7
8
9
10
11
12
13 Sunday
14
15
80,707,000 59,461,000 35,844,000
81,009,000 59,925,000 36,004.000
79,913,000 61,120,000 36,008,000
81,918,000
81,830.000
82,779,000
85,599,000
85,601,000
87,356,000
60,238,000
60,530,000
61,322,000
60,988,000
61,555,000
62,164,000
35,827,000
35,756,000
35,828,000
36,110,000
36,552,000
37,321,000
87,151,000 63,117,000 37,841,000
87,095,000
86,591,000
87,529,000
87,862,000
87,418,000
63,840,000
*64,052,000
63,872,000
63,852,000
63,453,000
86,618.000
86,274,000
86,954,000
88,137,000
85,397,000
86,010,000
62,835,000
61,651,000
59,979,000
59,754,000
59,850,000
58,225,000
8,611,000 184,623,000
8,968,000 185,906,000
9,197,000 186,238,000
9,054,000
8,877,000
8,727,000
8,960,000
9,104,000
8,961,000
187,037,000
186,993,000
188,656,000
191,657.000
192.812,000
195,802,000
8,925.000 197,034,000
8,877,000 198,097,000
*38,285,000
9,134,000 197,776,000
37,999,000
37,876,000
9,611,000 198,888,000
37.815,000 10,217,000'199,746,000
37,953,000 10,342,000 199,166,000
16
17
18
19
20 Sunday
21
22
23
24
25
26
27 Sunday
28
29
30
85,772,000 56,261,000 35,751,000 11,201,000 188,985,000
87,971,000 55,599,000 34,681,000 10.977,000 189,228,000
*89,000,000 a55,362,000 a32,898,000 10,901,000 188,161,000
Average
June 1926
June 1925
April 1926
84,845,000 60,624,000 36,631,000 9,751,000 191,851,000
103,475,000 55.271,000 41,976,000 8,515,000 209,237,000
96,935,000 57,876.000 46,132,000 13,177,000 214.120,000
85,808,000
May 1926
95,431,000
March 1926
109,023,000
February 1926
111,992,000
January 1926
December 1925-110,001,000
November 1925-113,110,000
111,016,000
October 1925
a Low,
53,831,000
59,434,000
54,717,000
45,959,000
45,102,000
56,161,000
46,647,000
37,541,000
37,339,000
37,341,000
37,317,000
37,058,000
36,725,000
37,618,000
50,350,000
53,664.000
52,998,000
49,503,000
50,211,000
49,720,000
10,446.000
10,926,000
10,920,000
10,994,000
*11,214,00Q
11,140,000
8,359.000
14,875.000
15,015,000
12,713,000
10,038,000
11,730,000
11,869,000
197,440,000
196,190,000
195,194,000
196,202,000
193,519.000
192,100,000
185,616,000
220.090,000
232,419,000
223,662,000
214,644,000
231,212.000
219,252,000
* High.
West Coast Lumbermen's Association.
One hundred and six mills reporting to West Coast
Lumbermen's Association for the week ending June 26
manufactured 114,118,688 feet of lumber, sold 124,588,686
feet and shipped 117,433,950. New business was about
below
Transactions in Grain Futures During June on Chicago 9% above production. Production was nearly 3%
shipments.
Board of Trade and:Other Contract Markets.
TABLE SHOWING PRODUCTION, NEW BUSINESS.
Revised figures showing the daily volume of trading in COMPARATIVESHIPMENTS AND UNFILLED ORDERS.
June a.
grain futures on the Board of Trade of the City of Chicago
June 12.
June 19.
June 26.
Week Ending107
108
104
106
Number of mills
during the month of June 1926, together with monthly totals Production (feet)reporting__ 114,118,688 109,961,902 116,147,029 109,032,816
124,588,686 114,783,183 118,162,904 103,228,035
New business (feet)
for all "contract markets" as reported by the Grain Futures Shipments(feet)
117,433,950 101,405,817 122,077,569 121,499,791
Administration of the U. S. Department of Agriculture, Unshipped balances:
149,249,648 150,894,800 143,954,454 146,206,648
Rail (feet)
were made public on July 6 by L. A. Fitz, Grain Exchange
149,183,163 138,313,615 139,227,678 136,671,635
Domestic cargo (feet)
132,992,013 123,513,662 130,033,705 130.212,270
Export(feet)
Supervisor at Chicago. The total transactions for the month
431,424,824 412,722,077 413,215,837 413,090,553
Total (feet)
on all markets reached 1,762,775,000 bushels, as compared
1923.
1924.
1925.
1926.
First 26 Weeks2,622,935,624 2,518,075,539 2,591,919,547
with 2,677,958,000 bushels in June last year. On the Chi- Production (feet)___ _2,661,644,853 2.673,775,956 2.404,068,474 2,671,446,123
New business (feet)_ _2,804,215,438
cago Board of Trade the transactions in June this year Shipments (feet)
2,768,179,367 2,722,372,758 2,609,191,386 2,849,339,204
142
THE CHRONICLE
May Production and Shipments of Lumber.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers' Association of Washington, D. C., and Chicago, Ill., on July 7 1926 reported the
following production and shipments of.hardwoods and softwoods during the month of May 1926, compared with May
1925:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR MAY 1926 AND MAY 1925.
May 1926.
Produaion.
Shipments.
Association.
now priced at $2 2736 and $3 1734, respectively, against $2 6234 in 1919
,
and $1 60 in 1913 for the former, and $2 75 in 1917 and $1 65 in 1913 for
the later.
No. 9613 Back to 1921 Level.
While 3192 and 3844 are not as strong a factor from a pivotal standpoint
as they were a few years ago, and the No. 200 16
-ounce clay worsted of
former year's prominence restricted to a few customers, they are fairly
good indicators of comparative values in worsted goods.
One of the leading key numbers of current trading has been No. 9613-1,
a 13
-ounce wool-filled unfinished worsted, largely featuring herringbone
patterns, which has been repriced at $2 19 a yard, an exceptionally attractive prize when compared with $2 323-i in the fall, 1926, $2
423 in the
spring, 1926, and $2 35 in the spring of 1925. It was $2 in 1922,from which
point it moved upward,$4 12M in 1920, $1 75 in 1917, and $1 0734 in 1914.
Thus, it may be seen that this important number is back to the 1921 basis,
a return to a base prevalent five years ago.
Three key numbers compared:
Hardw'ds Softufds Hardw'ds Softteds
Mills M.Ft.
M.Ft.
M.Ft.
M.
California Redwood
California White & Sugar Pine Mfrs _
Georgia-Florida Saw Mill
North Carolina Pine
North. Hemlock & Hardwood Mfrs_
Northern Pine Mfrs
Senthern Cypress Mfrs
StAthem Pine
Went Cosa Lumbermen's
Western Pine Mfrs
Lower Michigan Manufacturers..
Individual reports
Total__
15
22
4
51
43
10
8
161
95
42
13
29
493
41,499
1,243
8,491
13,938
40,353
153,796
2,701
56.814
17,712
35,246
7,864
364,218
x536.864
155,859
1,873
27,899
65,171 1.401.199
25,863
1,437
7.143
15,509
39,168
117,801
2,474
47,648
21,892
39,166
7,261
379,110
x574,053
127,122
2,858
30,511
49,952 1,388.864
May 1925.
Production.
Shipments.
Association.
Hardw'ds Softw'ds Hardw'ds Softto'ds
M.Ft.
M.Ft.
M.Ft.
Mills M.Ft.
California Redwood
15
California White (ic Sugar Pine Mfrs_
27
Georgia-Florida Saw Mill
4
North Carolina Pine
60
Nor. Hemlock ex Hardwood Mfrs.... 40
Northern Pine Mfrs
10
Southern Cypress Mfrs
11
Southern Pine
178
Wet Coast Lumbermen's
108
Western Pine Mfrs
36
Lower Michigan Manufacturers
10
Individual reports
27
Total
526
41,443
3,174
6,674
9,505
33,127
133,818
2,992
47,224
12,338
61,460
12,409
409,619
479,861
161.905
2,459
45,720
60.796 1,402.932
20,884
2,139
3,023
9,860
31,594
107,745
2,802
43,949
21,323
44,890
12,726
407,529
512,855
136,544
3,159
41,315
35.906 1.366.431
x 5 weeks ending May 29 1926.
Total production: May 1926, 1,466,370 M ft.; May 1925, 1,463,728 M ft.
Total shipments: May 1926, 1,438,816 M ft.; May 1925, 1,402,337 M ft.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
May 1926
Shipments
Production
M.ff.
M.ft
Mills.
Alabama
26,431
27,095
17
Arkansas
37,514
36,546
16
California
124,254
160,707
30
Florida
17,681
23,108
11
Georgia**
7,627
7,663
13
Idaho
44,359
57,467
14
Louisiana
101,648
89,450
46
Michigan
20,620
26,995
23
Minnesota
31,030
21,371
6
Mississippi
112,341
109,839
40
Montana
23,438
26,384
10
North Carolina
6,466
6.806
12
Oklahoma
8,994
3
8,268
Oregon
302,257
301,518
53
South Carolina
8,959
6,749
15
Texas
83,546
80,925
38
Virginia
26,061
37,054
13
Washington
363.637
340,797
67
Wisconsin _
38,345
43,159
34
Others*
52,944
55,133
32
_
-Total
1,438,816
1,466,370
493
* Includes mostly individual reports, not distributed.
**Includes 1 or 2 Alabama mills.
American Woolen Cuts Men's Goods 10% for Spring,
-Prices on Some Staple Lines Lowest in
1927
Five Years, on Downtrend.
In reporting that the American Woolen Company on
July 7 announced an early opening of staple and semi-staple
men's wear suitings for the spring and summer, 1927, the
New York "Journal of Commerce" said in part:
[VOL. 123.
Spring, 1927
Fall, 1928
Spring, 1926
Fall, 1925
Spring, 1925
Fall, 1924
Spring, 1924
Fall, 1920
Fall, 1914
Spring, 1914
Washington's
Clay
Worsted,
No. 200.
16 oz.
$305
322%
375
36235
335
36234
60234
13734
1423-i
Serge,
No. 3192.
11 oz.
$2 27;6
252
252
275
26234
26734
28734
450
*1 CO
11234
Fulton's
Serge,
No. 3844.
16 oz
.
$3 17;i
3 50
3 50
3 95
3 75
3 82;6
42234
6 45
1 55
1 62;6
*Fall, 1913.
Favored Fabrics Described.
The following is a description of popular fabrics included in the above
price list: No. 414-1, a 14
-ounce piece-dye cheviot; 364, 14
-ounce serge;
9613-1, 13
-ounce unfinished worsted; 3657, 14
-ounce cheviot; 9413, 13
ounce unfinished worsted; 3192, 11-ounce serge; 9812, 12
-ounce unfinished
worsted; 9813-7 13
-ounce unfinished worsted; 3194, 14
-ounce serge; 1814,
-ounce serge; 9627, 16
14
-ounce serge, and 994, 16
-ounce serge; 3844, 16
ounce French-back.
Tropicals for the summer of 1927, opened in Department 1, were only of
a staple and semi-staple nature, in piece dyes and mixtures, the fancy lines
being scheduled for opening on Monday, July 12, in Departments 2, 3 and
7. The staple lines comprises about a dozen numbers which show a similar
price trend as the regular spring line, reductions averaging 8 to 11%.
New Automobile Model-Price Advance.
The Oakland Motor Car Co. of Detroit on July 9 announced the introduction of a new model, the sport phaeton,
which is to replace the touring car. The sedan, four-door
sedan, landau coupe, landau sedan and sport roadster
models will be continued. All models carry Fisher bodies on
the newly developed rubber-silenced chassis. Other improvements, both in superstructure and motor design, are
to be embodied in the new cars.
A report from Detroit states under date of July 9 that the
Hudson Motor Car Co. will announce an advance in price
ranging from $50 to $100 to take effect July 25.
Crude Oil Output Substantially Increased.
An increase of 17,300 barrels per day in the crude oil
production in the United States was reported for the week
ended July 3 by the American Petroleum Institute, which
estimated the daily average to be 2,038,450 barrels, as compared with 2,021,150 barrels for the preceding week. The
daily average production east of California was 1,428,050
barrels, as compared with 1,411,150 barrels, an increase of
16,900 barrels. The estimates of daily average gross production by districts for the week indicated are shown below: .
DAILY AVERAGE PRODUCTION.
(In Barrels.)
July 3 '26. June 26 '26. June 19 '26. July 4 '25.
Oklahoma__
_
458,900
462,650
445,100
458,450
Kansas
109,350
108,150 • 107,750
100,100
North Texas
130,800
137,000
133,500
86,300
East Central Texas
51,750
52,800
52,050
107,600
West Central Texas_ _ _ _87,650
92,900
82,200
84,600
Southwest Texas
38,750
48,100
38,300
38.050
North Louisiana
60,300
60,250
51,850 i
59,250
Arkansas
163,650
162,450
165,200
261,050
Gulf Coast
101,050
86,150
91,650
101,250
Eastern
105,000
105.500
106,500
104,000
New price lists show an average reduction of 10%,ranging from 7 to 15%, Wyoming
72,600
71,950
72.300
compared with the spring of 1924, and some 15 to 20% below the values Montana
28,050
28,000
14,500
Colorado
prevailing in the spring of 1925.
9,300
8,250
9,750
2,700
New Mexico
Officials said the revision not only embraces lower wool costs but savings Califon/la
4,850
4,400
4,250
3,100
610,400
609,500
610,000
661,500
In operating economies which have been quite drastic in some respects.
Total
Buyers were not numerous in the local sales offices because it is customary
2,038,450 2,021,150 2,011,600 2,152,350
to send salesmen out with the diversified spring lines, whereas fall lines are
The estimated daily average gross production of the Mid-Continent
seen in the company's showrooms, but some of the buyers operating in the field, including Oklahoma, Kansas, North, East Central, West Central
and
market expressed satisfaction over the 10% reduction and the belief that it Southwest Texas, North Louisiana and Arkansas, for the week ended
July 3
will tend to make staple clothing more attractive than ever. However, the was 1,107,200 barrels, as compared with 1,099,750 barrels for the preceding
spring trend is toward light colors, and on this premise more attention will week, an increase of 7,450 barrels.
The Mid-Continent production., exbe focussed on the opening of fancy lines in about two to three weeks.
cluding Smackover, Arkansas, heavy oil, was 982,000 barrels, as compared
with 975,830 barrels, an increase of 6,150 barrels.
Stock Goods Liquidation.
In Oklahoma, production of South Braman is reported at 10,700 barrels,
Jobbers were not so pleased over the price changes, though they admit against 10,250 barrels; Thomas, 2,600 barrels against 2,550 barrels Tanthat the reduction had been anticipated-perhaps not fully 10%, but kawa, 42,200 barrels against 43,450 barrels; Garber, 34,600 barrels against
certainly 5 to 7%. It means that stock goods will have to be liquidated to 35,950 barrels; Burbank, 44,850 barrels against 45,000 barrels; Davenport.
embrace the lower prices. The mills ship unfilled orders at the new prices, 9,300 barrels against 9,750 barrels; Bristow-Slick, 29,750 barrels against
so that it forces jobbers as well as competing mills to readjust price lists in 29,600 barrels; Cromwell, 17,450 barrels against 17,350 barrels; Papoose,
a similar manner. In fact, the opinion is voiced that independent mills will 10,650 barrels against 11,050 barrels, and Wewoka, 29,650 barrels against
have to pare prices on duplicate fall goods orders to keep pace with the big 29,950 barrels.
In North Texas, the Panhandle District is reported at 52,500 barrels
company.
Certain staple fabrics, particularly standard serges which had been key against 46,000 barrels, and Archer County, 32,300 barrels against 32,900
numbers in the trade for a decade or more, show prices down to the lowest barrels. In East Central Texas, Mexia, 12,400 barrels against 12,450 barpoint since 1917, gradually approaching pre-war levels. Notable among rels; Corsicana-Powell, 29,850 barrels against 30,100 barrels; Wortham,
-ounce serge, which are 7,450 barrels against 7,900 barrels; Reagan County, West Central Texas.
these is No. 3192, 11-ounce serge, and 3844, a 16
JULY 10 1920.]
field,
31,700 barrels against 32,100 barrels, and in the Southwest Texas
Luling, 21,700 barrels against 21,250 barrels; Lytton Springs, 4,650 barrels
against 4,700 barrels. In North Louisiana, Haynesville is reported at 9,900
barrels against 9,950 barrels; Cotton Valley, 8,000 barrels, against 7,900
•
barrels; Urania, 16.500 barrels against 17,500 barrels; and in Arkansas,
Smackover light, 16,250 barrels against 16,400 barrels; heavy, 125,200 barrels against 123,900 barrels, and Lisbon, 10,500 barrels against 10,400 barrels. In the Gulf Coast field, Hull is reported at 17,950 barrels against
16,800 barrels; West Columbia,9,000 barrels against 9,350 barrels; Spindletop, 15,350 barrels against 6,350 barrels; Orange County, 9,450 barrels
against 9,950 barrels; South Liberty, 5,650 barrels against 5,250 barrels,
and Boling, 2,500 barrels against 2,000 barrels.
In Wyoming, Salt Creek is reported at 50,800 barrels, against 50,150
barrels, and Sunburst, Montana, 25,000 barrels, no change.
In California, Santa Fe Springs is reported at 49,000 barrels, no change;
Long Beach, 106,500 barrels against 106,000 barrels; Huntington Beach
44.000 barrels against 43,000 barrels; Torrance, 29,500 barrels against
29.000 barrels; Dominguez, 20,500 barrels, no change; Rosecrans, 17,000
barrels, no change; Inglewood, 48,000 barrels against 48,500 barrels;
Midway-Sunset, 94,500 barrels, no change; and Ventura Avenue, 43,900
barrels against 45,000 barrels.
Reduction in Crude Oil Prices.
-reduction in price ranging from 15c. to 25c. per barrel
A
was announced July 8 by the Joseph Seep Purchasing Agency
for certain grades of Pennsylvania crude oil. This is the
second reduction of the year, the last being a cut of similar
amounts which took effect on March 8 last and was noted
in our March 13 issue, page 1386. The new prices compare
with the old as follows:
GradesPennsylvania grade in New York Transit Line
Bradford district oil
Pennsylvania grade in National Transit Line
Gaines grade in National Transit Line
Keister grade in National Transit Line
Pennsylvania grade in S. W.Pennsylvania Line_ _ Pennsylvania grade in Eureka Pipe Line
Pennsylvania grade in Buckeye Pipe Line
143
THE CHRONICLE
1926 amounted to 1,802,101,000 gallons, or 42,907,000 barrels, hence withdrawals from stock during the month
amounted to 124,624,000 gallons, or dose to 3,000,000 barrels. Domestic demand was 988,677,000 gallons, or 23,540,000 barrels, a record figure, and an increase in daily average
over the preceding month of 15%. At the May rate of domestic demand, gasoline stocks on hand represented 51 days'
supply as compared to 64 days' supply for the preceding
month.
Stocks of kerosene, gas and fuel oils, lubricants and wax
increased during May, although production of these commodities was nearly stationary.
The refinery data of this report were compiled from schedules of 332 refineries, of a daily crude oil capacity of 2,629,000 barrels, which operated during May at 80% of capacity.
Total supply during May (crude production plus imports)
amounted to 68,804,000 barrels. Stocks of all oils on hand
May 31 amounted to 528,041,000 barrels, a decrease during
the month of 2,595,000 barrels. Total demand was, therefore, 71,399,000 barrels, of which 59,954,000 barrels was consumed in this country. Domestic crude production exceeded
dpmestic consumption of all oils by 2,324,000 barrels.
ANALYSIS OF PETROLEUM SUPPLY AND DEMAND.
(Barrelsof42 U.S.gallons.)
•
March 1926 April 1926. May 1926. May 1925.
Old ReducPrice. lion.
Supply
25c.
$3 65
crude production
25c. Domestic
3 65
Light
25c.
3 55
Heavy
25c.
3 10
15c. Imports
2 45
Crude
3 55 25c.
Refined
3 50 25c.
3 30 25c.
Total supply, all oils
Daily average
price of Urania
New
Price.
$3 40
3 40
3 30
2 85
_ 2 30
_ 3 30
3 25
305
49,793,000 49,116,000 51,219,000 168,082,000
10,876,000 10,872,000 11,059,000 f
7,216.000
1,532,000
5,906,0004,306,000
'
1,629,000 2,220,000
6,484,000
1,505.000
69,417,000 67,523,000 68,804,000 76.071.000
2,251,000 2,219,000 2.454,000
2,239,000
On the other hand, an advance in the
753,000 al0,876,000 a2,595,000 10,256,000
Oil Change in stocks, all oil
crude oil was announced on July 9 by the Louisiana
Demand
68,664,000 78,399,000 71,399,000 65,815,000
Refining Corp., making the new price 10c. per barrel higher, Total demand
2,215,000 2,613,000 2,303,000 2,123,000
Daily average
or $1 25 per barrel.
Exports.b
966,000 1,308,000 1,842,000 1,376,000
Crude
Retail prices of kerosene were reported reduced in the
8,056,000 10,433,000 9,603,000 8,227,000
Refined
59,642,000 66,658,000 59,954,000 56,212,000
territory of the Standard Oil Co. of Indiana by one cent per Domestic demand
1,924,000 2,222,000 1,934,000 1,813,000
Daily average
gallon on the company's "Perfection" and "Eocene" grades.
Excess of daily average domestic
The Continental Oil Co. on July 8 reduced the tank wagon
production over domestic de383,000
75,000
c213,000
33,000
mand
price of kerosene one cent a gallon at Denver and Pueblo,
Stocks (end of month)Colo., Casper and Cheyenne, Wyo., and Albuquerque, Crude
East of California
227,928,000 229,148,000 224,786,000 1312085000
cent a gallon at Butte and Helena;, Mont.
N. M., and
Light
59,782,000 57,060,000 59,223,000 I
Heavy
recorded in the retail prices of gasoline
No changes were
California
43,996,000 38,634,000 37,179,000 44,600,000
Light
up to Friday night. U. S. motor grade sold in Chicago on
88,482,000 85,656,000 88,180 000 65,481,000
Heavy.d
420,188,000 410.498,000 409,368,000 422,166.000
i
July 8 at from 11 to 11%c. per gallon, an increase of Y cent
Total crude..
121,324,000 120,138,000,118,673,000 119,285,000
Total refined
over the previous price. The Standard Oil Co. of New
!
541.512.000 530.636.000 528.041.000 541.451.000
,,,1,igtorks
+,,i 1l,
cent a gallon to
Jersey reduced export gasoline in cases
to non-contiguous territories. c Deficiency
shipments
a
28.90 cents on July 8. Export kerosene was reduced 34 cent, due Decreases. b Includes fuel oil.
to fire loss. d Includes
making the new price of water white 20.15 cents in cases and
-Lead Buying
standard white 18.90 cents in cases.
Moderate Advance in Copper Prices
Fairly Active-Zinc and Tin Are Firmer.
Petroleum Production in May Slightly Lower, but GasoDefinite improvement in copper Was the feature in the
buying
line Establishes a New High Record.
marketfor non-ferrous metals in the past week. Lead
the holiday. The volume of business in
The production of crude petroleum in the United States was brisk, despite
tin dull and
during May 1926, as compiled from pipe line runs reported to zinc was moderate. Silver was dull and easy,
of Commerce, amounted firm, and antimony dull and steady, "Engineering and
the Bureau of Mines, Department
to 62,278,000 barrels, a daily average of 2,009,000 barrels. Mining Journal" reports. Inquiry for copper was good
This represents an increase in daily average over April 1926 following the holiday and apparently all of the metal available
of 0.5%, but is a decrease from a year ago of 9%. This was at 13.875c. a pound, delivered, disappeared from the market.
the first month of 1926 in which production passed the two- Producers Of copper now quote from 13.925 to 14c. a pound,
million-a-day mark.
•
delivered in the East.
removed
Practically all of the increase in production was due to
The developments of the week seem to have
developments in the Panhandle field of Texas, where oil whatever obstacles remained in the way of launching the
began to move out in quantity for the first time. Output Copper Export Association, and an official announcement
in California continued its slow decline, although the 600,000- that it is in operation is expected before the middle of
barrel-per-day mark was not reached. All of the Mountain the month. Selling of copper abroad is reported at 14.075
States registered gains in May with the exception of Wyom- and 14.10c. a pound, c.i.f. Corroders were prominent
ing, where the Salt Creek field fell below 50,000 barrels per buyers of lead and in one or two instances have been comday for the first time since December 1924.
pelled to pay a higher premium than usual for July delivery.
Total stocks of crude petroleum east of California regis- Most of the buying has been for either prompt shipment or
tered its twelfth consectutive decline. This decline, which or for July position, and the prevailing figures have been
amounted to 2,200,000 barrels, resulted from a material re- 8.10c. a pound in St. Louis, and 8.25e. a pound in New York,
duction in tank-farm stocks since stocks at refineries were as the basis for common lead. Although the domestic
market for zinc has not been active, the undertone is good
increased over 1,250,000 barrels.
Runs to stills of crude petroleum during the month of May and prices have stiffened perceptibly. Tin has been firmer,
amounted to 65,341,000 barrels, of which 3,604,000 barrels reflecting the trend of prices in London. Domestic buying
was foreign crude petroleum. This represents a gain in has been slow.
daily average crude runs over the preceding month of 3%.
to Active
The record figure for gasoline production established in Steel Holiday Shorter than Usual Owing
-Pig Iron Buying Heavy.
Market
when 1,029,375,000 gallons,
April 1926 was broken in May,
Steel works suspensions for the July holiday have amounted
or 24,509,000 barrels, was produced. This was the first
-gallon mark has ever been reached. to little in comparison with other years. Whereas, slackentime that the billion
this
Exports of gasoline were maintained at the high leyel set in ing demand has often permitted a week's shut-down,
producers
preceding month. Stocks of gasoline on hand May 31 year's curtailment at plants of some of the largest
the
144
THE CHRONICLE
was limited to Monday, observes the July 8 issue of the
"Iron Age." Other evidence of the continuance of recent activity is the large volume of specifications that came to
producers in the last week of June. Much of this business
was bars on which the old price of 1.90c. was continued on
definitely scheduled deliveries, adds the "Age" in its summary of events in the market, from which we quote further
as follows:
•
While some letting down from the June rate of steel production is expected
this month, it will be less than in six years at this season, and several
large producers are still operating at substantially the June rate. The
sheet trade is an exception, a number of mills having closed for the week.
Further sales of steel bars have been made at the new 2c. price. On the
one hand its maintenance is helped by the heavy tonnage booked for the
third quarter; at the same time, due to these bookings, new demand is
expected to be relatively light in July and August.
Pipe stands out as the most active of finished steel lines, oil country pipe
In particular. On some sizes of casing, deliveries range from four to six
weeks, as against one week early in the year.
Sheet manufacturers will put into effect Aug. 1 new lists of extras which
will increase the differentials on light as compared with the heavier sheets.
For some time competition has been keenest on the lighter gauges.
Sheet bars have been sold at the equivalent of $35, Pittsburgh, for
shipment into outside territory, this being also the Cleveland price on some
recent sales. Commonly $36, Pittsburgh and Youngstown, has been
.
maintained.
Of structural awards of 25,000 tons in the week the largest was 7,800
tons for a New York office building. Pending projects of about 20,000
tons include 4,000 tons for a New York hotel, 4,000 tons for a manufacturing
plant at Dayton, Ohio, and 3,500 tons for a Chicago business building.
The June bookings of structural steel by the largest independent producer
were 40% greater than for any previous month of the year, and the month's
total considerably exceeded its monthly mill capacity.
Philadelphia has barred the use of foreign steel for public buildings,
yielding to the urging of the Concrete Reinforcing Steel Institute.
Steel products used,in motor car paints are moving more freely as the
latter get to work on the new models.
Makers of alloy steels have been in very close competition on some
recent Detroit business. One large automobile company bought 6,000
tons for third and fourth quarters.
Two Lake freighters, each taking 5,000 tons of plates, have been placed
with the American Ship Building Co.
The heavy buying of foundry and malleable pig iron has kept up in the
past week, particularly in the Central West. Clew land offices booked
170,000 tons, after taking 200,000 tons in the final week of June. Chicago's total for last week was 100,000 tons. Prices, in contrast with those
for heavy steel products, have been at the year's low level, leading a good
many founders to contract for the full second half.
An eastern Pennsylvania steel company bought 15,000 tons of basic
iron at $21 and $21 25, delivered, and a cast iron pipe company closed for
10,000 tons of pipe iron.
June shipments of Lake Superior iron ore, 8,770,000 tons, showed a
large gain over May. but to July 1 the season's movement was but 14,893,000 tons, or 3,500,000 tons less than the 1925 total to that date. However,
the Lake fleet should easily make up the tonnage lost because of ice in
April and May.
Scrap prices are slightly on the up grade, the average for heavy melting
steel at Pittsburgh, Chicago and Philadelphia in Juno having been $14 40,
compared with $14 35 in May. In the last week of June the average was
$14 92, a rise of 92c. per ton since the first of that month. '1 he June 1925
average was $16 09.
Machine tool manufacturers have had uncommonly good business for
-this time of year and look for nearly the present rate of shop operations
through July and August.
Bounties granted by the German steel syndicate on semi-finished materials and rolled steel used in manufacturing for export have been increased as a result of the new franc collapse. German exporting manufacturers are now getting materials at much below pre-war prices.
The "Iron Age" composite price for finished steel stands at 2.431c. per
lb. for the third week, and was at exactly the same level one year ago.
Pig iron remains at $19 71 for the second week, as is evident in the usual
composite price tables which follow:
Finished Steel, July 6 1926, 2.431c. per Pound.
Based on prices of steel bars, beams, tank One week ago
2.431c.
plates, plain wire, open-hearth rails, One month rgo
2.410c.
black pipe and black sheets,constituting One year ago
2.431c.
88% of the United States output.
-year Fre-v ar average,1.689c
10
Pig Iron, July 6 1926, $19 71 per Gross Ton.
Based on average of basic and foundry(One week ago
-----$1971
irons, the basic being Valley quotation,{ One mc nth ago
19 79
the foundry an average of Chicago,lone year ago
18 96
Philadelphia and Birmingham.
110
-year pre-war average, 15 72
Finished Steel
- Pig Iron
High.
Low.
High.
Low.
1926_--2.453c. Jan. 5 2.403c. May 18 $21 54 Jan. 5 $19 71 June 29
1925-2.560c. Jan. 6 2.396c. Aug. 18 22 50 Jan. 13 18 96 July 7
1924--2.789c. Jan. 15 2.460c. Oct. 14 22 88 Feb. 26 19 21 Nov. 3
1923_-_2.824c. Apr. 24 2.446c. Jan. 2 30 86 Mar. 20 20 77 Nov. 20
Following stimulated buying activity in June, new business in steel since the turn of the half year has been showing
a normal relaxation, to which the holidays attendant upon
the Fourth contributed a quieting influence, observes the
"Iron Trade Review" in its weekly summary of market conditions. In the week prior to July 1, however, the market
witnessed a continuation of the heavy flow of incoming
tonnage, due in large part to buyers availing themselves of
outstanding quotations rendered more attractive by the
recent course of events. With some producers this tonnage
last week was the largest for any similar period in months,
continues the July 8 number of this trade journal, which
then goes on to say:
Practically all these open options now have been driven in. The situation at present is that mills find themselves in possession of a better volume
of orders for shipment over the next 30 to 60 days, in addition to a considerable amount of provisional tonnage, on a higher level of prices, which to
become liquid, must be specified against during the next 30 to 60 days.
How these contracts will be drawn out, therefore, in large measure will
determine the firm establishment of the price advances recently quoted.
[vol.. 123.
Additional orders for pig iron placed during the week total approximately
290,000 tons. With five weeks of the buying movement elapsed, the total
booked by furnace interests is between 1,450,000 and 1,500,000
tons.
Advent of the third quarter finds finished steel prices considerably better
stabilized than in the past three months. Although protections still are out
In some quarters on lower priced tonnage, bars and shapes have been established at 2c. Pittsburgh and plates at 1.90c. for third-quarter business.
First half car buying shows betterment over 1925. Passenger car awards
totaled over 900 and freight cars 40,068. This compares with 450 for passenger and 25,815 for freight cars in the same period of 1925. Finished
steel buying is steady. A feature is the award of three Great Lakes ore
freighters, each taking 5,000 tons. A pipe line from Amarillo, Tex., to
Kansas City, on which alternate plans just have been proposed, involves
475 miles of 20
-inch pipe, or 100,000 tons of steel.
Steel works operations generally lower, following the Fourth of July holiday. Valley works are operating at 60, compared with 73% last week.
This week's composite price, based on 14 leading iron and steel products,
is $37 74. This is unchanged from the previous week. It compares with
$38 22, the average during May and $37 60 a year ago.
Further Reduction in Steel Output.
In June a further reduction occurred in steel production,
bringing the output down to the lowest level since September
last. The American Iron & Steel Institute in its regular
monthly statement issued July 9 puts the production of steel
ingots in June 1926 by companies which in 1925 made 94.50%
of the steel ingot production in that year, at 3,544,367 tons,
of which 3,036,162 tons were open hearth, 498,764 tons Bessemer and 9,441 tons all other grades. The calculated production for all companies on this basis during June 1926 was
3,750,653 tons, as compared with 3,945,336 tons in May,
4,123,941 tons in April, but with 3,204,451 tons in June 1925.
The average daily production of all companies was 144,256
tons in June, with 26 working days, compared with 151,744
tons in May with same number of working days and with
an average of 158,407 tons for February's 24 working days.
In the following we give the details of production back to
1925:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1925 TO DEC. 1925
Reported for 1925 by companies which made 94.50% of the steel ingot production
In that year.
Months
1925.
Calculated
Approz.
Monthly No.of Daily Pro.
Monthly
Production Production Work- duction
Bessemer. AU Other Companies
AU
ing AU Cos.
Reporting. Companies. Days. GrossTow
Open
Hearth.
January 3.263,256
689,996
Feb___ 2,933,225
602,042
March
3.337.721
614,860
April_ __ 2,858,866
515,715
May... 2,755,561
497,708
June.,_ _ 2,540,729
476,045
6 mos__ 17,689 358 3,397,266
27
24
26
26
26
26
155,307
156,348
161,321
137,834
132,883
123,248
79 053 21,165 877 22,383 071 155
144.407
July
August.,
Sept _
October
Nov ...._
Dec____
13,547
12,914
13,977
15,624
17,085
15,843
118,634
131,577
134,214
144,030
156,116
152,728
2.446,068
2.698,285
2,738,673
3,077,114
3,092.194
3,169,796
457.095
523,734
547,121
684,567
581,347
569,304
11,960
12,998
13,633
14,182
13,7%
12,490
3,965.212 4,193.281
3,548,265 3.752.352
3,966,214 • 4.194,340
3,388.763 3,583.676
3,267,059 3,454,971
3,030,164 3.204.451
2,916,710
3,234,933
3,299,771
3.677,305
3,690,626
3,754,943
3,084,472
3,420,998
3,489,565
3,888,814
3,902,900
3,970,918
26
26
26
27
25
26
Total. 34.911.488 6.660.434 155 043 Al 730055 44 140 73A 311
141.932
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1926 TO JUNE 1926.
Reported for 1926 by companies which made 94.50% of the steel ingot production
in 1925.
Months Open1926. Hearth.
Bessemer.
Approx. Per
Calculated
Daily
Cent
Monthly Monthly No. of
AU Production Production Work- Production of
bag
Other. Companies
AU Cos. OperaAU
Reporting.Companies. Days. GrossTons. Hon.
Jan__ 3,326,841;
Feb___ 3,023,82f,
March 3,590,791
April. 3.282,43:
May .3,201,230
June__ 3,036,162
581.683
556.031
635,680
601.037
516,676
498,769
13,669
12,818
15,031
13.652
10,437
9,441
3,922,1%
3.592,671.
4,241,502
3.897.124
3,728,343
3,544,367
4,150.469
3.801.776
4.488,362
4.123,941
3.945.336
3,750,653
26
24
27
26
28
26
159,633 x88,90
158,407 x88.22
166,23f 192,58
158.613 x88 33
151,744 x84.51
144,256 80.34
5 mos_ 19,461,2933,389,871 75.043 22,926.207 /4.260.537 155
156,520 87.17
* Revised. x Revised to conform to final determination of theoretical capacity.
The figures of 'per cent of operation" are bawd on the "theoretical capacity"
as of Dec. 311925. of 55,844,033 gross tons of ingots.
Actual Production of Pig Iron During June.
Final figures, representing the actual production of pig
iron during June, show that the estimates, gathered by wire
on June 29, were very nearly correct, reports the "Iron Age"
in its July 8 issue. The actual output was 3,235,309 gross
tons, or only 540 tons more than the 3,234,769 tons published
last week as the estimate (see page 28 in last week's
"Chronicle.")
The June output was 107,844 tons per day, or 4,460 tons
ess than the daily rate in May
-a decline of 4%. The
estimated daily rate published last week was 107,825 tons,
or 19 tons less than the actual rate. The 4% loss in June
compares with a 2.3% loss in May. In April there was an
increase of 3.6% over March,continues the "Age," adding:
The production of coke pig iron for the 30 days in June was
3,235,309
tons, or 107,844 tons per day, as compared with 3,481,428 tons, or
112,304
tons per day for the 31 days in May. The June output is the fourth largest
this year and is the largest for that month since June 1023, when the total
was 3,676,445 tons.
There was a net loss of 8 furnaces during June, 11 having been shut down
and 3 blovrn in. In May the net loss was 9 furnaces. In April there taus a
net gain of 1 furnace, with a gain of 10 in May and 2 in February.
JULY 10 1926.]
There were 220 furnaces active on July 1, as compared with 228 on
June 1. The estimated daily capacity of the 220 furnaces was 106,140
tons as contrasted with 110.600 tons per day for the 228 furnaces operating
on June 1. Of the 3 furnaces blown in, 2 were merchant furnaces and 1 was
a Steel Corporation stack. Of the 11 furnaces blown out or banked,5 were
Steel Corporation stacks, 4 were those of independent steel companies
and 2 were merchant furnaces.
The ferromanganese production in June was 25,378 tons, or the second
largest this year, January having been 29,129 tons. Only 5,864 tons of
spiegeleisen was made last month, or the smallest this year.
Two more coke blast furnaces have been dismantled. The two Watts
furnaces, located in Kentucky and owned by the Virginia Iron, Coal &
Coke Co., are being torn down. This reduces the total number of coke
furnaces, as likely to produce pig iron, to 369.
Among the furnaces blown in during June were the following: No. 4
furnace of the National Tube Co. in the Pittsburgh district; the Oriskany
furnace of E. J. Lavine Co. in Virginia, and the Sarah furnace in southern
Ohio.
Among the furnaces blown out or banked during June were the following:
One Lackawanna furnace of the Bethlehem Steel Corp. in the Buffalo
district; No. 2 furnace of the New Jersey Zinc Co. in the Lehigh Valley;
a furnace at the Coatesville plant of the Bethlehem Steel Corp. in the
Schuylkill Valley; No.2 Clairton furnace and No.5 Duquesne furnace of the
Carnegie Steel Co. and one furnace of the National Tube Co. in the Pittsburgh district; No. 2 Newcastle furnace of the Carnegie Steel Co. in the
Shenango Valley; D furnace at the Maryland plant of the Bethlehem Steel
Corporation in Maryland; one furnace of the Otis Steel Co. in northern
Ohio; one Bessemer furnace of the Tennessee Coal, Iron & RR.in Alabama,
and the Rockdale furnace in Tennessee.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS
Steel Works
Merchant.*
1925-June
70,452
18.663
July
65.715
20,221
August
68,530
18.711
September
70,300
20,573
October
76,464
21,064
November
77,262
23,505
December
81,552
23,301
1928-January
83,867
23,107
February
81.148
23,260
March
85,841
25,191
April
89,236
25.768
May86,682
25,622
June
85,135
22,709
•Includes pig iron made for the market by steel companies
Total
89.115
85,936
87,241
90.873
97.528
100.767
104 853
106.974
104,408
111,032
115 004
112.304
107,844
PRODUCTION OF STEEL COMPANIES FOR OWN USE
-GROSS TONS
Total Iron.
Spiegeletsen and Ferromanganese..
Spiegel and Ferro
1925-- ----1926
1925.
1926
Fe-Mn. Spiegel, Fe-Mn. Spiegel
January
2,692,537
2,599,876
23.578
5.418
29.129
7,749
February
2,539.785 2,272.150
18.184
4,910 12.309
7,681
March
2,812 995 2,661,092
20.062
5.419
24,094
7,339
April
2.514,828 2.677,094
21.448
5,341
2,051
24 134
2,306.887 2.687.138
May
22,679
5.294
23.159
6.091
June
2,113.566
2,551,045
19,8,36
4,972 25,378
5,834
_
Half year
14,980,598 15,451,395 125,787
31,384 148,173
42,083
July
August
September
October
November
December
2.037,160
2,124,439
2.109,205
2.370,382
2,317,888
2,528,120
16,614
18,867
18,381
21 421
25.490
26,072
Year
28.467.792
•Includes output of merchant furnaces.
5,074
4.939
5.162
5.071
6,375
7.756
-252.632 65.761
TOTAL PIG IRON PRODUCTION BY MONTHS
-GROSS TONS
1924.
1925
1926
3.018,890
3,370.336
3,316,201
3,074.757
3.214,143
2.923 412
3,466,086
3,564,247
3,441.981
3,233 428
3,258,958
3.450 122
2,615.110
2,930.807
3.481,449
June
2.026,221
2,673,457
3,235,309
----,-Half year
17.434.492
19,011.948
19,848,431
January
February
March
AprilMay
July
August
September
October
November
December
145
THE CHRONICLE
1.784.809
1.887.145
2,053.264
___ 2,477,127
2.509,673
2,961.702
2,864.024
2,704,476
2,726.198
3,023,370
3,023.006
3.250,448
Year*
31,108,302
38303,470
• These totals do not include charcoal pig iron. The 1925
production of this trot.
was 196,164 tons
Ohio steam grades suffer from West Virginia and Kentucky competition.
There is a better outlook in both the Northwest and the Southwest, but little
gain in Colorado or Utah. The "Coal Age" index of spot bituminous prices
on July 5 was 158 and the corresponding price was $1 91, as compared with
157 and $1 90 on June 28.
The anthracite outlook is uncertain. In some markets, household consumers still are in revolt against the failure of the producers to make the
usual spring reductions. To what extent that dissatisfaction will be expressed in purchases of other fuels and to what extent merely in delayed buy
ing of hard coal is in the conjectural stage. Opinion is conflicting. Stove
easily leads in demand, while nut is hard to move. In the steam division,
rice has become as troublesome as buckwheat.
Connellsville coke output during the week ended June 26 showed its first
increase in a month. Prices, too, were firmer. How much of this strength
was due to buying in anticipation of curtailed supply over the holidays and
how much to an actual rise in current demand remains to be seen,
Output of Bituminous Coal, Anthracite and Coke.
Shows Small Gain.
.
In contrast with the falling off in the production of the
coal and coke mines reported last week, the Milted States
Bureau of Mines on July 3 estimated that the output of
bituminous coal in the week ending June 26 had increased
322,000 tons, anthracite 55,000 tons and coke 3,000 tons
over the respective outputs in the preceding week. Details
of the production of each of these fuels, as reported by the'
Bureau, follow:
Production of bituminous coal during the week ended June 26, including
lignite, coal coked at the mines, and local sales, is estimated at 9,825,000
net tons. The estimate is partly based on the 171,146 cars loaded for
shipment. Compared with the revised figures for the preceding week,
this shows a gain of 322,000 tons, or about 54,000 tons a day.
Estimated United Stales Production of Bituminous Coal (Net Tons) Including Coal
Coked.a
1926
1925
Cal. Year
Cal. Year
to Date.
to Date.b
Week.
Week.
9,624,000 243,028,000
8,622,000 212,592,000
June 12
1,758,000
1,604,000
1,437,000
1,538,000
Daily average,.
__9,503,000 252,531,000
8,402,000 220,994,000
June 19_c
1,584,000
1,750,000
1.400,000
1,533.000
Daily average..
9,825,000 262,356,000
8,662,000 229,656,000
.
June 26 _d
1,637,000
1,746,000
1,529,000
1,444,000
Daily average..
a Original estimates corrected for usual error, which in past has averaged 2%.
b Minus one days' production first week in January to equalize number of days
in the two years. c Reviled since last report. d Subject to revision.
Total production of bituminous coal during the calendar year 1926 to
June 26 (approximately 150 working days) amounts to 262,356,000 net
tons. Figures for similar periods in other recent years are given below:
274,143,000 net tons
1923
255,178,000 net tons
1920
19 4
227,969,000 net tons
193,214,000 net tons
1921
1922
1925
188,129,000 net tons
229,656,000 net tons
ANTHRACITE.
Production of anthracite during the week ended June 26 is estimated,
subject to sii;ht revision, at 2,087,000 net tons, an increase of 55,000
tons over that in the preceding week.
Estimated United States Production of Anthracite (Net Tons).
1926
1925
Cal, Year
Cal. Year
to Date.s
Week.
Week.
to Date.
Week Ended1,825,000 39,706,000
2,083,000 31,063,000
June 12
1,745,000 41,451,000
2,032,000 33,095,000
June 10
1,800,000 43,251,000
2,087,000 35,182,000
June 26
a Minus one day's production first week in January to equalize number of days
In the two years.
Total production of anthracite during the present calendar year to
June 26 amounts to 35,182,000 tons, approximately 8.070,000 tons, or
18.7% loss than in 1925. Figures for corresponding periods in recent
years are given below:
22,314,000 net tons
1922
48,660,000 net tons
1923
1924
1925
43,606,000 net tons
43,251,000 net tons
BEEHIVE COKE.
Production of beellive coke during the week ended June 26 is estimated
at 187,000 net tons, an increase of approximately 3,000 tons over the
revised estimate for the preceding week.
Total production of beehive coke during 1926 to Juno 26 amount to
6,539.000 tons, as against'5,187,000 tons during the corrcsponding period
in 1925.
Estimated Production of Beehive Coke (Net Tons).
1925
1928
Week EndedForeign Demand for Coal Continues
to
to
June 26 June 19 June 27
-Domestic Trade
Date.s
Date.
1925.
1926.b 1926.c
Dull.
91,000 5,3 4,000 3,951,000
155.000 52,000
Pennsylvania and Ohio
309,000
383,000
9,000
12,000
13.000
Foreign buying still commands the centre of the stage in West Virginia
508,000
402,000
9,000
15,000
Alabama, Ky., Tenn. de Georgia_ 7,000
195,000
198,000
4,000
4,000
an otherwise dull, but steady, bituminous market, according Virginia
5,000
116,000
141.000
5,000
4,000
4,000
to the "Coal Age's" opinion this week. As has been the case Colorado and New Mexico
108,000
191,000
3,000
3,000
3,000
Washington and Utah
since this movement began in mid-June, West Virginia high
187,000 184,000 127,000 6,539,000 5,187,000
United States total
34,000
43,000
21,000
31,000
31,000
Daily average
volatile coals have the first call on the business. During the
the two years.
the
a Adjusted to make
past week fresh impetus was added to export trad'n'; by the b Subject to revision. comparablesince number of days covered in
last report.
c Revised
lifting of the embargo laid upon C. & 0. shipments to New
port News on June 24 to clear up congestion at the piers, ob
Production of Bituminous Coal in May.
serves the "Coal Age" in its July 6 summary of conditions
The table below presents estimates of soft coal production
in the markets,from which we quote as follows:
by States, in May as compiled by the United States Bureau
The removal of these restrictions was signalized by an upward swing in
pier prices on pools 5,6 and 7, which went to $4 300$4 40. This was 15c. of Mines. Total production during the month amounted
better than the preceding week, but 20c. under the figures reached before to 39,059,000 net tors, a decrease of 1,020,000 tons, or 2.5%,
the embargo. Quotations on pools 1 and 2 were slightly weaker. Asking from that in April. The number of working days in the two
prices on pool coals at other North Atlantic ports were unchanged. Inland
months was approximately the same. As indicated by the
quotations on West Virginia high volatiles also were unaffected
by the export demand.
detailed figures, the May output was smaller in all States
Nevertheless, this foreign movement, which pushed export dumpings at
except Utah, West Virginia and Eastern Kentucky,continues
Norfolk over the 1,000,000-ton mark, last month, and sent Baltimore totals
climbing towards 200,000 tons, has had a favorable sentimental reaction on the Bureau's statement, which then adds:
other Eastern coals and has brought a brighter tone to markets where there
has been no upward swing in actual prices. It has served, too, to revive
the interest of languid Eastern buyers.
In the middle West a sluggish sentiment predominates. Recent advances
in domestic prices have not stimulated buying, but screenings are again up.
The last three columns in the table show the total amount of sort coal
produced in each State during the first five months of the present year.
Similar data, given for corresponding periods in 1925 and 1924, snake possible an interesting cmparison.
It should be remembered,'however, that
the figurei for 1925 only are final.
146
THE CHRONICLE
ESTIMATED PRODUCTION OF SOFT COAL, BY STATES, IN APRIL 1926
AND IN THE FIRST FOUR MONTHS OF THE LAST THREE
CALENDAR YEARS.
.May 31Month
Month -Four Months, Jan. 1 toi.
1924.
April.
1925.
FStateApril.1926
Alabama
7,917,000
8,047,000
1,707,000 1,554,000 9,043:000
Arkansas
558,000
110,000
519,000
84,000
592,000
Colorado_
3,834,000 4,454,000
806,000
620,000 4,046,000
Illinois
5,073,000 4,103,000 28,941,000 26,516,000 29,367,000
Indiana
9,364,000
1,683,000 1,356,000
9,106,000 8,901,000
Iowa
399,000
1,964,000 2,433,000
355,000 2,173,000
Kansas
1,714,000
1,592,000
319,000
260,000
1,698,000
Kentucky
-East
3,222,000 3,438,000 17,232,000 14,959,000 13,962,000
West
1,018,000
875,000 5,967,000 4,21? 8 g
:0
0
3,
2ggo
o
Maryland
245,000
225,000
1,374,000
Michigan
391,000
285,000
53,000
28,000
287,000
Missouri
1,082,000
959,000
189,000
1,024,000
143,000
Montana
1,268,000
978,000
150,000
131,000
934,000
New Mexico
1,1a000
5
:
222,000
1,154,000 1,M 000
203,000
North Dakota
61,000
,
406,000
Ohio
9,544,000 13,384,000
1,998,000 1,793,000 11,539,000
Oklahoma_
962,000
882,000
179,000
901,000
148,000
Pennsylvania
10,447,000 10,261,000 60,337,000 55,256,000 58,244,000
Tennessee__
440,000
405.000 2,388,000 2,269,000 1,934,000
Texas
446,000
328,000
68,000
356,000
67,000
Utah
1,715,000
1,714,000
286,000
308,000
1,637,000
Virginia
988,000
964,000 5,316,000 4,788,000 4,366,000
1,177,000
Washington
947,000
168,000
954,000
155,000
West Virginia
9,767.000 11,138,000 55,384,000 44,474,000 39,660,000
Wyoming
472,000
381,000 2,683,000 2,543,000 2,803,000
Others_a113,000
37,000
9,000
8,000
42,000
40,079,000 39,059,000 225,514,000 197,719,000 203,802,000
a This group is not strictly comparable in the three years.
The total amount of anthracite produced in Pennsylvania in May is
estimated at 8,054,000 net tons, as against 8,217,000 tons in April
-a
decrease, during May, of 163,000 tons, or 2%•
Coke Statistics for Month of May.
The total by-product output for May was 3,722,000 net
tons, and that for April was 3,602,000 tons, reports the
United States Bureau of Mines on June 26. The apparent
increase of 120,000 tons, or 3%,is due to the fact that the
month was longer by one day, for the average daily production was exactly the same in the two months-120,000 tons.
The plants operated at about 88% of capacity. However,
of the 81 plants now in existence, only 74 were active in
May, one less than in April. The Bureau, in quoting the
"Iron Age," then goes on to say that the production of coke
pig iron in May amounted to 3,481,428 gross tons, with a
daily average of 112,304 tons. The corresponding figures
for April were 3,450,122 gross tons and 115,004 tons, respectively.
Beehive coke production continues to decline, dropping
from an estimated tonnage of 981,000 in April to 884,000 in
May
-a decrease of 97,000 net tons, or nearly 10%.
The output of all coke was 4,606,000 net tons, the byproduct plants producing 81% and the beehive ovens 19%.
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONS).a
Beehive Coke.
Total.
1,615,000
806.000
893.000
1,402,000
1,158,000
981,000
884.000
By-Product Coke.
1923 monthly average___
3,133,000
1924 monthly average___
2,833.000
1925 monthly average___
3,332 000
February 1926
3,500,000
March 1926
3,777,000
April 1926..,.
3,602,000
May 1926
3.722.000
a Excludes screenings and breeze.
4.748.000
3,639,000
4.225.000
4,902,000
4,935,000
4,583,000
4,606,000
The total amount of coal consumed in by-product and
beehive coke plants in May was 6,742,000 tons, 5,348,000
tons at by-product plants and 1,394,000 tons at beehive
plants, showing the slight total gain of 19,000 net tons.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFAOTURE OF COKE (NET TONS).
Consumed in
By-Product Ovens.
Consumed in
Beehive Ovens.
Total Coal
Consumed.
4,523,000
4,060.000
4,787,000
5,029,000
5,426,000
5,176,000
5,348,000
2,507,000
1,272,000
1,371.000
2,212,000
1,826,000
1,547,000
1,394,000
7.030.000
5,332.000
6.158.000
7,241,000
7,252,000
6,723,000
6,742,000
1923 monthly average__
1924 monthly average_ -1925 monthly average..__
February 1926
March 1926
April 1926
May 1926
Of the total output of by-product coke during May,
3,076,000 tons, or 82.6%, was made in plants associated
with iron furnaces, and 646,000 tons, or 17.4%, was made at
merchant or other plants.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS, 1921-1926.
1921.
1922.
1923.
1924.
1925.
1926.
FurFurFurFurFurFur.
nace. Other nace. Other nace. Other nace. Other nace. Other nace. Other
January __
February March____
April
May
June
July
August...September
October...
November
December.
83.1
82.3
81.3
80.3
81.1
82.6
81.2
83.0
83.8
84.0
84.2
84.9
16.9
17.7
18.7
19.7
18.9
17.4
18.8
17.0
16.2
18.0
15.8
15.1
82.4
83.3
83.3
83.7
85.5
85.7
86.0
80.3
82.7
83.3
83.1
82.9
R9 7 173 83
.6
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
18.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.8
17.8
17.8
17.4
82.8
83.6
84.0
83.6
80.0
80.8
80.8
79.5
82.0
82.9
83.4
84.6
17.2
16.4
16.0
16.4
20.0
19.2
19.2
20.5
18.0
17.1
16.6
15.4
84.8
83.7
83.7
83.7
83.2
83.1
82.6
82.1
82.2
82.3
83.0
82.9
15.1
16.2
16.2
16.2
16.E
16.c
17.9
174
17.8
17.7
17.0
17.1
18.4 82.8 17.4 82.3 17.7 83.1 16.9
82.9
81.7
82.6
82.8
82.6
17.1
18.3
17.4
17.2
17.4
[VoL. 123.
Total Valuer of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the merchandise imports and exports by
grand divsions and principal countries for the month of
May and the 11 months ending with May for the years
1925 and 1926. The following is the table complete:
TOTAL VALUES OF EXPORTS AND IMPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Exports to
-
Month of May.
1925.
Grand Divisions
Europe
North America
South America
Asia
Oceania
Africa
1926.
Eleven Months Ended May.
1925.
1926.
8175,322,163 $145,476,727 82,515,276,833 82,189,487,851
107,466,164 110,873,311 1,046,403,384 1,067,540,531
329,218,208
390,050,087
35,689,378 35,341,520
427,829,949
498,748,155
29,416,867 41,955,449
182,524,519
151,670,982
15,688,777 15,527,066
70,834,033
87,164,965
7,361,761
7,448,956
Total
$370,945,110 $356,621,029 $4,541,233,389 $4,415,516,088
Principal Countries
Belgium
$8,829,821 $7,434,085 $119,804,067 $102,409,906
Denmark
52,264,042
3,875,125
45,014,371
3,258,627
France
261,472,604
273,423,829
20,266,145 19,084,349
Germany
352,869,634
441,624,040
28,726,631 21,202,271
Greece
9,799,114
781,316
20,991,572
638,566
Italy
207,864,994
154,387,308
14,021,982 11,800,817
Netherlands
12,654,182
111,595,969
158,011,329
8,730,557
Norway
22,254,218
1,932,032
1,839,421
26,720,840
Soviet Russia in Europe6,149,169
3,829,242
52,380,747
49,674,358
Spain
69,935,411
70,919,902
6,417,559
4,085,587
Sweden
3,287,284
38,496,610
37,332,456
2,348,812
Switzerland
8,304,157
717,951
7,270,899
745,355
United Kingdom
908,135,657
62,805,950 55,499,776 1,007,575,770
Canada
633,909,747
66,815,118 75,735,230
587,661,922
Central America
67,143,415
65,152,238
5,634,451
5,519,672
Mexico
129,566,095
135,705,899
11,908,831 11,393,369
Cuba
171,332,930
191,523,465
17,242,505 12,876,652
Dominican Republic_ _
15,543,761
15,514,900
1,560,037
1,186,912
Argentina
137,498,435
123,928,457
12,263,016 10,643,457
Brazil
77,673,895
71,749,065
9,384,876
7,739,312
Chile
42,470,077
31,742,091
3,566,223
4,783,658
Colombia
43,649,020
30,855,401
3,298,788
4,012,668
Ecuador
6,116,901
5,079,519
627,896
384,166
Peru
24,389,856
21,716,583
1,973,940
2,468,574
Uruguay
20,072,621
17,526,339
1,753,027
1,934,810
Venezuela
29,052,272
18,602,467
1,914,749
2,594,463
British India
42,022,021
31,227,478
2,312,787
3,884,914
British Malaya
12,718,767
7,868,185
950,783
985,668
China
95,551,326
80,180,201
9,025,819
9,028,997
Hong Kong
11,521,422
13,791,736
1.084,538
804,516
Dutch East Indies
21,378,058
1,745,788
1,742,885
14,530,673
Japan
237,585,331
8,164,802 18,752,705
208,839,315
Philippine Islands
59,456,120
4,939,835
57,311,293
4,945,332
Australia
143,013,534
11,473,279 11,697,783
119,607,606
New Zealand
37,147,016
3,715,674
29,843,452
3,511,977
British South Africa_ __ 45,017,868
36,559,348
4,015,130
4,672,552
Egypt
7.144.501
526,162
554,525
5,718,850
,
Month of May.
Eleven Months Ended May.
Imports from
1926.
1925.
1925.
1926.
Grand Divisions
Europe
North America
South Amierca
Asia
Oceania
Africa,.
$92,210,107 $89,461,075 $1,081,760,384 $1,170,402,794
888,900,949
874,811,068
89,121,502 79,047,862
516,419,134
458,554,039
32,848,376 37,542,409
945,608,842 1,395,839,643
101,597,043 102,533,759
66,156,712
60,429,781
6,988,442
7,703,914
92,120,478
77,748,526
4,753,251
4,739,643
Total
$327,518,721 $321,028,662 83,498,912,640 $4,129,839,710
Principal Countries
Belgium
860,890,410
$65,415,050
$5,488,243 $6,018,964
Denmark
•
4,630,014
• 297,391
281,694
3,772,670
France
141,854,118
8,771,239
142,010,485
10,405,575
Germany
133,525,435
177,498,217
9,521,800 14,412,886
Greece
30,356,580
14,464,804
1,006,990
5,019,937
Italy
85,745,846
87,605,382
8,514,269
7,419,859
Netherlands
72,771,695
95,456,715
5,723,395
7,892,050
Norway
21,075,648
21,199,656
1,992,585
1,988,227
Soviet•Russia in Europe_
7,907,291
14,163,101
902,714
1,092,300
26,770,865
Spain
35,791,713
2,817,232 , 4,362,793
41,235,243
Sweden
34,032,541
3,303,075 ' 2,539,252
34,740.629
Switzerland •
37,825,961
2,767,946
2,451,772
365,359,400
United Kingdom
380,479,668
31,676,362 24,400,968
370,740,076
Canada
432,394,002
37,560,405 35,143,759
35,005,167
Central America
4,586,726
4,900,774
46,408,773
168,833,674
Mexico
17,927,216 13,989,296
154,899,894
267,995,423
Cuba
25,533,261 19,622,236
206,508,029
Dominican Republic_ _
5,935,612
• 7,310,374
801,182
1,051,136
72,272,238
Argentina 6,932.908
3,822,529
78,593,727
183,883,370
Brazil
11,017,445 14,204,993
229,356,876
Chile
6,506,809
92,113,919
9,509,781
79.965.889
Colombia
54,439,013
5,580,081
4,264,934
56,831,112
Ecuador
382,722
6,357,767
690,996
8,703,390
1,412,184
16,972,621
Peru
316,639
21,258,291
1,721,479
Uruguay
14,202,429
276,742
19,670,275
1,706,261
Venezuela
16,163,824
1,321,925
19,837,289
13,679,733 12,195,198
British India
112,381,982
146,476,596
British Malaya
• 17,900,499 27,443,883
163,558,495
404,942,094
9,298,839
18,686,954
128,392,932
China
140,219,370
2,083,329
Hong Kong
3,645,777
16,815,971
9,874,591
9,215,829
7,697,83
64,617,934
Dutch East Indies
117,710,371
22,569,537 24,809,566
318,164,038 . 384,509,397
Japan
11,850,731 11,451,728
88,365,368
Philippine Islands
99,931,043
6,168,278
4,078,765
40,734,539
Australia
47,982,897
1,193,575
2,761,744
17,069,805
New Zealand
14,868,222
811,891
656,169
7,774,614
British South Africa_ _
14,741,369
1.572.182
34,179,794
921.067
Egypt
38.971,964
Association of Cotton Textile Merchants to Conduct
Research Program-To Disseminate Information
on Production, Distribution, &c., to Public.
Announcement was made on July 8 that the Association
of Cotton Textile Merchants will undertake an experimental
research program with a view to developing for the information of the public and the industry itself the facts about the
industry's position from the standpoint of production, distribution and consumption of cotton goods. The Association confirmed the appointment of a special committee to
supervise and direct the research and investigation necessary
to carry out the .proposed program. The Association also
authorized a special appropriation for the same purpose.
The committee includes Bertram H. Borden Chairman,
Borden,
William D. Judson, Floyd Jefferson, Leavelle
and Gerrish H. Milliken.
JULY 10 1926.1
THE CHRONICLE
147
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 7, made public by the Federal Reserve Board, and which deals with the results for the twelve
Federal Reserve Banks combined, shows an increase of $75,100,000 in total holdings of bills and securities and of
$40,200,000 in Federal Reserve note'circulation, and decreases of $37,600,000 in cash reserves and of $5,300,000
in non-reserve cash. An increase of $97,500,000 in holdings
of discounted bills was partly offset by reductions of $11,800,000 and $10,000,000, respectively, in holdings of
acceptances purchased in open market and Government
securities. After noting these facts, the Federal Reserve
Board proceeds as follows:
creased $29,000,000, increases of $24,000,000 in the New
York district, 416,000,000 in the Chicago district, and $6,000,000 in the Kansas City district being offset in part by
declines of $15,000,000 and $7,000,000 in the Atlanta and
Richmond districts, respectively. Total .loans to brokers
and dealers, secured by stocks and bonds, made by reporting
banks in New York City, were $32,000,000 above the June
23 total,loans for own account having increased $128,000,000
while loans for out-of-town banks and for others declined
$59,000,000 and $37,000,000, respectively. Further comment regarding the changes shown by these member banks
is as follows:
Holdings of U. S. securities were $3,000,000 larger than on June 23, the
principal changes being an increase of $19,000,000 in the Chicago district,
and a reduction of $9,000,000 in the Boston district. Holdings of other
Discount holdings of the Federal Reserve Bank of New York increased bonds, stocks and securities increased $22,000,000, increases of $15,000,000
$135,500,000 and those of the San Francisco bank $12,000,000, while the in the Chicago district and $13,000.000 in the New York district being partly
Philadelphia bank reports a decline of $11,300,000, Chicago $27,200,000, offset by a decline of $7,000,000 in the Cleveland district.
Cleveland $7,100,000, St. Louis $4,700,000, and Boston $3,700,000.
Net demand deposits increased $352,000,000 during the week, increases
Open-market acceptance holdings declined $4,100,000 at the Boston
being reported for all districts except Cleveland and Atlanta. The princibank, $3,100,000 at New York, and $2,700,000 at Atlanta. The System's
palincreases by districts were as follows: New York,$234,000,000; Chicago,
holdings of Treasury certificates declined $6,600,000 and of U. S. bonds $56,000,000; Boston, $21,000,000; Richmond, $12,000,000; Philadelphia
$4,900,000, while holdings of Treasury notes increased $1,500,000.
$11,000,000, and Kansas City, $9,000,000. Time deposits increased $13,All of the Federal Reserve banks report a larger amount of Federa 000,000 in the Cleveland district, $12,000,000 in the New York district.
Reserve notes in circulation, the principal increases being: San Franand $42,000,000 in all Federal Reserve districts.
cisco, $9,500,000; Atlanta, $7,800,000; and Chicago, $6,400,000.
Borrowings from the Federal Reserve banks were $33,000,000 above
at
The statement in full, in comparison with the preceding last week's total, the increase thereporting member banks in the Chicago
Boston district $13,000,000. and in the
district being $21,000,000, in
week and with the corresponding date last year, will be found New York district $9,000,000.
on subsequent pages—namely, pages 180 and 181. A
On a subsequent page—that is, on page 181—we give the
summary of changes in the principal assets and liabilities of figures in full contained in this latest weekly,return of the
the Reserve banks during the week and the year ending member banks of the Reserve system. In the following is
July 7 1926 is as follows:
Increase (+) or Decrease (—) furnished a summary of the changes in the principal items as
During
compared with a week ago and with last year:
Week.
Total reserves
—$37,600,000
Gold reserves
—28,100,000
Total bills and securities
+75,100,000
Bills discounted, total
+97,500,000
Secured by U. S. Govt. obligations_
+66,200,000
Other bills discounted
+31,300,000
Bills bought in open market
—11,800,000
U.S. Government securities, total_ _ _ _
—10,000,000
Bonds
—4,900,000
Treasury notes
+1,500,000
Certificates of indebtedness
—6,600,000
Federal Reserve notes in circulation_
+40,200,000
Total deposits
+19,300,000
Members'reserve deposits
+11,000,000
Government deposits
+2,100,000
Year.
Increase (+) or Decrease (—)
+$18,200,000
During
+22,600,000
Week.
Year.
+190,800,000
•
+
+162,200,000 Loans and discounts, total
Secured by U.S. Govt.obligations_ _ _ _
+88,800,000
Secured by stocks and bonds
+73,400,000
All other
3,100.000
Investments, total
+36,400,000
United States securities
+8,500,000
Other bonds, stocks and securities__ _ _
—8,000,000
+35,900,000 Reserve balances with F R. banks
Cash in vault
+85,200,000
+91,400,000 Net demand deposits
+92,800,000 Time depositsdeposits
—400,000 Government
Total borrowingsfrom F. R. banks
The Member Banks of the Federal Reserve System—
Reports for Preceding Week—Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given out
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does over 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the
week ending May 19, it was the practice to have them ready
on Thursday of the following week, and to give them out
concurrently with the report of the Reserve banks for the
new week. The Reserve authorities have now succeeded
in expediting the time of the appearance of the figures, and
they are made public the following week on Mondays instead
of on Thursdays. Under this arrangement the report for
the week ending June 30 was given out after the close of
business on Tuesday of the present week, Monday having
been a holiday (Independence Day).
The Federal Reserve Board's weekly condition statement
of 702 reporting member banks in leading cities as of June
30 shows increases of $190,000,000 in loans and discounts,
$25,000,000 in investments, $352,000,000 in net demand
deposits, and of $33,000,000 in borrowings from the Federal
Reserve banks. Member banks in New York City reported
increases of $166,000,000 in loans and discounts, $16,000,000
in investments, $226,000,000 in net demand deposits, and of
$14,000,000 in borrowings from the Federal Reserve banks.
As already noted, the figures for these nlember banks are
always a week behind those for the Reserve banks themselves.
Loans on stocks and bonds, including U. S. Government
obligations, were $161,000,000 above the previous week's
total, of which $140,000,000 was reported by banks in the
New York_district. "All other" loans and discounts in-
$190,000,000 +$760,000,000
+6,000.000 —30,000,000
+155,000.000 +407,000,000
+29,000,000 +383,000,000
+25,000,000 +164,000,000
+3,000,000 —38.000,000
+22,000,000 +202,000,000
—1,000,000
—4,000,000
—1,000,000
+2,000,000
+352,000.000 +198,000,000
+42,000,000 +478,000,000
—24,000,000
+51,000,000
+33,000,000 —19,000,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the
Department of Commerce.
The Department of Commerce at Washington releases
for publication to-day (July 10) the following summary
of conditions abroad, based on advices by cable and other
means of communication:
GREAT BRITAIN.
Notwithstanding the efforts of the Government to terminate
the disagreement between the British coal miners and owners,
coal mining has not yet been resumed on a substantial basis. The
nation's industrial production is becoming more and more restricted. The Government, during June, proceeded with legislation
along the lines of the Coal Commission's recommendations, anii
two bills have been receiving the attention of Parliament. Unemployment, excluding miners idle due to the coal stoppage, totalled
1,634,700 persons for the week ended June 21, an increase of 4,761
Iron furnaces in blast now
over the previous week's figures.
number only about 12 as compared with 23 on June 1. Iron and
steel production is negligible, and where produced, foreign fuel is
Motor car sales and production are subnormal.
being used.
Retail busines is reported as being quite good although lower
prices prevail. Wholesale trade, however, is experiencing difficulty.
BELGIUM.
The Belgian flax crop promises to be good and of excellent
quality. Spinners have booked orders only to October, while the
domestic and foreign demand for both yarns and fabrics is extremely dull. Cotton spinners have considerable stocks on hand,
consequently new crop buying is late and restricted. The proportion of American cotton which Belgium takes has been increased
while Indian cotton has been neglected. In spite of slack demand,
production has not been greatly curtailed and stocks of yarns are
accumulating.
ITALY.
The Italian Government has launched a far-reaching program
for the economic restoration of the country, according to a cable
from Commercial Attache MacLean at Rome, which embraces
practically all phases o fits commercial and industrial life and
is intended to make the country less dependent upon foreign
sources of supply, especially for luxury items. Financial condisound, with Government operation returning favortions continue .
able balances. Unemployment is unusually low, notwithstanding
that many industries are not working at full capacity.
the fact
The outlook for the most of the major industries is somewhat
improved. In view of accumulated stocks and uncertain prospects
in the automobile industry the Fiat plant has reduced production.
148
THE CHRONICLE
SPAIN.
The Spanish government has prepared a semi-annual budget for
the period July 1 to December 31, providing for expenditures of
1,445,000,000 pesetas and revenue of 1,478,000,000 pesetas. There is
no appreciable reduction from last year's expenditures but the
statement contains provisions for new revenue amounting roughly
to 1,000,000 pesetas for the six-months period. The collections of
the Spanish Treasury for May 1926 show a large increase over
those of the corresponding month of last year, principally due to
increased customs collections, sugar and alcohol duties, stamp
taxes and lotteries.
SWEDEN.
The general economic position of Sweden is steadily improving,
but in certain industries, especially iron, the position can still
be characterized as critical. The textile industry is well engaged;
in the saw mill industry employment has been somewhat below
the average; confirmed improvement has occurred in the mechanical work shop, electrical, and chemical industries.
The
recently increased import duties on window glass are expected
in Sweden to benefit the local industry. The Swedish national
debt, as of May 31, 1926, totaled 1,733,520,518 crowns comprising
1,717,660,518 crowns of funded debt and 15,860,000 crowns of floating
debt, showing little change since July 1, 1925.
DENMARK.
The expected seasonal improvement in economic conditions has
failed to materialize. This is attributed in Denmark to the adverse
effects of the hoof and mouth idesase on the agricultural industry,
the pronounced recession in building activity, the failure of
gradual improvement in general industrial activity following the
February wage readjustment and, finally, strict adherence to the
practice of buying on a hand to mouth basis, with a definite tendency on the part of the consumer to curtail purchases to an
absolute minimum. The present law suspending gold payments
terminates in January, 1927.
LATVIA.
Latvian exports during April, 1926, totaled, by value, 18,363,856
lats, and imports 13,718,540 lats, thus leaving a favorable balance
of 4,645,326 lats, largely due to the extensive sale of flax. The
decline in imports resulted from the increased tariff and the unusually heavy imports prior to the enforcement of this measure.
All branches of trade are stagnant, especially the dry goods trade.
The cost of living is steadily increasing. The German-Latvian
Commercial Treaty, which contains the most-favorable-nation clause,
was signed on June 28, 1926.
LITHUANIA.
According to Lithuanian press reports, the 30 per cent increase
in import duty on goods originating in countries having no trade
agreements with Lithuiania was to become effective on June 25,
1926. In order that imports from countries having trade agreements be exempt from this increase, certificates of origin must be
obtained from Lithuanian representatives abroad.
POLAND.
The preliminary budget for the July -September quarter carries
total expenditures of 458,000,000 zlots with a deficit of over 50,000,000 zlots, which it is planned to cover through extraordinary
increases in direct and indirect taxes. This budget exceeds by
about 15 per, cent the original estimates which showed 1,600,000,000
zlots for the entire year 1926. The Minister of Finance has declared that under no circumstances will the government permit inflationary methods in its finances. In order to decrease the
hoarding of foreign currencies by the population the government
has authorized all credit institutions to accept deposits in gold
zlots and dollars. Unemployment continues to decrease, the total
number of registered idle workers having declined by the end of
May to 304,000, from the high point of 360,000 in February. The
decrease is accounted for partly by seasonal work in certain industries and by public works furnished by the municipal and
communal government institutions.
CZECHOSLOVAKIA.
Depression in all branches of the textile industry is increasing.
The iron and steel, coal, glass, and porcelain industries are dull
but no further decline in activity has been noted. Building construction is retarded by the unfavorable weather. Money is easy
but there is little demand for commercial credits. The wholesale
index has fallen slightly and there is a decrease in unemployment.
Both exports and imports show a further decline during the month
of May as contrasted with April and car-loadings also have decreased. The agricultural situation is still unsatisfactory and
crop prospects are reduced owing to heavy rains.
RUMANIA.
Continued strict control by the National Bank over foreign
exchange transactions has helped to sustain the recovery of the
No relaxation of the
leu to around 225 to 230 for the dollar.
restrictions on foreign exchange operations is to be expected in
the near future, according to reports in Czechoslovakia. For the
present, lett remittances to foreign countries are not permitted;
the restriction applies also to leu balances held by foreign firms
in Rumanian banks, unless specific permits to purchase foreign
exchange are- granted by the controller's office.
JAPAN.
Preliminary returns of Japan's foreign trade for June show
declines in both exports and imports compared with the previous
month. June exports totaled 156,200,000 Yen against 161,500,000
Yen for May (The average value of the yen was $0.4695 in May
and $0.4684 in June). Practically all leading commodities failed to
equal the May showing and the decline in raw silk and cotton
yarns shipments was particularly marked. The total of 193,400,000
Yen for imports during June compares unfavorably with 221,300,000
Yen for May. Smaller imports of raw cotton, wheat, lumber and
iron and steel products account for the bulk of this decline. The
excess of imports of 37,200,000 Yen for June brings the total unfavorable balance for the first half of this year to 401,445,000 Yen,
against 520,914,000 Yen for the same period of 1925. A slight increase in the value of exports and a decline in imports are
responsible for the more favorable showing this year.
CHINA.
Rice prices in Shanghai are higher than at any time since the
world war. In consequence there is much dissatisfaction among
[vol.. 123.
laborers and numerous strikes for higher pay. General heavy
rains throughout the lower Yangtze River delta have improved the
prospects for this year's rice crop. The Shanghai machinery
market shows some improvement tlahough demand is confined
principally to small electric light plants, kerosene engines and
spinning mill supplies and replacements. Motor car importers are
enjoying increased business. Business in north China is dull owing
to seasonal inactivity and the renewed military operations in that
area. Railway transportation on all lines remains iregular and
unsatisfactory with traffic completely suspended on the Peking
Suiyuan Railway.
Large stocks of wool are awaiting shipment
over this line. Through traffic on the Tientsin Pukow line is not
expected to be resumed for several weeks.
PHILIPPINE ISLANDS.
With fair weather conditions, after the early rains, general
business activity is sustained in the Philippines. Leading export
markets, however, were quieter during week ended July 4.
Decreased demand for coconut oil in the United States, as a result
of the report of cheaper tallow and cotton seed oil, caused slackened
conditions in the copra trade. The abaca market is again quiet
after the brief acitvity of _week before last, caused by local trading. Demand from London and New York is very slight but prices
remain steady at 32 pesos per picul for grade F; I, 30; JUS, 25.50;
JUK, 18.50; and L, 14.50.
Production and arrivals at Manila are
about normal. Registrations of new automobiles during the week
ended June 26 were reported to be the largest on record.
NETHERLANDS EAST INDIES.
With some improvement in import trade, Netherlands East
Indian business of the past week was slightly better, according to
cable from Assistant Trade Commissioner C. P. Goodhue, Batavia,
Java, July 3.
The sugar market, which has remained fairly steady in recent
weeks, advanced. Rubber export trade, however, weakened.
INDIA.
India's import trade during May increased somewhat as compared with May of 1925, but exports showed a tendency towards
decline. The value of imports reached 199,100,000 rupees for May
1926, against 189,200,000 for May, 1925, while exports declined from
325,700,000 to 244,800,000 rupees over the same period. The share of
the United Kingdom, both in imports and exports, declined—imports from 53% of the total in May, 1925, to 50% for May, 1926,
and exports from 17 to 16% during the same months. During
May, 1926, the United States supplies 8% per cent of India's
total imports and took 12% of its exports, as compared with 7.5
and 8.5% respectively during the same month of 1925. Increased
imports of goods from the United States were noted in the following lines: shoes, hosiery, hardware, electrical goods, leather, electrical machinery, agricultural machinery, galvanized sheets, paints,
provisions, and railway material.
AUSTRALIA.
Winter clearance sales in the larger business centers of Australia,
particularly Melbourne and Sydney, are creating a brisk retail
trade, but wholesale trade remains quiet, the new stock buying
season not yet having commenced. The compulsory insurance of
employees by employers, as provided in the New South Wales
Workers' Compensation Act, which was to have become effective
on July 1st, is meeting with obstacles as Australian Insurance
Companies are said to be hesitating to take out licenses to accept
such insurance.
ARGENTINA.
Trade in the last week continued dull but improved in some
lines including tires.
Continuance of the damp weather was
favorable to recent plantings but damaging as to the quality of
the corn shipments. Commercial failures for the month of June
showed a total of liabilities of 12,000,000 pesos paper, double the
amount for the same period last year but a decline from the
figures for May of this year.
- BRAZIL.
Exchange for the past two weeks has been firm, but with improvement halted.
The Sao Paulo
Coffee has been weaker.
Government has prorogued the terms of the present membrs of
th Institute until legislative action can be taken changing methods
of choosing members of the directorate from popular election to
direct appointment by the State President. Prices of all tires,
pneumatic and solid, and tubes of one American make arc reducted 10%, and all companies are reported to be making the same
reduction. Sao Paulo textile mills are reducing operations to 24
hours weekly.
PERU.
A $4,000,000 pool has been formed in Peru by two large corporations and the Government for the purpose of selling dollars to
better exchange. An improvement has been effected, and rates
rose during the week from $3.63 to the Peruvian pound on June
26 to $3.715 to the pound on July 3, resulting in better collections.
Because of recently increased lighthouse fees, the steamship companies operating between New York and Peru have all agreed to
a surcharge of 2%% on freight charges from New York to Peruvian ports (one way only) effective July 15.
URUGUAY.
Imports of coal for the month of June were 31,000 tons, 22,000
tons from the United States and the balance German and British;
fuel oil was imports in the amount of 11,000 tons of which 5,000
tons came from Argentina. Imports of gasoline were 151,000 cases
and of kerosene 97,000 cases. 221 automobiles were received from
the United States and 26 from Europe, two trucks from Italy and
13 tractors from the United States. Of the total wool shipments
amounting to 4,785 bales, Germany took 2,615 bales and the United
States 213 bales. Exports to date of wool total 99,000 bales as
compared with 69,760 bales for the same period last year. Hide
shipments amounted to 98,000 wet salted, the United States taking
17,000; and 54,000 dry, of which the United States took none. Of
the Montevideo catle kill, the packing houses reported 59,000, the
municipal abottoir 23,550 and other 11,660. The total slaughter to
date is only 3,000 less than last year. The sheep slaughter has
pratcically ceased. The general retail trade has suffered heavily
due to the unseasonably warm weather although the major industries are in fairly good shape.
149
THE CHRONICLE
JULY 10 19261
PORTO RICO.
Business remains quiet but bank clearings continue above those
of last year. Rainfall is still below normal but showers are more
frequent. Reports now received indicate that the damage to the
corning grapefruit and coffee crops from the drought is not as
serious as feared. The cotton crop in the Isabela and Aguadella
districts has been attacked by worms but the Deraptment of
Agriculture has taken steps to combat the pests. Some few
sugar mills are still grinding. Sugar shipments from January 1
through June 28 were 425,194 tons compared with 421,886 for the
corresponding period last year. A special session of the legislature
is considering means of balancing the budget.
MEXICO.
Banks and stores in Mexico were closed for several days during
the wee kended July 3 on account of the holidays and to permit
the taking of midyear balances. Floods are damaging crops and
hindering mining and road building operations. Machinery, automotive accessories, tractors and specialty lines are doing well.
panied by difficulties and suffering, but that any delay will only serve
to aggravate them.
The same cablegram stated:
Advises Immediate Action on Debts.
Insistence is clear and emphatic that there must be an immediate
ratification of the Washington debt settlement and a settlement with
Britain.
In a chapter on the Treasury problem and the relief from the burden
of the floating debt, the experts declare against a forced consolidation
by a capital levy or a forced loan.
As M. Caillaux tried a year ago, they propose a voluntary consolidation loan with an exchange rate guarantee and an interest rate governed
by the financial market.
For the redemption of the defense bonds they propose they should be
taken out of Treasury control and be met by a sinking fund, fed by
regular resources provided by the total receipts of the tobacco monopoly,
the income from the Dawes annuities and several specified revenues.
An initial fund of four billion francs should be created by means of
a foreign money loan, and further similar loans should in part be
devoted to this purpose.
James Speyer Sails for Europe.
Guarantees of the proper administration of the defense bonds funds
James Speyer sailed this week on the Olympic for his should be given so as to preserve public confidence.
Another chapter, devoted to the problem of stabilization, concludes
usual holiday trip to Europe. He expects to return early
that it should be done by stages by the Bank of France.
in September.
The first thing to be done, according to the experts, is to constitute
a large fund of foreign moneys and francs. This fund should be comgold holdings of the bank plus long and short term credits
Italy Makes Exports of Lire Punishable by Fines and posed of theMorgan credits, credits from foreign branks of emission and
such as the
Confiscation.
private and commercial credits.
According to Associated Press cablegrams from Rome
July 8, attempts to export lire will be punished by heavy
fines and confiscation of the money involved, under a new
Governmental decree. The cablegram says:
The decree, further restricting the movement of Italian currency, permits
persons intending to make long trips abroad to carry a maximum of 10,000
lire. Proportionately smaller sums are allowed for shorter trips.
Premier Mussolini has suspended until Juno 1927 the granting of governmental decorations, titles or other honors as a further indication of the
seriousness of the period through which the nation is passing.
Greece Obtains Loan From Swedish Group in Return
for Match Monopoly.
The following Associated Press advices were reported
from Athens (Greece) on July 2:
President Pangalos has signed a contract with a Swedish group, granting
a match monopoly in return for a loan of £1,000,000 at 6%, to be issued
at 94. It is stated that the negotiations for further advances from the
United States under the credits established during the war are proceeding
satisfactorily.
Hungary to Have Pengoe as New Unit of Currency.
An Associated Press cablegram from Paris July 8, published in the New York "Evening Post," says:
A IIavas dispatch from Budapest says the Hungarian Minister of Finance
has announced that beginning Aug. 1 Hungarian currency will be stamped
In values of the "pengoo," with a ratio of 12,500 kronen to the pengoe.
Report of French Experts Committee—Proposals for
Stabilizing Franc and Otherwise Improving Financial
Condition of France—Views of Finance Minister
Caillaux—Capital Levy Rejected.
The measures proposed by the Committee of Experts
delegated some weeks ago to work out plans for the financial restoration of France, and incidentally bring about
the stabilization of the franc, have been made public
during the past week. Summarizing the conclusions of
the committee, a cablegram to the New York "Times"
from Paris July 3 (copyright) said:
There must be rigorous economy, strict equilibrium of expenditure
and income, no more borrowing from the Bank of France, consolidation
of the floating debt, freedom for capital, exact fulfillment of the obligations of the State, including the settlement and payment of its foreign
debts, and, to aid all this, there must be established foreign credits and
the flotation of long-term loans.
There are three objectives which the experts have set themselves:
First, perfect balancing of the budget; second, relief of the Treasury;
third, stability of the national money.
Nine Concrete Proposals Made.
To attain these three objectives they make nine proposals, which
may be summarized as follows:
1. Improvement of the taxation system so as to give a quicker and
larger erturn to provide about four billions in new revenue.
2. Energetic compression of State expenditure.
3. Cessation of the system of advances from the Bank of France to
the State to cover new expenditure. That is to say, the prevention of
any further inflation.
4. A gradual reduction of the advances of the Bank to the State so
as to strengthen the bank note cover.
5. Relief of the Treasury and a return to its normal functioning by
the reorganization of a large part of the floating debt and its adminisjration by a separate sinking fund.
6. Voluntary effort at the consolidation of the short term national
defense and Treasury bonds.
7. The realization as soon as possible, with the aid of the bank, of
monetary stability.
8. Preparation for the return of capital, for which purpose it will be
necessary to contract long term loans in foreign values and to obtain
credits abroad.
9. Drafting an economic policy which will prevent in some measure
inevitable difficulties which will attend a return to sane money.
In a footnote the committee adds that full warning must be given to
the country that a restoration of the national finances will be accom-
Three Stages of Stability.
When that has been done and the period of temporary stabilization
secured, measures can be taken for complete stabilization. In this second period the bank will maintain the exchange by the purchase and
sale of currencies at a fixed rate.
The third step will be the legalization of the stabilization thus
achieved by laws which will fix a value for the new monetary unit, readjust the advances of the Bank to the State on the basis of the revalored currency, and transform into legal obligations the charge assumed by the Bank for the maintenance of a fixed exchange rate.
It is significant and important that this report has been signed by
all the experts appointed by Raoul Peret when Minister of Finance
without dissension, that is to say by the representatives of finance and
economics in widely different fields.
But this unanimity of expert opinion seems unfortunately no guarantee that there will be similar unanimity in its political interpretation.
Thus, the Radical Quotidien today launches the first attack against
the report and therefore against M. Caillaux's proposals—for these are
known to agree in large measure with the report—on the ground that
it is "socially unjust," will entail further taxation and will favor the
possessors of wealth to the detriment of the standard of living of the
laboring classes.
It is on the recommendation of a four billions increase in taxation
that M. Caillaux's main difficulty with the Left half of the Chamber will
come. He himself is known to favor a heavy increase in the succession
duties, but such an increase would at present only tend to drive more
capital abroad.
Recourse must therefore be made to indirect taxation, and, as the experts' recommendation provided that a large part of the four billion
francs necessary be raised through a tax on railway transport and fares,
it will have this to recommend it—it will hit foreign travelers in this
country as well as French.
According to Associated Press cablegrams from Paris
July 5 "exact observation of the engagements made by
the State and a settlement of the Interallied debts," the
experts find is the keystone upon which the whole program for a gradual return to normal conditions must be
predicated. The same accounts, as given in the New York
"Journal of Commerce" state:
Foresee Deflation Hardships.
The document bears out the constantly emphasized declaration of
Finance Minister Caillaux that France must face a period of "grand
penitence" if her program is to be realized, with consequent dislocation
of industry, unemployment and other ills that invariably follow an
inflation period.
"But," .the report concludes, "if the necessary measures are faced
courageously and unfalteringly, without deviation from the program
of hard economy and rigid self-denial, the period of readjustment will
be reasonably short, and the return to economic prosperity, real and
not chimerical, will become a fact."
"The hour for half-truths is past," the experts declare. They go
on even more bluntly to assert that execution of a program of financial restoration in the present period of monetary disorganization "requires rapidity of decision and often a discretion which does not fit
.\\ ell with the inevitable delays and uncertainties of parliamentary
procedure."
"For defense of the franc," they conclude, "only the executive
power, with its agencies of action, is in a position to act with the
necessary rapidity," and they demand that Parliament approve quickly
the plan, if it is to provide entirely the necessary resources and charge
the Government with full responsibility for its execution.
Revaluation of Franc Necessary.
The whole program is built upon the belief that stabilization of the
franc is the first step to rehabilitation—not a return to its value before
the war, which would be ruinous, but through a value, to be fixed,
which would truly represent its value in commerce.
Such stabilization, the report declares, would presuppose strict equilibrium of the budget and equilibrium of exchange, definite settlement
of France's debts abroad, adaptation of the country's general financial
system to the new monetary situation, and the existence in the Bank
of France of a reserve in gold or foreign currencies to guarantee
proper circulation of French currency.
This stabilization would be divided into three periods—transitory,
the period of actual stabilization, and the period of legal stabilization.
For placing it in operation, it would require establishment of credts
abroad.
150
THE CHRONICLE
Bank of Control Exchange.
The report details technical methods of arriving at actual stabilization, in which the Bank of France would control, by the sale and
purchase of francs as required, and maintain to equilibrium of the
currency.
Must Cut State's Expenses.
Passing to the actual condition of the budget, which could be balanced with the franc of 125 to the pound sterling, whereas it is now
nearer 180, the report lays stress on the need for drastic reduction of
the State's expenses, the cutting down of administrative staffs to a
minimum, reduction of the number of departments and immediate augmentation of the Treasury's receipts.
Would Double Import Duties.
Increase in receipts would be accomplished by certain modifications
in taxation, notably a small reduction in the income tax and virtual
doubling of import duties on articles from abroad. The present import
duties, the experts assert, represent only one-half of those existing in
1913, if the depreciation of the franc and increase in prices are
considered.
Readjustment, particularly of the customs, must be realized, the
report says, with the briefest delay, certainly before the end of the
year. The doubling of the present sugar tax and the imposition of a
tax of five centimes for a litre of wine and similar beverages are also
recommended.
Plan for Short Term Bonds.
The report finds one of the most serious problems is the retirement
of short term bonds. It provides for an amortization agency that
would so handle the retirement of national defense bonds and other
securities that national confidence would be restored. It is suggested
that these bonds could gradually be exchanged—but not by forced
procedure—for longer term securities, which would relieve the State
of the embarrassment of providing funds to meet constantly maturing
debts and at the same time conserve to the fullest the interests of the
holder.
Stating that, without laying his full plans before Parliament, Finance Minister, Joseph Caillaux, on July 6
gave a general explanation to the Chamber of Deputies
of what he thinks can be done, in accord with the experts'
report, to remedy the franc and situation of the French
Treasury. The New York "Times" copyright advices from
Paris that day said in part:
[Vol.. 123.
There was an immediate outburst of protest from the Socialist, _Auriol.
Premier Briand stepped to the side of his colleague, declaring that this
demand would be made by the whole Government in accord with the
Finance Minister.
It is on this point that the real battle will come with the Left of the
Chamber—the Right perhaps reserving another.. field. For today, however, the demand was accepted and challenged only by M. Auriol.
Declines Path of Deflation.
By the Right and from Andre Tardieu, if he enters the debate later
in the week, it is expected the battle ground chosen will be that stabilization should come by deflation and with that expectation, M. Caillaux
launched at the end of his speech into a denunciation of the impossibilities of getting the French peasant to accept fifteen gold francs for his
hundred-franc note and the difficulties of readjusting salaries and contracts.
Then, turning again to M. Tardieu's intervention of a week ago, the
Finance Minister concluded that the only way he saw clear before him,
by which stabilization could be attained and the evils of a constantly
unbalanced budget, spurious prosperity and the flight of all wealth
could be avoided, was by obtaining foreign credits to re-establish the
balance of payments and to enable a return of the country to a sound
basis.
To that the only alternative was abandonment, disturbance and perhaps revolution.
The Government and Parliament must oppose such a policy of despair
by all their will and their strength. If they did so, there could be no
doubt of ultimate success.
As soon as he had finished and there was an end to the applause
and congratulation of his immediate supporters—that is to say
something slightly more than one-third of the Chamber—M.
Caillaux began to experience something of the difficulties he had
sought to avoid.
He treated his subject at times with a spirit almost of gayety in
his effort not to provoke the Opposition. But the Opposition
seems likely to develop the usual mad deluge of theory, dogma
and interests which always characterizes a Chamber debate on
finance.
Emile Borel of the Radical Socialists obtained fromhim a
declaration that he was far from anxious to link the ratification
of the Washington debt agreement to the opening of bankers;
credits for the stabilization of the franc.
Communist Garchary won applause from some Socialists when
it was pointed out that the only sound way to obtain redress. of
the franc was in nationalization of the banks' monopoly of foreign
commerce and in conscription of private fortunes.
So the floods of oratory have begun and they are likely to continue for three days at least, with this risk lways present that
the Government will be drowned in their
turmoil and crosscurrents.
Briefly, his main points may be thus summarized:
First, there must be an internal loan to cover certain expenditures of
a non-budgetary character during this year, such as completing the
restoration of the devastated districts.
Second, there must be a simplification and a reorganization of the
taxation system, reduction in certain directions and increase in others,
According to the Paris Associated Press accounts July
which will yield during 1927 three billions of new revenue to meet the
demands for increased salaries of civic servants, to cover sinking fund 7 a vigorous assault upon the Washington debt settlement
charges, for the reimbursement of defense bonds, bank loans and short- and on Ambassador
Berenger and a sharp attack on the
term loans, and to permit an effort at the stabilization of the franc.
Third, this work of reorganizing the fiscal system cannot be done experts' report and the Governmen,t stabilization scheme
effectively by a series of Parliamentary measures. It must be done put the Government on the defensive in the debate on
outside Parliament with the collaboration of the representatives of the finance in the
Chamber of Deputies that day. These acRevenue Department.
Among the matters needing reorganization, because of the deficits counts further reported as follows:
accruing from the fall in the value of the franc, are customs duties and
M. Franklin -Bouillon, chairman
of the Foreign Relations Comrailway transport, and these are being dealt with in proposals to be mittee of the Chamber, declared that the debt settlement amounted
submitted in such a way as to increase the national revenue by two to "sabotage of French interests."
He could not give his confidence to a Government if ratification
billions. Motor transport would be proportionately taxed.
of the accord were insisted
Fourth, any vast plan of consolidating the defense bonds would have upon, and he demanded that the Government take advantage of the
too grave an inconvenience to be realizable now. He would prefer, M. fact that the United States Senate
had adjourned, to appeal from
Caillaux said, separate control of funds, such as is 'suggested bythe an uninformed America to a better informed America. It was an
experts, which would enable the system of short-term bonds to continue impossible thing, he said, that
the world should be offered "the
while at the same time relieving the Treasury of any danger of a sud- spectacle of a people which
had sacrificed itself in resisting the
den demand for reimbursement.
common enemy being crushed under
the exactions of its allies."
In the course of his remarks announcing the Washington settleUrges Debt Payment.
ment, M. Franklin -Bouillon made an attack on the French AmLeading up to the question of stabilization, Mr. Caillaux pointed out
bassador, M. Berenger, declaring: "He was the one man in France
how the Bank of France .advances to the State are only 500,000,000 who
ought not to have been sent to Washington. While a memfrancs short of the legal limit, and how each year the Treasury has to ber of
the Caillaux mission he took the American side of the argupay four billion francs in interest on foreign debts.
ment against the French thesis."
Stabilization, he said, was essential, and his fifth point was made in
From the Government bench
M. Caillaux shouted: "That is
this sentence.
not true."
"I declare clearly and emphatically that it will be impossible to pay
The chairman of the Foreign Relations Committee asserted
that
these debts if the franc continues to fall and if we do not obtain credits he could
prove his charges, and this for the time being ended
from more fortunate peoples."
the matter.
"But we will not get those credits unless we pay our debts," he said.
The Socialist leader, M. Blum, won the applause
front twoIt is, however, Mr. Caillaux's intention, as has been several times thirds of
the Chamber in an ardent attack on M. Caillaux's plan,
indicated, to seek a settlement with Britain before he lays before the which, he
asserted, "conceals germs of inflation."
Chatniber the Mellon-Berenger agreement, and he has made no secret of
As proof of this the speaker citied
the experts' admission that
the fact that he is seeking from Britain more advantageous terms than stabilization
would entail an increase in internal prices and bring
were secured in Washington, possibly for use in further argument.
them to
does not wipe out a debt by disregarding it," he reminded the necessity the level of the stabilizing figure. That would mean the
"One
of more money. He calculated
the increase in the cost
Chamber, but he did not indicate that the Government would show any
of living consequent upon stabilization as
proposed by the Finance
pressin ganxiety to get the Washington settlement ratified before other
Minister at 50 per cent; and it would require 50
per cent more
measures necessary to the stabilization of the franc have been fully dispaper money issued, which would upset stabilization.
cussed and arranged.
M. Blum argued that stabilization could be effected
only on
rising exchange, and this ought to be done by
Treats Stabilization Separately.
the country's own
resources, without resorting to foreign loans.
Stabilization formed a separate chapter in the Finance Minister's
Therefore a capital
speech. It was impossible, he reminded his listeners, that a country levy was the only solution.
The Chamber cooled when M. Blum spoke of a capital
which had its richest provinces devastated by war could expect to
levy, and
the Government barometer rose somewhat at the
emerge from the struggle without its money depreciated.
close of the
•
Then, with quotations from the Dawes plan report and speeches from day's debate.
Winston 'Churchill, he showed the danger of false prosperity on a conIn his argmnents in the Chamber on July 8,
stantly depreciating currency.
Finance
Following closely the arguments set forth by the experts, he dc- Minister Caillaux said that the Government has no
inscribed the technical basis of stabilization and the putting into operation tention of stabilizing the franc at
its present low figure,
of the resources of the nation supported by foreign credits.
Without any exaggeration, but coolly and easily, he described what hut that it proposed "first of all to rebuild confidence and
would happen if stabilization of the franc was not secured. Then he then to stabilize the franc later at a better value." On
came to his great moment.
that day he rejected the Capital levy proposal, the
AssoTo enable this operation to be carried out successfully, it must be
ciated Press advices in indicating this stating:
done almost secretly, he said. Stabilization could not be enacted by
Parliament in long discussions and so the Government would ask in a
The franc wane down to the value of just about 212 cents
this afterspecial bill for powers to proceed with this task in manner and at a noon while the Chamber of Deputies was discussing the
respective
merits of the experts' financial plan and the Socialists'
saw fit.
time it
proposal for a
JULY 10 1926.]
THE CHRONICLE
151
capital levy. The franc went as law as 39.80 to the dollar after the
About 44% of American Capital Invested Abroad Has
close of the Bourse.
Gone Into Latin America.
The weakness of the franc at the opening this morning was attributed
to the impression made by the speech of the Socialist leader, M. Blum,
Out of a total of $9,500,000,000 of American capital
yesterday. In his remarks M. Blum had declared that M. Caillaux's
plan "conceals germs of inflation," and that stabilization of the cur- invested abroad, about 44% has gone into Latin America,
rency would entail an increase in prices in commodities in general, thus it is pointed out by G. Butler Sherwell in the current issue of
increasing the cost of living. He advocated a capital levy.
the American Bankers Association Journal. Mr. Sherwell,
The Finance Minister replied with seemingly good effect today, but
the franc continued to go down. M. Caillaux reminded the Chamber says:
American capital has been lent to Latin-American governments to the
that the solution of the problem was largely a question of confidence.
When the people at home were reassured, then it would be possible to extent of $1,083,591,400 as compared with something like £350,000,000
which England has lent to those governments. The role of banker to Latin
obtain support abroad, which was essential to stabilization.
The Minister rejected absolutely the idea of a capital levy, and con- America is relatively new to this country. About the year 1900 American
tended that it would bring about more disastrous inflation than would capital began to cross the borders. Up to the European War American
loans to Latin-American governments amounted to $85,230,000.
be risked by any other scheme.
The United States has an inherent right to become the preferred banker
The chamber's objection to foreign loans to aid in stabilization
of the of Latin America, not only for reasons of propinquity,
but also because
currency, said M. Caillaux, was about as reasonable as would be refusal
several Southern countries are economically dependent upon the United
to allow merchants to borrow money to carry on their business.
States, and all of them have this country as principal market for their
M. Caillaux again emphasized the need of foreign credits
for stabiliza- products. We have been instrumental also in building up
those countries
tion of the franc. He said that when the pound sterling
stabilized, through the construction of railroads and public works by means
was .
of public
England established credits of $300,000,000, the credits
being necessary loans. If we have been successful in increasing trade with Latin America,
to prevent international speculation on the exchanges.
it has been due in a great measure to the increase of our investments there,
The Finance Minister also demanded that the inter-Allied
debts be which are now estimated to amount to $4,040,000,000. It is calculated
settled and told the Chamber that negotiations are now being
pursued that 80% of this amount has been invested in productive enterprises such as
in such fashion as to reach an accord worthy of France.
the upbuilding of Latin America's economic power and the development of
The continued decline of the franc seemed to -have as
much influence her vast resources.
on the Chamber as the Finance Minister's arguments.
The prospect of
In latin America improvement of communication, development of
forty to fifty francs to the dollar was discussed in the
lobbies, where a natural resources and aptitudes of the various countries have created increase
good deal of impatience was shown with the Deputies
who still insist in the purchasing power of almost every country with the possible exception
on treating the financial question as a political issue.
of Mexico. American capital has been responsible to a great extent for such
The debate, which went over to 2 o'clock tomorrow
afternoon, will improvement. Financial and political conditions of the chief consuming
likely be concluded tomorrow evening.
and producing Latin-American countries appear to have entered into a period
On July 2 it was stated in Associated Press
of definite stabilization.
cablegrams
that "the great tension produced by the steady decline of
the franc has made ratification of the Washington debt
accord of outstanding importance in the present political
situation. Stabilization of the franc is imperative and
settlement of the foreign debts is held in many political
circles as an essential preliminary to stabilization." The
cablegrams of that date added:
A bombshell was thrown into anti-ratification
ranks in Parliament today when figures were produced showing that
the total
present value of the payments under the
Berenger-Mellon agreement is only $2,000,000,000. This includes the price
of war stocks
and is just about the total of the sums which
France has borrowed from the United States since the armistice.
This is the
first time that this analysis of the agreement
has been presented
in parliamentary circles.
Reported Conference at Antibes (France) of
Benjamin
Strong, Montagu Norman and S. Parket
Gilbert
—Last Named Cancels Trip.
•
In heralding a forthcoming conferencein which
the names
of Messrs. Strong, Norman and Gilbert were linked,
as participants, Associated Press cablegrams from Antibes
(France)
July 8 said:
Everything apparently points to an international
financial meeting of
great importance here. Montagu Norman, head of the
Bank of England,
and Benjamin Strong, head of the Federal Reserve Bank
of New York, are
both here, while S. Parker Gilbert, Agent
-General for reparation
collections, is expected here late to-morrow. Reports also
havg been in circulation that a representative of the Bank of France will
arriVe within a few
days.
Indications that Mr. Gilbert had decided not to
make the
trip planned were contained in further cablegrams
(Associated Press) from Paris last night (July 9) as follows:
S. Parker Gilbert, American Agent
-General for reparation
payments,
has given up hls idea of taking a holiday at Antibes,
because of the widespread comment regarding a "conference of international
financiers."
This comment arose from the fact that Benjamin
Strong, Governor of
the New York Federal Reserve Bank, and Montagu
Norman, Governoi of
the Bank of England, are now at the Cap.
MM. Moreau and Rist, respectively Governor and
Vice-Governor of the
Bank of France, despite the fact the franc had reached
a low record to-day,
say there is no reason for them to go to consult Mr.
Strong and Mr. Norman.
The Government, they assert, has no program up
to the present to lay
before the American and British financiers.
Consequently, it has nothing
to ask of them, nor can it have until Parliament has
acted.
The cablegram of July 8, a part of which is
quoted above,
in addition said:
Although neither Mr. Strong nor Mr. Norman will
discuss their presence
here, investigation at their hotels shows that both
Men have been following
the French parliamentary discussions at Paris
closely, with indications that
Emile Moreau, newly appointed Governor of the
Bank of France, has been
communicating with them at great length.
Rumors have even been in circulation that German
financiers, possibly
including Dr. Hjalmar Schacht, President of the
German Reichsbank, are
expected, but these could not be confirmed.
Mr. Norman,receiving reporters at the Hotel de
Cap, has refused to deny
or confirm any of the rumors, confining himself to
the answer: "We can't
say." This is a variation of his "I don't know,"
with which he greeted
correspondents last week. The widely varying
reports of the activities of
the financiers published in the French and foreign
press have noticeably
annoyed both Mr. Strong and Mr. Norman.
Mr. Strong, in his efforts to guard himself against
correspondents, has
turned the historic old Hotel De Cap, once the
favorite Riviera resort of
European royalty, into a veritable fortress. The
hotel has been so upset
during the last week because of the presence of the
English and American
financiers, that the management has issued strict
orders to all employees
not to deliver messages of any kind to the two men.
The concierge, trained during the regime of royalty
at the hotel, declared
that kings and princes never received such marked
smallest of provincial papers of the district has sent attention. Even the
representatives in an
effort to obtain interviews.
Oversubscription of Amsterdam Portion of Brazilian
Bond Offering.
Advices received in New York from Amsterdam state that
the Dutch portion of the $25,000,000 63/2% United States
of Brazil external loan recently offered there was oversubscribed. The underwriting syndicate was headed by
Mendelssohn & Co. and the Nederlandsche Handel Maatchappij. The offering here and abroad was referred to in
our issue of June 26, page 3545.
Bulk of War Indebtedness of European Countries to
United States Really Canceled—Prof. Irving Fisher
Shows French and Italian Terms Are for but
42% and 21%.
Irving Fisher, Professor of Economics, Yale
An article by
University, showing the character of the French and Italian
debt settlements from a banking standpoint, was published
in the New York "World" of June 21. It is claimed to be
the first authoritative calculation of the actual interest rates
represented in the two settlements to be published. The
article is copyrighted. We reproduce it herewith:
Now that the formalities in ratifying the French and Italian war debt
settlements are nearly ended, let us examine the "pound of flesh" which
European sentiment still seems to feel that the American Debt Commission
has exacted.
Discount at 5%,the "present worth" of the French payments which are
to be extended over sixty-two years is only $1,695,000,000-42%, or a
trifle more than two-fifths of the $4,025,000,000 France owes us. That is.
France finds herself forgiven by 58% of her debt.
Similarly, the present worth of the Italian debt of $2,042,000,000, discounted at 5%,is $432,600,000. That is only 21% of the principal. Italy
has 79% of her debt forgiven.
The American Debt Commission, of course, had no power to negotiate
cancellation of the principal of European debts. From this fact the chorus
of European disapprobation arose. Thus the "Temps" of Paris exclaimed:
"In the scales gold outweighs blood, outweighs ruins, outweighs sacrifices.
That is what international morality means these days."
But look at the terms actually concluded. True, the Debt Commission
could not reduce the principal. But it had full authority over the interest
rates and time of payments. It used this authority in such manner as
virtually to extinguish the bulk of the debts.
-Now, it matters not what the principal of a debt is if time is sufficiently
extended wherein to pay it and if the interest rate is put low enough. For
example,if it were arranged that the $11,000,000,000 of 2uropean Indebtedness ta the United States should be paid at the rate of $1 a year for 11,000,000,030 years, with "interest" in the sum of $1 a year for another 11,000.000,000 years, the principal would remain the same, but it could be financed
on a "present worth" of about $20.
The True Interest Rate.
Something like this has been done by the Debt Commission in extending
the payments of France and of Italy over sixty-two years, both at low rates
of interest.
In fact, the average rate of interest which Italy is to pay on her debt is
only 4-10 of 1%. That of France is 2.4%.
For Italy, the announcement was made that the average interest rate
would be 9-10 of 1%. But the true average is that rate which, when we
use it for calculating the discounted value of all future payments, whether
of principal-or of interest, will make the total of these discounted values
equal to the existing debt. On calculation I find this rate to be not 0.9%
but only 0.4%.
Of course, no one who uses scales whereon "gold outweighs blood" would
dream of lending to the Italian Government at 0.4%. Italian bonds are
now selling on a basis equivalent to 73i %,and on such a discount basis the
American terms would reduce the present worth of Italy's debt to $237,858,000, or 11.6% on the dollar. The more conservative discount of 5%
which I have chosen in figuring present worth raises this to 21 cents per
dollar of Italian debt.
No Interest Charge Until 1930.
At this discount of 5%,for present worth, the French settlement amounts
to 42 cents on the dollar.
152
THE CHRONICLE
But actually there is no interest charge until 1930. Thereafter, the
French interest rate is fixed at only 1% until 1940 and then at 2% until
1950; while for Italy the payments for the first decade after 1930 will be
but one-eighth of 1% and for the second decade one-half of 1%.
I am far from objecting either to the amounts or the method of these war
debt cancellations. In fact, I suggested such a measure in "Europe's Big
Debts" (Yale Review, April 1924), naming the reasons that favor such a
policy. I would be glad if it could go still further. But Europe should
recognize that we have canceled a large part of the debts in fact and not in
names Moreover, Americans who object to such easy terms and clamor
for 100% debt payment from Europe show a different kind of confusion.
Thinking in terms of money, they insist that every penny shall be paid us.
But when they think in terms of imported goods, by means of which the
payments must be effected if at all, they are for barring them out. Manifestly, the debts cannot be paid in gold. And even if they could be it would
harm us, not help us, because we have too much gold already. Full payment
could scarcely be exacted except at the expense of a serious breach in the
American tariff walls. That might not be so bad. But if it were understood,
doubtless the hundred per centers would experience a change of heart.
Congress Gets Mellon's Figures on Cancellation.
Along with the article of Prof. Fisher (which we give above)
the "World" on June 21 published the following dispatch
from Washington:
•
In the debt settlements with France and Italy the United States is
collecting substantially only the amount of her post-armistice loans to these
countries, figures just calculated by the Treasury show.
In other words, since the Debt Commission had no power to reduce the
principal of the loans, it has, by reducing the interest, made the present
value of the payments to be made by France and Italy equal only to about
the sums loaned them after all danger of a military defeat was over. The
figures are given as an answer to the European argument that since Europeans provided the man power for most of the war, the United States should
provide the money.
The Treasury believes the present figures show that this is what the
United States has done, practically canceled the actual wartime debts. As
the Treasury figures it, the present value of France's payments, figuring
interest at 5%,is $1,681,369,000 and her post-armistice loans amounted to
$1,434,818,945. The present value of the Italian payments is $426,287,000
and her post-armistice advances $617,307,200.
Mellon Submits Figures.
Secretary Mellon has submitted these calculations to Congress for use in
discussing the settlements. They give the present value of the gross debts
discounted at 3, 43 and 5% interest and the percentage of the funded
debts represented by their present value.
Prior to the funding agreement, the French debt stood at $4,230,775,000.
With interest adjustments in the agreement,the debt was funded at $4,025,000,000. Its present value discounted at 5% is $1,681,369,000. The
present value is 39.7% of the debt at the time of funding, and the extent of
cancellation, at 5% interest, is 60.2%.
The Italian debt prior to the funding agreement was $2,150,150,000.
After adjustments it was funded at a principal of $2,042,000,000. Its
present value discounted at 5% interest is $426,287,000, or 19.8% of the
total before funding, representing a cancellation of 80.2%.
Prof. Fisher's calculations differ slightly from those of the Treasury, it
was explained, because he figured interest by yearly payments, whereas
the Treasury arrived at its totals by figuring payments of interest on a
jami-annual basis. The latter prevails in all of the settlements.
French Loan at 8%.
That 5% is not too high a rate for use in obtaining the current value of
the French payments might be indicated by the rates obtaining on France's
internal debt. While interest on her pre-war loans ran around 3 and 4%,
It was necessary for the French Government to pay interest of 7 and 8%
in late stages of the war and even on some of her loans thereafter.
The national defense funds, which revolve quickly, carry interest of
around 6%, but financial experts point out that the various inducements
offered to cause investments in the short term French bonds, such as
advance payment of interest, in reality make the rate higher than officially
stated. Normally the short term obligations would bear lower interest
returns than the balance of the internal debt.
The argument that the United States wiped clean the actual war debt
with France and is collecting only money advanced after the Armistice
might be sustained if it were accepted that France obtained too good a
bargain on the sale of surplus war materials left in American depots after
the Armistice. The amount charged for these supplies was $400,000,000.
Their actual value has been placed variously at around $1,000,000,000, but
It has been argued with equal vigor that France profited and lost by the deal.
The following table shows the pre-armistice and post-armistice loans to
Great Britain, France, Italy and Belgium, and the present value of the
combined funded indebtedness at 5%, according to Treasury calculations:
Post-Armistice Present Value Total
Pre-Armistice
Debt at 5% Int.
Loan.
Nation.Loan.
$581,000,000 $3,296,948,000
$3,690,000,000
Great Britain
1,681,369,000
1,434,818,945
1,970,000,000
France
426,287,000
617,034,050
1,031,000,000
Italy
191.766,000
207,307,200
171,780,000
Belgium
At 43% the present value of the French settlement is $1,996,509,000
and at 3% $2,734,250,000. At the same rates Italy's settlement has a
value of $528,192,000 and $782,321,000.
French Morgan Loan Partly Used.
The following Paris advices are from the "Wall Street
Journal" of July 6:
Finance Minister Caillaux addressing the Chamber of Deputies said he
agreement.
had received assurance of modifications of France's debt
500,000,000
Advances of the Bank of France to the Government are within
Morgan loan
francs of the legal limit, and a good part of the $100,000,000
of the franc, the Minhas been absorbed in the effort to check the slump
financial situaister of Finance revealed in his exposition of the French
tion.
obtain credits from the
He warned the Chamber France cannot now
pays her debts. He added
United States or from Great Britain unless she
pound and dollar continue to mount
that she cannot pay her debts if the
in relation to the franc.
Washington and London settlements
"The Government will submit the
act with full sovereignty," Caillaux
together to Parliament, which will
ameloration of which I already have certain
said. "Both accords, with the
assurances, are indispensable."
[ Vol,. 123.
"The Government approves the conclusions of the experts' report, but
will not follow it servilely. The total additional taxation proposed by the
experts is somewhat excessive.
"This year the budget again has a deficit, because of the fluctuations of
the exchange, but if my plan is followed in 1927 the budget will be rigorously' stabilized. The taxpayers must support the 1926 expenses, because
we cannot place further interior loans."
Promises of a stabilized budget have been held before the country for
several years, but each budget that set out to be stable has developed a
deficit immediately as the franc sank further in the international exchange
quotations.
Caillaux said new taxes were necessary.
Secretary Mellon Denies Cabling France on Debt Pact
—Scouts Report that Minister Caillaux Was
Assured United States Would Not
Apply Article 7 of Agreement.
In its issue of July 2 the New York "Commercial" announced the following from its Washington Bureau:
While Secretary Mellon and other American Debt Funding Committee
officials have made it known that there is little likelihood the United
States ever would enforce Article 7 of the debt agreement with France,
which permits the Secretary of the Treasury to call on France for the
issuance of marketable bonds which could be sold to the public if at any
time he should so desire, it was denied at the Treasury to-day that the
Secretary had ever communicated either directly or indirectly with the new
French Finance Minister, Joseph Caillaux, in regard to this matter. In
commenting on a press report from Paris, which stated that Caillaux had
received from Secretary Mellon a cable giving unofficial assurance that
the United States would not apply this article of the pending agreement,
the Secretary asserted that this question had not been presented to the
committee by the French Government in any form. It had not come to
him in any official manner, he said, and his only information on the subject was from press reports.
Treasury and debt committee officials, however, recently stated in reply
to press dispatches indicating French opposition to this provision of the
agreement that a similar article was contained in all other debt settlements,
that it had never been put into operation and that because of practical
financial considerations it did not appear likely it ever would be carried
out. If public bonds were issued on the strength of French Government's
obligation to the United States they would have to be sold at par with
this Government's backing and the rate of interest would be very low, so
that officials here thought there was nothing to fear from this source. It
was pointed out, furthermore, that the Liberty Loan Act under which the
money advanced to France during the war had been raised and which the
French Government had understood, provided that marketable bonds should
be issued to this Government in repayment of the loan if the United States
so demanded.
Officials here to-day, however, were not willing to comment further on
the matter, simply stating that there had been no communication with
M. Caillaux and that the reported position of the French Government had
not been brought to the attention of the American Debt Funding Commission or the Secretary of the Treasury in any official manner whatever.
Treasury on Foreign Debts—Within Power to Place
Obligations of Any Country Which Has Funded
Debts on Market—Attitude Toward France.
From the "Wall Street Journal" of July 8 we take the following Washington advices:
Treasury officials indicated that while no assurance has been given to
any foreign country that their debt obligations would not be placed on the
market, as is provided in the debt treaties, the economic situation of the
world will have to be completely revolutioniz,d to make such a step on the
part of this Government sound. It is entirely within the power of the
United States to place British or any other country's obligations who have
funded their debt on the market now instead of issuing Treasury certificates for Government financing, officials stated, but such a course is plainly
absurd and economically unsound in the present condition of the world's
fiscal affairs.
French officials have been endeavoring to obtain assurances from this
Government on this phase of the debt funding agreement, and though this
country has refused to give any assurance, it is thought by the Treasury
that the economic situation of the world should be assurance enough to
all debtor nations that their obligations cannot possibly be placed upon
the market at any time in the future unless European countries make phenomenal recoveries.
The same paper on July 7 published the following Associated Press dispatch from Washington:
The American Government may lift its ban on credits to France without
waiting for the United States Senate to ratify the $4,000,000,000 debt settlement when and if the French Parliament approves the pact, it is believed.
Finance Minister Caillaux's efforts to obtain a favorable vote on the settlement in Paris are seen as preliminary to a credit of $100,000,000 or
$200,000,000, to stabilize the budget and the franc.
Treasury officials emphasize no "assurances" of modification of the settlement agreement have been given, as Caillaux intimated. It is believed,
however, the United States will be willing to withhold the French bonds,
given for the total amount of the debt, from the American market. This
would allow the French leaders to assert that if France's capacity to Pay
decreases in the next few years, the bonds could be exchanged for a new set,
issued under easier terms.
Russian Soviet Orders Cut in Price of Goods—Reduction of 10% from May Level is Due to Prospect of
Bumper Crop.
It is learned from a copyright message to the New York
"Times" from Moscow July 5 that all retail prices of manufactured goods must be reduced 10% from the May level
by Aug. 1, according to a decree just issued by the Soviet
authorities. The "Times" account goes on to say:
The reason for the decree is obvious enough. The prices of agricultural
products have been dropping in anticipation of a bumper crop and it is
feared that there will be a greater disproportion than at present between the
JULY 10 192G.]
THE CHRONICLE
prices of grain and goods—Trotsky's famous "scissors," as they are called
here from the chart published four years ago by the then Red war lord,
showing the line of food prices descending from the pre-war level and the
goods price line mounting away above it.
"Unless we can make these scissors shut," said Mr. Trotsky, "we shall
lose the economic battle."
By a terrific effort the goods prices were forced down and the ruthless
export of grain pushed food prim; up to meet them. With the grain rates
double, the pre-war level and goods not more than 70% higher, still it is
then possible to maintain an equilibrium for one reason which the majority
of the Soviet economists overlooked.
There was practically no purchasing capacity, no surplus over the barest
living necessities—in the city or country.
It is wholly a different story to-day. Speaking generally, both the urban
workers and the peasants are eating as they never ate before—the standard
of Russian life being so low that white bread or meat on the table is a cardinal measure of national prosperity—and with the harvest this fall comes
the expectation that there will be an unprecedented demand for manufactured goods.
With all credit to the good intentions or decrees of the Soviet authorities,
it would seem humanly impossible to maintain prices at the present level—
which,it is true, is some 2 or 3% lower than in May,thanks to the sum.mer's
lessening demand, some reductions in overhead and a steady decrease in
food costs—much less to diminish them.
The peasant,however,is beginning to believe what he had been told—perhaps rashly—for the past nine years, namely, that he was not a beast of
burden but a man, a brother and the essential majority of the Soviet State.
So he is rather petulant on finding that he must pay three or four bushels
of grain for goods that one bushel of grain would have bought in the old
days.
He won't revolt, of course—Bolshevist revolution gave him his land,
tractors, doctor, credits and the right to call himself a man and fear none.
But he will grumble as American farmers grunble and Moscow will listen as
Washington listens.
What Moscow will do about it is not yet apparent, but in a country where
the peasants are 88.5% of the population, there is no doubt that it must do
something considerable.
Without attempting prophecy, it is perhaps worth while to realize that
every step—and there have been a good many since 1920—which the Soviet
Government has taken away from pure communism toward so-called capitalist methods has been forced more or less directly by peasant pressure.
Russia is to-day peaceful, industrious and potentially rich beyond the
dreams of avarice. But it needs money and foreign expert assistance to
escape the present vicious circle and start the ball of prosperity to rolling.
It is not beyond possibility that the peasant pressure will soon further
develop the evolution of the Russian State to a point where foreign credits
and expert help will become available.
Payment of Rumania's War Debt to Italy—Proposed
Loan to Rumania.
A Bucharest Associated Press cablegram July 1 stated:
Under the terms of the recent financial negotiations between Italy
and
Rumania, Rumania will pay its war debt of 150,000,000 lire to Italy in
fifty annual installments. The payments will be relatively small at
the
beginning. The interest rate has been fixed at 1%%.
Rumania also will receive a 10
-year loan of 2
00,000,000 lire (about
$7,660,000) from a company organized by the Italian State, controlling
petroleum. This sum will draw interest at 7%.
Italy also will loan 100,000 lire to Rumania without interest, the
money
to be spent for the purchase of goods manufactured in Italy. This
amount
is secured only by Rumania's signature.
The Rumanian Government believes that great advantages to its
oil
Industry will accrue through the arrangements.
Yucatan Restricts Henequen Output.
Advices from the Washington bureau to the New York
"Journal of Commerce" June 29 states that the restriction
of henequen (sisal hemp) production in Yucatan on a sliding
scale, ranging from 10% for small producers to 30% for
large producers, is provided in a decree enacted by the
Yucatan State Government, according to a cable dispatch
received at the Department of Commerce.
Importance of Italy and Japan as Consumers of
American Cotton—Relationship of Transportation
Costs to Cotton Prices.
Italy and Japan are rapidly forcing their way to
the front
as consumers of American cotton, according to a
study just
completed by the Bureau of Railway Economics
into the relationship of transportation costs to cotton prices
and made
public on July 6. The Bureau's announcement in
the matter says:
Cotton exports to Japan have increased nearly 300%
during the past
five years compared with those from 1906 to 1911,
while there was an
increase of nearly 22% for.Italy. Exports to Great
Britain during the past
five years showed a decrease of more than 43%
compared with those for
the period from 1906 to 1911, while cotton exports to
Germany showed a
decrease of 38% and to France, a decrease of 24%. On
the basis of the
number of bales of cotton exported from the United
States, however, Great
Britain, Germany and France are still in the lead in the
order named.
The study further shows that freight rates do not
retard the movement
of cotton into either domestic or foreign markets, and
that freight rates
represent relatively a small proportion of the price
even on long hauls.
Freight rates constitute a small factor in price
determination and do not
cause the fluctuations in the price of cotton that takes
place almost constantly. A summarization of the study indicates:
1. That there are marked fluctuations in the prices paid
producers for
cotton, which occur from week to week, month to
month, and season to
season.
2. That the fluctuations are not uniform at points in
the same general
territory.
8. That the fluctuations exceed the freight rates even to the
most distant
consuming centres.
4. That freight rates do not cause the fluctuations in price.
153
5. That freight rates are a small factor in price determination, and do
not retard the freedom of movement of cotton into either domestic or foreign markets.
6. That the freight rate is relatively a small proportion of the price,
even on long distance hauls.
Reports from 103 cotton shipping points show that for the 1925-26- season, there was a spread in the price of middling cotton ranging from
$3 25 per hundred pounds at Duke, Okla., to $10 at Forest City, Ark. In
the great majority of cases, the spread in price over the three seasons was
in excess of ten times the freight rate to Fall River, Maas., which has
remained practically stationary. For the 1925-26 season alone, the spread
was usually more than four times the total freight rate.
The study further shows that at many points there was a fluctuation in
prices from week to week with variation in prices on the same day at
different points in the same producing territory.
Farm Loan Board Issues New Rules—Modifies Rulings
with Respect to Acquisition of Real Estate and
Payment of Dividends.
The following is from the "Wall Street Journal" of July 8:
The Farm Loan Board has issued several new rulings in respect of dividend
payments and the acquisition of real estate, through foreclosure, by Federal
and Joint Stock Land banks.
The ruling relating to real estate is a modification of that issued last
fall, which required the charging off of 20% of land acquired to reserve
and undivided profits account, if such land had not been disposed of within
one year after foreclosure. The latest ruling, which is generally acceptable
to bankers, reads as follows:
"If land is acquired by a Land bank in satisfaction of mortgage debts
either by deed or by purchase at sales under judgments, decrees or mortgages, all mortgage accumulations such as delinquent amortization payments, interest, taxes, foreclosure and other expenses incident to such
acquirement may be included in the book value at which the acquired land
is taken into account. If land thus acquired is not disposed of within
six months, there shall be charged to earnings of the current semi-annual
period and credit to 'Reserve for Depreciation on Real Estate' the amount
this book value exceeds the unpaid principal of the loan, and the land so
acquired shall then be appraised at the bank's expense by an appraiser, or
appraisers designated by the Farm Loan Board,or by a reviewing appraiser.
and may be carried thereafter as an asset at the new appraised value, but
in no event to exceed the principal of the original loan."
Where a bank has disposed of acquired land and accepted a mortgage on
such land as security for part of the purchase price, such mortgage,until
pledged with the registrar as basis for a bond issue, with the approval of
the Farm Loan Board, "shall be segregated from the general mortgage
account and carried in an account designated as 'Purchase Money Mortgages,' and all mortgages in such account shall be subject to the same rules
as to appraisal and carrying value as'Real Estate Owned.'
"If the book value of acquired real estate and of purchas money mortgages taken in disposing of acquired real estate, after deducting the amount
in the depreciation reserves, exceeds 50% of the par value of the capital
stock and surplus, an amount equal to such excess shall be reserved from
the earnings of the current semi-annual period."
Dividend Payments.
Anent dividend payments, the Board has ruled that "net earnings for the
purposes of Section 23 of the Act (Reserves and Dividends of Land Banks)
are hereby defined as the gross earnings reduced by current expenses, losses
and other charges against current earnings specified by law or required to
be made by the regulations of the Board. The amount thus determined
semi-annually shall be net earnings and after the required per centum has
been carried to legal reserve the remainder may be used for dividend purposes as specified in the Act. Payment of dividends so declared may be
made in such manner as the bank may determine."
In addition, the Board has ruled that premiums and discounts on bonds
sold be carried to accounts designated "Premium on bonds—deferred
income" and "Discount on bonds—deferred expenses," respectively, and
shall be distributed as earning or expense, monthly, over the callable period
of each bond issue.
Loans heretofore or hereafter made on a semi-annual payment plan may
be changed to an annual payment plan upon application by the borrower,
with the consent of the national farm loan association indorser, setting
forth the reasons why the change is desired. However, before the change
may become effective, the borrower will be required to pay all delinquent*
payments, includin3 taxes and insurance.
New Loan Expenses.
Expenses of new loans may be charged as current operating expense or
may be distributed over a period of five years, charging off one-tenth at
the end of each semi-annual period on June 30 and December 31, following
the closing of such loans, provided total amount of expense thus deferred
does not exceed 1M % of the amount of new loans.
The new rulings also permit consolidation of two or more farm loan
associations operating in territory which can be covered legally by one
association, the liquidating association, or associations, turning over assets
to the non-liquidating association, and the latter assuming liabilities of
the former.
Plans for Making New York Cotton Port Proposed By
N. Y. Cotton Exchange.
Plans to make New York one of the greatest cotton
ports in the United States was announced on July 5 by
Samuel T. Hubbard, Jr., President of the New York Cotton Exchange. The plans, which are subject to the approval of the members of the Exchange, call for the entering into of a contract between the Exchange and the
Bayway Terminal, which has a large warehouse development on Staten Island sound at Elizabeth, N. J. The
development calls for the expenditure of about $5,000,000
by the terminal company. Members of the N. Y. Cotton
Exchange met on July 8 after the close of the market to
consider the proposed contract. They evinced a keen
interest in the proposal, which is regarded as one of the
most important steps which has come before the Exchange
In many years. Various features of the proposed contract
were discussed at length and the meeting adjourned subject to the call of the chair.
UTE CHRONICLE
154
The announcement of the Cotton Exchange on July 5
stated:
The Bayway Terminal now has facilities for handling and storing
60,000 bales of cotton and under the proposed contract with the exchange these facilities will be increased to 100,000 bales within six
• months, 150,000 bales within one year and 200,000 bales by October
1, 1927.
Every facility will be provided by the terminal company for the
most modern and most economic handling, accomodation transportation and centralization of cotton coming into the port of New York.
The plans provide for minimum charges for the transportation, handling,
inspection, compressing and insuring of cotton as low as any port in
the country of comparable advantages.
The Bayway Terminal, under the proposed contract, agrees to provide by October 1, 1927, dock space of 1,20 feet to accomodate vessels of 10,000 tons and berth space for eighteen lighters at one time
with facilities for discharging 18,000 bales of cotton in three eighthour shifts. The plans also include facilities for handling daily 150
freght cars and loading or unloading 7,50 bales of cotton in three
eight-hour shifts. A Webb high density compress, where cotton will
be compressed as ordered by owners or shippers, will be installed at
the warehouse.
President Hubbard at the same time said:
"The plans embodied in the contract are the result of long and careful study of conditions affecting the cotton industry generally, and
those who sponsor the plans believe that they will make the port of
New York of far greater importance as a cotton market, both for the
delivery of cotton on contract and spot cotton than it has ever been
before. This development will be of far reaching importance, not only
for New York and to the South, but to the cotton industry all over
the world. It should immeasureably increase the volume of cotton
passing through the port of New York.
"Not only will cotton be stored and handled along the most economic
lines, but with a modern compress cotton can be shipped to American
mills under the usual density or under high density to foreign countries. Furthermore, with the ability to obtain a single bale certificate,
cotton received on contract can be selected out and shipped anywhere
with great ease and facility.
"I am particularly impressed with the provisions made for the storing of cotton not intended for contract delivery. I believe the cheap
rates of storage with additional storage-in-transit privileges, which we
hope to obtain in the not distant future, will be of the greatest value
and benefit to merchants and manufacturers throughout the country
and to the farmers because the plan offers to those who distribute the
cotton crop additional facilities at extremely low rates."
Reports
to New York Stock Exchange Show Increase
of $158,897,831 in Brokers Loans Outstanding on
June 30 as Compared with May 28 Figures.
According to the figures made public by the New York
Stock Exchange on July 6, the amount of brokers' loans outstanding increased $158,897,831 in the interval from May 28
to June 30, the figures on the latter date, at $2,926,298,345,
comparing with $2,767,400,514 on May 28, and with $2,835,718,509 on April 30. The March 31 figures were $3,000,096,167; Feb. 27, $3,535,590,321, and Jan. 31, $3,513,174,154. The following is the statement made public by the
Stock Exchange on July 6.
Total net loans by New York Stock Exchange members on collateral
contracted for and carried in New York as of the close of business on June 30
1926, aggregated $2,926,298,345.
The detailed tabulation follows:
Time Loans.
Demand Loans.
(1) Net borrowings on collateral from New York
$1,851,693,535 87 $657,420,012 17
banks or trust companies
(2) Net borrowings on collateral from private
bankers, brokers, foreign bank agencies or
43,424,500 00
373,760,296 96
others in the City of New York
Combined total of time and demand loans
$2,225,453,832 83 $700,844,512 17
$2,926,298,345 00
The scope of the above compilation, and the methods employed in
preparing it, were both exactly the same as in the loan report issued by the
Exchange a month ago.
Informal Ballot of Members of New York Cotton Exchange Shows Majority in Favor of Southern
Delivery.
Out of a total of 284 votes cast in the informal ballot taken
by the New York Cotton Exchange on the question of the
adoption of Southern delivery, 166 members placed themselves on record as favoring the proposal "in principle," while
118 voted against it. In announcing the result of the balloting on July 7, the Exchange stated that "the vote does not
in any way commit the Exchange to the adoption of a system
of Southern deliveries. If the question should come before
the members officially, it would require the votes of twothirds of the members voting to insure its adoption." The
announcement also said:
The purpose of the vote was to obtain a concrete expression from the
membership of the Exchange as to how they felt in regard to the principle
of Southern deliveries and to invite expressions of opinion on the subject
generally.
[VOL. 123.
FOR.
In favor of Southern delivery, in principle
166
Included in the above count, the following expressions of opinion vrere
given:
In favor of three contracts
1
In favor of two contracts
91
Against two contracts
41
For delivery at Norfolk, New Orleans, Galveston, Houston & Savannah 108.
For, in principle, at Southern ports named, Including—
New York
12
Boston
Atlanta
For,if point of delivery is specified when contract is signed
For, when buyer elects to demand Southern delivery at a port
Delivery only at:
Norfolk and New York
New Orleans, Galveston and Houston
One point in South
2
1
1
2
2
1
1
2
1
1
2'
1
1
Savannah and Norfolk
New Orleans, Galveston, Houston and Memphis
•Norfolk, Galveston, Houston and Savannah
New Orleans, Galveston, Houston and Savannah
New Orleans, Houston, Galveston and New York
Norfolk, New Orleans, Galveston and Savannah
Three Southern points and New York •
New York and New Orleans and an Eastern port
Norfolk, Savannah and New Orleans under one contract, and Houston and Galveston under another contract
New Orleans, Galveston and Savannah and two interior points
Galveston and Houston
For, provided proper differential between Southern ports and New York
be arranged
4
Blank
2'
Open mind
1
1
1
1
AGAINST.
Against Southern delivery in principle
118
Included in the above count, the following expressions of opinion were
given:
a
For two contracts
78.
Against two contracts
For delivery at New Orleans and New York
Fixed differences making Strict Middling basis grade
Oscar Wells of American Bankers Association Says We
Are in State of Prosperity—Comment on Strong
Bill and Federal Reserve System.
Oscar Wells, President of the American Bankers Association, in addressing the Southern Newspaper Publishers'
Association at Ashville, No. Caro., July 6, declared that
"times are good now" and that "on the whole we are in a.
state of prosperity." Mr. Wells made some observations
regarding the Federal Reserve System, incidentally commenting on a "recent tendency toward abuse in connection
with the operations of the 12 Federal Reserve Banks" which
"has arisen in the incipient demand for controlling the price
levels of commodities through their rate-fixing policies, such
as is contemplated in the Strong bill introduced recently in
Congress." "This," he said, "is but another effort to substitute through legislation a mechanical process for an
economic law, in this instance the one of supply and demand
It is quite certain that in the normal functioning of a Government banking system it must exercise an influence upon
credit if it is to be effective, but it is equally certain that
such an influence must come through the administrative
wisdom employed in directing the system and that prices,
when and if affected thereby, are the results and not the
purposes of such an act of administration. The Act was
passed as the means of affording certain underlying principles
greatly needed as a reformation to our banking system and
to our system of currency."
Mr. Wells in his discussion of the Reserve System also said:
It is not my purpose to prescribe a solution to you for all of the economic
ills of our nation but rather to mention a few of the outstanding ones as
reflecting the attitude of those who live in the atmosphere of practical
economy. Perhaps the greatest economic achievement in our time was the
passage of the Federal Reserve Act. Its worth has been proven in the interest of all of the people by the manner in which it was made to function
during the stressful period of financing the requirements of the war. Even
its critics are willing to give it credit for having done that. As a matter of
fact, those who criticise the Federal Reserve System are usually careful
to say that the law is all right but that the fault lies in the administration
of it; and, of course, like all other things under human direction, some
mistakes have been made and probably will continue to be made. There
has been, however, more misinformation about the purposes and consequences of the transactions with the Federal Reserve Banks than about any
other subject concerning which there is so little of a technical nature. In
the first place, it is a matter of common belief that the Federal Reserve Act
was passed at the behest of the party then in power, my own party, but in
the face of the opposition of the bankers of the country. There is no greater
mistake in connection with the legislative history of our country. For more
than twenty years bankers had been engaged in the consideration of the
dual subject of banking and currency reform. Their conventions were
responsible for the contribution of the greatest amount of literature upon this
subject. They were repeatedly before Congress in groups and as individuals
in seeking to crystallize a sentiment favorable to a legislative enactment by
wlaich.the principles underlying the Federal Reserve Act might be brought
into existence. Because they continued to give counsel and advice from out
of their own experiences, so long as the matter was before Congress, it has
been construed that they were in opposition to it. When you reflect that
during the progress of its course before the committee on banking and
Of those who-voted for Southern deliveries, 108 members
favored deliveries in Norfolk, New Orleans, Galveston,
Houston and Savannah; 12 desired to include New York as
a port of delivery, 1 to include Boston, and 1 Atlanta. Only
one member voted in favor of having three contracts, while currency in the Senate it underwent several hundred changes you can
91 members favored two contracts. The details of the bal- understand that naturally there were some clashes of judgment in working
out the details of the legislation.
loting follow:
JULY 10 1926.]
THE CHRONICLE
155
There is another fallacy about the Federal Reserve System which is The elimination of compulsory exchange and collection
responsible for a lot of economic misconception. The Federal Reserve Bank
charges is Smother of the important changes decided upon,
Is frequently regarded as a Government bank. There are some very intelligent people who believe that it is supported by Government capital and the imposition of these charges, under the newly adopted
that it was created as a type of Government aid to the member banks. It amendments, being left entirely to the discretion of members.
is regarded as a precedent for helping other people by the investment of the
treasury funds of the Government. Instead of it being a charge upon the Under another of the changes agreed to, interest rates
Government coffers it has been and will doubtless be at intervals in the applicable to all, classes of deposits except special interest
future an actual source of revenue. The Federal Reserve Bank was created accounts are to be fixed by the Clearing House
Committee
for the use and benefit of all citizens who had any need for a greater stability
of business conditions. In aiding the bank it requires that such help be and the maximum for special interest accounts is raised from
passed on to the bank customer. The best evidence of the fact that the $10,000 to $15,000. Heretofore the Clearing House Commember bank is not the recipient of direct Government assistance lies in
mittee has been required to meet within a specified time
the fact that only a relatively few of the state banks have exercised their
option to become members. Aside from whatever moneys the Treasury after the Federal Reserve Bank discount rate has been
Department may carry on deposit or disburse through the Federal Reserve changed and determine upon a new maximum interest rate
Banks, all of their deposits come from the member banks, their entire
of the Federal Reserve rate. While the Clearing
capital is furnished by them and the Government has made no contribution on the basis
whatever toward their support. Where is the Government subsidy here? House Committee will continue to use the Reserve discount
Has any bill been introduced in Congress seeking to give Government aid rate as a guide, it may, under the changed rules, fix at
in any direction and fashioned in such a manner as to require those who
deemed necessary. The estabmay become its beneficiaries to furnish the funds for its organization and any time whatever rate is
maintenance_ The stock of the Federal Land Bank was subscribed by the lishment of an optional exchange at the Clearing House for
Government, although it is intended that through its future operations the the clearing of coupons is provided for among the proposed
stock is to be gradually transferred from it into the hands of those who use
its facilities. The Intermediate Credit Bank is being sustained by treasury changes, and action has been taken looking to the disconfunds.
tinuance on checks of the words "Payable only through the
The charters to the twelve Federal Reserve Banks will expire in eight more
New York Clearing House." The following summary of
years. The extension of those charters is a matter of grave concern not
only to the banks but to the commercial and producing interests of this the changes decided upon is incorporated in the report:
country. Those who are best qualified to form an opinion as to the granting
MEMORANDUM.
of renewals have spoken in favor of indeterminate charters, or until Congress
shall revoke them for cause. The economic wisdom of to-day, so far as I Re: Principal Changes Proposed as Amendments to the Constitution and Rules
and Regulations of the New York Clearing House Association.
am able to interpret it, is in favor of an early enactment looking toward the
extension of these charters. It should be done without regard to any other
1. Inauguration of an early morning exchange—Delivery before 2 a. m.
proposed or expected legislation dealing with alterations or amendments to of packages containing all itemsreceived after dispatch of 10a. m.exchanges
the Federal Reserve Act. There is grave danager in delaying. It is and prior to the close of business ofthe previous day required ofall members
Inconceivable that Congress will not at some early date fix the destiny of taking away packages from the Clearing House between 12.01 a. m. and
these institutions and not let the question of what is to become of them 3 a. m. optional, but compulsory before 9 a. m.
at the expiration of the twenty-year period for which they were originally
Purpose: To more evenly distribute the volume of items received and
chartered become a matter of uncertainty. Business chaos would ensue cleared over S twenty-four hour period and thus reduce the peak load which
If there should arise in the public mind the probable necessity of adjusting now occurs at the time of the present morning exchanges. It is estimated
trade and commerce to any new order of things not including the continua- that at least 60% of the exchanges will be cleared by 3 a. m.and that volume
tion of the Federal Reserve Bank. So far as we know, there is no sub- of the exchanges will be available for posting on arrival of the day force
stantial opposition to the settling of the question at the present session of of bookkeepers of member banks.
Congress. It has not been done and the only consideration given to the
2. Substituting a regular exchange for the unofficial "swapping" of checks
subject has been in connection with another bill dealing with the subject and placing the optional 8 a. m. and 9 a. m, exchanges under the responof branch banking upon which there is great diversity of judgment both in sibility and regulations of the Association.
and out of Congress.
3. Zoning the city to provide more flexibility for the return of"not good"
items and the protest by the drawee bank of dishonored items.
Through the development of branch banking, it now happens that many
New York Stock Exchange to Issue Daily Statement on
members maintain branches at outlying points, one branch of a member
Call Money Market.
being as far distant as twenty-five miles from the Clearing House. As a
The intention of the New York Stock Exchange to issue result it is often a physical impossibility for branches of members to return
present prescribed by the rules.
daily, about 3 p. m., a statement regarding the Call Money "not good" items within the time limits at banks will be protected by the
The interests of the presenting member
Market was made known on July 8, when the first of the protesting of dishonored items by the outlying drawee bank. In all cases
the outlying branch or bank returns the protested item through the new
daily statements was issued as follows:
2 a. m. delivery. The regulations provided enable the members to meet
Call Loans on the New York Stock Exchange July 8 1926.
all the requirements of the Negotiable Instruments Law.'
Renewal, 434; high, 434; low, 4%; last, 43.
4. The elimination of compulsory exchanges and collection charges:
Remarks: Small turnover. Good supply all day. Ample amount on
Recognizing that many members desire the removal of restrictions on the
band at close.
natural flow of funds to New York, a recommendation has been made to
make exchange and collection charges discretionary on all points. After
Yesterday's statement (July 9) was as follows:
consideration, it is our opinion that the elimination of such charges will
Call Loans on the New York Stock Exchange, July 9 1926.
attract deposits to New York and place each member on a more equal
Renewal, 43; high, 4%; low, 43i; last, 4%.
other institutions in the adjacent territories.
Remarks: Heavy days' turnover, but funds available at all times. footing with non-members and
We further feel that the benefits which can be derived from interest adjustMoney in supply at close.
ments, and the increased deposits, will more than offset the income derived
In noting the action of the Exchange, the New York from the exchange collected.
"Times" of yesterday said:
5. Interest rates applicable to all classes of deposits except special interest
This information will be gathered by observers at the call money desk on accounts to be fixed by the Clearing House Committee and the maximum
the floor of the Exchange, where many of these loans are arranged and for Special Interest Accounts raised from $10,000 to $15,000.
As the schedule in Article XI specifying the maximum rates which may
where most of the big banks in the financial district send surplus funds
which they desire to put out on call.
be paid on various classes of deposits, at times does not conform with the
rates established by the Clearing House Committee, an amendment has
been proposed to leave the fixing of the rates entirely to the Clearing House
Amendments to Constitution of New York Clearing Committee.
House--Hours for Clearing Extended to 2 A. M.—
The increase in the maximum for Special Interest Accounts from $10,000
to $15,000 has been recommended to meet the growing demand from
Elimination of Compulsory Collection Charges
depositors and for the purpose of further stimulating the thrift habit.
—Other Changes.
6. Inauguration of an exchange for the clearing of coupons.
For mafiy years there has been a desire on the part of many members for
A number of important changes in the constitution of the
the establishment of a coupon exchange and a canvass of the situation
New York Clearing House Association were adopted at a ndicates that such an exchange offers promising possibilities of cutting
special meeting of members held on July 7; they will become down the duplication of messenger service and facilitating the more economieffective on Aug. 2. The changes were proposed in a report cal handling of the large volume of coupons handled by members at interest
periods. The exchange will be optional to members and it is not the intenof a special committee appointed on Jan. 26 1926, consisting tion to establish it until after the proposed new clearing arrangements, if
of G. E. Gregory, Vice-President National City Bank; adopted, shall have been put into satisfactory operation. The suggested
discretionary power to the Clearing House Committee
H. A. Marsland, Vice-President Irving Bank-Columbia amendment givesagents and
institutions other than members to participate
to permit paying
Trust Co.; D. B. Sherer, Vice-President Corn Exchange in the exchange and under the same authority to include the clearing of
matured bonds. It is recommended, however, that the clearing be conBank; A. M. Aiken, Second Vice-President Chase National
Bank; J. L. O'Neill, Vice-President Guaranty Trust Co., and fined to coupons and that only members be permitted to participate until
the exchange has been well established.
P. A. Rowley, Vice-President Bank of the Manhattan Co.
7. Defining items eligible for redemption through the Clearing House.
The Constitution heretofore has been indefinite as to exactly what items
The report was presented on June 16 to C. E. Mitchell,
could be cleared. Custom has included certain items and provision has
Chairman of the association's Clearing House Committee, now been made for determining whether or not an item eligible. There
is
and before its submission to the members of the association has been no thought of excluding ank items which at the present time are
this week had been accepted and approved by the Clearing cleared. An amendment has been proposed to the Constitution giving
definite
House Committee. The special committee's work was items. sanction to the established practice of not clearing documentary
undertaken with a view to improving and extending the
8. Use of legend "Payable only through the New York Clearing House"
services of the ClearingHouse, and in making its recom- to be no longer recognized as binding:
A rule has been proposed discouraging the use by customers of the legend
mendations it states that "it early became apparent in our "Payable only through the New York Clearing House" and specifying that
study that some of the facilities of the association were not such and similar legends are to be no longer recognized as binding on the
Many drafts
adapted to the present-day requirements of members." Association or its members. therefore, are bearing such legends have docuineligible for clearing under the
ments attached thereto and,
One of the changes, designed to accommodate institutions existing rules. At the same time presenting members are, in many cases,
maintaining evening or night forces, the clearing of items under instructions to wire advice of payment or non-payment. As a conconfusion frequently arises and the proposed rule states that a
received after 10 a. m. may be made at any hour up to 2 a. m. sequencecannot refuse to honor an item bearing the above mentioned, or
member
156
THE CHRONICLE
[VOL. 123.
similar, legend when presented by hand, for the reason that the item posits against Clearing House members, many of which have documents
attached. As the presenting member is frequently under instructions
specifies on its face that it is payable only through the Clearing House.
9. Sorting of checks, against branches of non-members clearing through to wire advice of payment or non-payment on such items and in some
the Federal Reserve Bank which require items drawn against their branches instances the paying bank has insisted that the item is payable only through
the exchanges, even though if accompanied by documents it is ineligible
to be sorted into separate packages against each branch.
To equalize the burden placed upon members because of the above for clearing under the existing rules, our committee recommends the
requirements, a rule is suggested providing that all checks and other items adoption of a rule providing for the discontinuance of the use of the legend
on branches of Clearing House members and (or) on branches of non- "Payable only through the New York Clearing House" and for the dismembers clearing through a member, deposited with the Federal Reserve couraging of the use of the same by their depositors. We feel the rule
Bank of New York by institutions requiring the sorting into separate pack- should also provide that the phrase be no longer recognized as binding
ages of checks drawn upon their branches, must be sorted into packages upon the association or its members.
The committee suggests that the existing provisions for the maintenance
against each individual branch of members or clearing non-members, before
being deposited with the Federal Reserve Bank, if such items are to be of the City Collection Department and the Department of Examination
It is recom- be written into the constitution; also that captions following each section
cleared through any of the exchanges at the Clearing House.
mended that the Federal Reserve Bank be given an opportunity to consult number be added giving the substance of the section for reference purposes.
institutions clearing through it, which require sorts into separate packages Further, to establish a uniform practice an amendment has been suggested
against their individual branches, to see if the requirement cannot be to Section 2 of Article X providing for the guarantee of prior endorsements
removed, before the rule above proposed is brought up for final considera- on all items sent through the exchanges.
There was called to our attention the burden now placed upon Clearing
tion by the Clearing House Committee.
Attention is also called to rule No. 10 which, it is suggested, be added House members by reason of the requirement of the Federal Reserve Bank
to the rules governing the City Collection Department of the Clearing that items on branches of non-Clearing House member banks and trust
House. It provides that items drawn on branches or offices of the same companies cleared by the Federal Reserve Bank be sorted into separate
bank,firm or corporation and collected through the City Collection Depart- packages. To equalize this burden we recommend the adoption of a
rule providing that all checks and other items drawn on branches of Clearing
ment, need not be separated.
10. Changes in phraseology have been made in several sections for the House members and (or) on branches of non-members clearing through a
Constitution are pro- member, deposited with the Federal Reserve Bank of New York by instisake of clarity and minor changes in the form of the
posed so that it will be possible to refer more readily to the particular section tutions requiring the sorting into separate packages of checks drawn upon
their branches, must be sorted into packages against each individual branch
one is seeking.
non-members before being deposited with the
In presenting its recommendations the special committee of members or clearing such
Federal Reserve Bank, if
items are to be cleared through any of the
said: •
exchanges at the Clearing House.
June 16 1926.
In adopting the amendments to the constitution proposed
C. E. Mitchell, Chairman Clearing House Committee,
by the special committee to carry out its recommendations,
New York Clearing House Association, New York, N. Y.
Dear Sir;—The undersigned, a special committee appointed pursuant only a few minor changes have been made by the Clearing
to a resolution adopted by the Clearing House Committee, has made a House.
thorough study of the operations, and possibilities of improving and extending the services, at present provided by the association for its members.
In all its deliberations the committee has kept constantly in mind the Banking Suspensions for the Second Quarter of 1926.
basic objects of the association and with the exception of sugpsted minor
A few more banking suspensions occurred in the United
changes in the phraseology and the form of the constitution its recommendations are predicated upon "the promotion of the interests of the States during the second quarter of this year than for the
members and the maintenance of conservative banking through wise corresponding period in 1925, but the liabilities fell off
and intelligent co-operation."
materially. Thus, the number for the three months reIt early became apparent in our study that some of the facilities of
the Association were not adapted to the present-day requirements of cently ended is 115 and the indebtedness is $30,309,000,
the members, particularly those who now maintain branches in outlying while the 111 banking defaults for the second quarter of last
points of the city where time and distance are important factors in any
The decrease in the liabilities
clearing arrangement. To meet the changed conditions the committee year involved $42,859,470.
became convinced that the greatest benefit to members would be derived is, therefore, fully 29%. No banking suspensions in either
from a change in the hours relating to exchanges and return items which the New England or the Middle Atlantic sections were rewould more evenly distribute the volume of items received and cleared
three months recently
over a 24-hour period and thus reduce the peak load which now occurs ported to R. G. Dun & Co. for the
at the time of the present morning exchanges. The new arrangement ended, and there were none in New England for the second
distribution of the clerical
suggested also permits of a more economical
quarter of 1925, though there were four such defaults in
staff of members and eliminates the present informal exchanges between
the Middle Atlantic States in the earlier year, with an
members.
In addition to optional exchanges at 8:00 and 9:00 a. m. and the regular indebtedness of more than $10,000,000. The number is
brief, that each member
10:00 a. m. exchange, the committee proposes, in
the same for both years for the Pacific Coast section, but
will be required to deliver to the Clearing House at the close of each business
day all items it has received since the 10:00 a. m. exchange and which it decreases appear this year in the South Atlantic group,
intends to clear. To accommodate institutions maintaining evening the South Central States and in the Western States. In
or night forces and to increase the volume of items delivered, this delivery the
Central West-, however, the number of banking suspenmay be made at any hour up to 2:00 a. m. of the succeeding business day,
except as provided in the rules, and those members who elect to do so sions for the first quarter of the present year is 81, against
may send messengers or authorized agents at any time between the hours 50 for the second quarter of 1925, and this accounts for the
of 12:01 a. m.and 3:00 a. m. to the Clearing House to receive the exchanges
increase in the total number for the country as a whole.
delivered to the Clearing House by other members for them. The exchanges
will be lodged in locked compartments of the vaults of the Clearing House In point of indebtedness, reductions are shown for this year
which are well suited for the receipt and delivery of exchanges, under the in the South Central States and in the Western group.
safeguards provided by the rules.
A comparison of banking suspensions is made by sections
To enable outlying banks and branches sufficient time to handle their
exchanges and return "not good" items, an amendment is proposed pro- for the first and second quarters of 1926:
viding for the creation of two territorial zones. The exact limits of these
Second Quarter
First Quarter
zones are described in the rules, but in general the Central Zone comprises
-Number-- Liabi ides. -Number- Liabilities.
1926
1926 1925 1924
1923
1926 1923 1924
section of Brooklyn,
lower New York south of 72d St. and the Borough Hall
New E gia-d
3
the other zone consisting of territory outside of that included in the Central Middle Atlantic__
4
3
2
Zone. Members and branches of members in the Central Zone will adhere South Atlantic
8 $6,106,100
22
7
7
27
12 $1,366,000
30 3,058,900
20
12
14
28
35 3,559,718
to existing rules and regulations with respect to rettu`n items, excepting South Central
5 1,700,000
3
6
994,000
4
5
5
will be permitted to Central East
for amount, while outlying banks under the rules
96 18,124,000
50
Central West
81
62
58 137 19,278,000
return items of $5,000 and under duly protested, through the 2:00 a. m. Western
19 1,220,000
11
8
496,060
17
5
70
delivery, advice of non-payment of which will have been given through Pacific..
100,000
5
1
1
200,000
4
1
4
the 3:00 p. m. exchange of the day before. Similar advice of non-payment
United 5tates__
94 144 265 $25,893,778 115 111 163 $30,309,000
banks on items in
will be given through the same exchange by,outlying
1925
42,859,470
_
144
43,925,548 111
excess of $5,000 and the rules amended to permit the return of these items
by hand up until 4:00 p. m. Counsel of the association has passed upon
the proposed zoning and protest arrangements, and all suggested amend- Appellate Division of New York Supreme Court Upholds
ments.
Bank of America Voting Trust.
The Committee found a strong desire on the part of a number of the
members to eliminate the existing compulsory exchange and collection
The Appellate Division of the New York Supreme Court,
charges. After consideration we came to the conclusion that the removal First
Department, on July 6 handed down a decision unanof restrictions on the natural flow of funds would tend to attract deposits
to this centre and would also place members in a position to compete on a imously reversing the orders of Justice Proskauer, entered on
more equal footing with non-members and other institutions in adjacent April 10 1926, granting motions by National Liberty Insurterritories. We recommend, therefore, that the imposition of exchange
ance Company and George U. Tompers, respectively, for
and collection charges be left entirely to the discretion of members and
that the constitution and rules and regulations be amended accordingly. temporary injunctions restraining Edward C. Delafield,
In our opinion the increased business, and the benefits which could be Frederick E. Hasler and Edwin Thorne as voting trustees of
derived from interest adjustments, would more than offset the income
stock of the Bank of America from voting the stock held by
derived from the exchange collected.
In view of the fact that the schedule of maximum interest rates does them as voting trustees in favor of an increase of the capital
not at all times reflect the exact rates established from time to time by the stock of the bank or otherwise, and restraining the Bank of
Clearing House Committee,we recommend that the constitution be amended
to permit the Clearirg House Committee to fix rates from time to time, America from receiving such votes. The effect of Justice
except as to special interest accounts; all changes to be announced through Proskauer's decision was to declare that the voting trust
the Manager. It is also recommended that the existing maximum applying agreement, which was dated Dec. 31 1924, and under which
to special interest accounts of $10,000 be raised to $15,000.
the bank had been deTo increase the usefulness of the association and in recognition of a a majority of the capital stock of
of posited, was
void as against public policy because two of the
long-existent demand, the committee recommends the establishments
the clearing of coupons
an optional exchange at the Clearing House for
Com- voting trustees were officers and all of them were directors
under rules and regulations to be prescribed by the Clearing House
arrangement of the bank, and on various other grounds. In the opinion
mittee. An amendment and suggested rules covering such an
are included later in this report.
of the higher Court, written by Mr. Justice Martin, in which
only through
The committee considered the use of the words "Payable
concurred, the voting trust agreement is
House" and like phrases on drafts drawn by de- all the other Justices
the New York Clearing
JULY 10 1926.]
THE CHRONICLE
completely sustained, and the motion for preliminary injunction is denied, with costs and disbursements to the defendants. The conclusions of Judge Proskauer in March,
holding the voting trust invalid, were given in these columns
March 13,1926, page 1398. In part Judge Martin's opinion
follows:
This litigation involves the validity of a voting trust agreement. Two
actions were brought, one by George U. Tempers and the other by
the
National Liberty Insurance Co. of America, against The Bank of
America
and others, to enjoin the individual defendants from voting and The Bank
of America from permitting to be voted, stock of The Bank of America held
by the individual defendants as Trustees under the trust agreement which is
dated Dec. 31 1924. This agreement was made for the purpose of protecting
The Bank of America against certain interests, asserted to be responsible
for
these actions, the representatives of which had figured in buying
mi control
of and absorbing a great many banks. When it became known that they
were accumulating the stock of the Bank of America, RS business
and
especially that of its trust department became greatly affected.
In this
situation, actuated by a spirit of loyalty to the bank and its
traditions and
desiring to maintain its sound and conservative policies, a large
number of
stockholders entered into a ten year voting trust agreement. At
that time
such an agreement was expressly authorized by Section 50 of
the Stock
Corporation Law. It is charged that by taking advantage of a
subsequent
amendment, those who have instigated these actions to defeat
the protective purpose of the trust agreement are at the same time
invoking, to
serve their purpose, the intervention of equity upon alleged
grounds of
public policy, on which grounds the injunctions pendente lite
were granted'.
The voting trust agreement provides for the deposit
by stockholders of
the Bank of America of their stock with trustees and
the issuance therefor
of trust certificates. Legal title to all shares deposited
under the agreement
is vested in the trustees, who are given general powers
to vote the deposited
stock for all purposes whatsoever. As stockholders
of record of the corporation and as owners of the legal title, the trustees
receive the dividends
payable on the deposited stock, but they are required
to pay to the depositors amounts equivalent to the dividends on the stock
they-respectively
transferred to the trustees. The trust is to continue for ten
years, but it
is terminable at the election of the trustees. On its
termination the stock
is to be returned to the holders of trust certificates. Any
stockholder may
become a party to the agreement by depositing this stock thereunder.
Two
persons are named as successors to each of the original trustees,
in the event
of death, resignation, inability or refusal to act. Provision
is also made
for the appointment of successor trustees to fill vacancies by
the surviving
trustees or trustee. The term "trustees" as used in the agreement
is therein
expressly stated to apply to the original trustees and their
successors thereunder from time to time. It is provided that the original
agreement shall
be lodged with the Bank of New York & Trust Company,
as agent of the
trustees, a duplicate to be filed in the principal office of The
Bank of America
and to be open to inspection by any stockholder daily during
business hours.
Section 50 of the Stock Corporation Law, in effect when
the agreement
was made, sanctioned such an agreement and is as
follows:
"Voting Trust Agreements.—A stockholder, by agreement
in writing, may
transfer his stock to a voting trustee or trustees for
the right to vote thereon for a period not exceeding the purpose of conferring
ten years upon the terms
and conditions therein stated. Every other stockholder
stock to the same trustee or trustees and thereupon shall may transfer his
be
agreement. The certificates of stock so transferred shall a party to such
be surrendered
and cancelled and new certificates therefor issued to such
in which it shall appear that they are issued pursuant trustee or trustees
to such agreement,
and in the entry of such ownership in the proper books of
that fact shall also be noted, and thereupon such trusteesuch corporation
or trustees may
vote upon the stock so transferred during the term of
such agreement.
duplicate of every such agreement shall be filed in the
office of the corporation and at all times during business hours be open to
inspection by any
stockholder or his attorney."
The statute was enacted in 1901 as Section 20 of
General Corporation
Law (Chap. 355, Laws 1901), later becoming Sec. 25 of the
General Corporation Law. It was amended in 1925 when it became
Sec. 50 of the Stock
Corporation Law,by the addition thereto of one sentence
reading, as follows:
"This section shall not apply to a banking corporation."
The statute in the broadest terms permits voting trust
agreements generally. The requirements stated in the section are carefully
observed in
this instance.
157
FIeth, 3 Cranch, 399, 413; Reynolds vs. McArthur, 2 Pet., 417; United
States vs. American Sugar Refining Co.. 202 U. S., 563 577* Winfree Admr.
vs. Northern Pac. Railway Co., 227 U. S., 296."
In Jacobus Vs. Colgate, 217 N.Y. 235, at p. 240, the Court of Appealsstated the law as follows:
"The general rule is that statutes are to be construed as prospective only
(27 Halsbury's Laws of England, p. 159). It takes a clear expression of
the legislative purpose to justify a retroactive application. * * *"
Section 93 of the General Construction Law reads as follows:
"Effect of repealing statute upon existing rights. The repeal of a statute
or part thereof shall not affect or impair any act done, offense committed
or right accruing, accrued or acquired, or liability, penalty, forfeiture or
punishment incurred prior to the time such repeal takes effect, but the same.
may be enjoyed, asserted, enforced, prosecuted or inflicted, as fully and
to the same extent as if such repeal had not been effected."
See also People vs. N.Y. C. & H. R. RR. Co., 156 N. Y. 57,0, 574.
Legislative debates may be resorted to for the purpose of ascertainingwhat was intended by the Legislature.
In People ex rel Fleming vs. Dalton, 158 N.Y. 175, at p. 184, the Courtsaid on that subject:
"If there was any doubt as to the meaning of the Act of 1898, or the
intention of the Legislature in passing it, recourse might be had to the reoords and journals of that body, showing the history of the measure and the
debates thereupon for the purpose of ascertaining that meaning and intention. * * *
"The counsel for appellant has submitted, as part of his brief, a copy of
the minutes of the debate on the Act of 1898 taken by the official stenographer of the Assembly. These minutes disclose that the entire debate
proceeded upon the assumption that this Act applied to the City of New
York, and was brought forward to meet the opinion of the Corporation
Counsel of the City of New York that the provisions of the charter of the
city should prevail over the general civil service laws of the State."
From this source we have material to show that Section 50 was not intended to affect outstanding voting trusts. In the State Senate not only
did some of the members display an unusual interest in endeavoring to
have the Act affect existing voting trust agreements, but that was the probable motive for this legislation. The debates show conclusively that the Act
was not to be retroactive and was passed with that understanding.
It is argued that Section 26 of the General Corporation Law, to the
effect that "No officer, clerk, teller or bookkeeper of a corporation formed
under or subject to the Banking Law shall act as proxy for any stockholder at any meeting of any such corporation" evidences a public policy
against such an agreement.
The agreement expressly provides that persons other than officers
of the bank may be the trustees, clearly meeting the situation, even should
it be held that this section of the law referring to proxies is applicable
to a voting trust agreement, which contention we do not uphold. If a
particular trustee is diFqualified or cannot act, the agreement is not rendered'
ineffective. This contingency is provided for by naming others to act
in such a situation.
With reference to Section 26, "Cushing on Voting Trusts," p. 124,
contains the following statement as the rules governing such cases:
"Perhaps the most elusive objection to the enforcibility of voting trustsis that which rests on the theory that such a trust is nothing more than a
collective proxy and revocable as in any proxy. If this theory were correct,
the many statutes limiting the effective duration of a proxy would also
operate to render totally ineffective a voting trust, for while less than half
the States prescribe a limit for the life of a proxy, yet that limit varies from
seven years to as short a period as thirty days. Those who suggest an analogy between a proxy and a voting trust agreement ignore certain fundamental differences between them. The usual proxy merely establishes a
relation of principal and agent terminable by the
at will either
he
through revocation or through sale of his stock. The voting strust agreement vests in the trustees an interest in the stock which the original owner
obviously is unable to nullify by any sale of stock and which he cannot other-wise cancel except through an attempted breach of contract. The holder
of a proxy has no control over the stock itself, while the voting trustees
have the possession of the stock as well as the legal title to it. The proxy
creates a relation of a temporary character under a restrictive statutoryauthority; the voting trust is created without the need of statutory license
and confers not a revocable authority upon an agent but a qualified title'
upon a transferee of property."
The legislative sanctioning of voting trusts arose nine years after the statute prohibiting officers of banks from acting as proxies. This clearly indicates that the Legislature appreciated the difference and was providing*
therefor. The distinction between proxies and the power given to trustees
by voting trusts is well stated in Boyer vs. Nesbit, 227 Pa., 398, where it
was said:
"In answer it may be said that no question of the right to vote by proxy
arises in this case. It seems perfectly clear that the proviso referred to has
reference to formal proxies given by a stockholder authorizing the person
designated therein to vote his stock at a meeting or an election. No proxy
of any kind was given in the case at bar and therefore the 60
-day limitation
has no application. In the present case the persons in whose name the
stock stands on the books of the company vote the same as they have the.
p:imz facie right to do under the express provisions of our statutes."
It is also contended that after the enactment of the amendment to the
banking law prohibiting voting trusts no one could lawfully join or enter
an existing voting trust. The banking law merely prohibits the making.
of voting trust agreements in the future. It has nothing whatever to do
with individual action in relation to existing agreements or with the accrued
rights of any one connected *ith a bank under and by virtue of such preexisting voting trusts. Their rights were fixed before the amendment was
passed and may not be limited or curtailed thereby.
It was stated by the court at special term that respondents or their representatives have a right to buy stock if they see fit, and to acquire control
,
of the bank. It may not be amiss to say that those who own the stock of
the bank have a right of self-protection against any such threatened invasion. The right of self-protection would seem to be entitled to at least
as much consideration from the court in its exercise of equitable jurisdiction
as the rights of people who may be endeavoring to speculate or gamble in
the bank's stock. It cannot be said now that the equities are not with,
the appellants.
The orders should be reversed, with $10 costs and disbursements, and the
injunctions denied, with $10 costs.
All concur.
There are no limitations upon the purposes for which such
an agreement
may be made; nor are any corporations excepted. It is
clear that the
section does not enumerate the provisions which may be
contained in a
voting trust agreement. By its terms it was intended to
authorize such
agreements generally, subject only to the specific provisions
referred to
and to a definite time limit of ten years.
It is asserted to be against the declared public policy of
this State to
permit stockholders of a bank, retaining the beneficial
interest in their
stock, to turn over the voting power, even by a voting trust
agreement, to
officers and directors of the bank.
The petitioners are asking for the intervention of a Court
of Equity. In
doing so they must not overlook the fact that the first
principle of equity
is justice. It is not only interesting, but desirable to know
exactly what is
being attempted. Are technicalities being invoked to lead a
Court of Equity
to do injustice? Are these bona fide actions, to right a wrong,
or are parties
with an ulterior purpose attempting to use a Court of
Equity to accomplish
a questionable result, though professing otherwise?
As the object of these actions and the effect of the injunctions
may be to
open the way to a competing institution to engulf the
defendant
-bank and
its management, or to permit several speculators to embarrass
the bank in
the accomplishment of their designs, the orders should have at
least awaited
a trial. The trial may uncover the real object of the actions
and it may
disclose where the equities really lie.
The authority for the agreement seems to be ample. Every
precaution
has been taken to comply with the conditions of the statute. The
amend• ment did not attempt to nullify either directly or indirectly the
voting trusts
already created. The statute itself indicates the public policy
of this
State as to the subject involved, and it expresses the limitations which
the
The attorneys of the Bank of America are Rushmore,
legislature deemed necessary to safeguard the interests of the State.
The respondent also contends that the amendment to the Banking
Law Bisbee & Stern, 61 Broadway. Henry Root Stern of that
being retroactive annulled all outstanding or existing voting trusts.
firm, commenting on the opinion, said:
The provisions of the statute relating to banks is not retroactive; it speaks
The unanimous decision of the Appellate Division will be gratifying not
of the future and does not interfere with a contract which was valid when only
to the defendants in this particular case, but to all
who believe thatmade.
voting trust agreements entered into for legitimate
purposes are economicIn Union Pacific RR. Co.vs. Laramie Stock Yards Co., 231 U. S. 190, ally
desirable.
199, Mr. Justice McKenna said:
"5 * * The first rule of construction is that legislation must be considered as addressed to the future, not to the past. The rule is one of Vice
-Governor Platt, of Federal Reserve Board, Disobvious justice and prevents the assigning of a quality or effect to acts or
cusses Strong Stabilization Bill and Hull Branch
conduct which they did not have or did not contemplate when they were
performed. The rule has been expressed in varying degrees of strength,
Bank Amendments—Brokers' Loans.
but always of one import, that a retroactive operation will not be given to
a statute which interferes with antecedent rights or by which human action
The recent hearings on the Strong bill for the stabiliza.is regulated, unless such be 'the unequivocal and inflexible import of the
terms, and the manifest intention of the Legislature.' United States vs. tion of prices through the Federal Reserve banks,
and the
158
UTE CHRONICLE
[Vol.. 123.
gant encomiums of its friends than from attacks of its enemies. The charters of the Federal Reserve banks have been extended 50 years by the
McFadden banking bill, almost without opposition—in fact, without any
expressed opposition at all in the Senate, which was rather surprising.
The decision to publish brokers' loans was the result of mature consideration, and had been discussed informally in the Federal Reserve Board
and in the Federal Reserve Bank of New York for more than a year. The
New York Reserve Bank had been receiving reports from a group of the
leading banks of the city showing their loans to brokers on demand and on
time, both for their own account and for the account of correspondents.
This gave some indication of the amount of credit absorbed by the stock
market, and it appeared that most of the banks furnishing these reports
were willing to have the totals made public. The Governors of the Stock
Exchange, when consulted, were also favorable to publication, and, as you
know, decided to obtain the figures from the borrowing brokers and publish them, so that the public would have the information as coming both
from the chief lenders and from the borrowers who are members of the
Exchange.
The publication of these loans to brokers was well received, though the
size of the fund was evidently a surprise to many people. It isn't the
business of the Federal Reserve System to regulate the market for securities, but it is a part of its business to know how and where credit is being
used. During the latter part of last year the•Federal Reserve Board and
the directors of many of the Federal Reserve banks looked with some apprehension upon the gathering force of speculation in securities and in real
estate. Rates were raised in four of the Reserve districts, as you know,
beginning with this district, the Boston district, one-half of one per cent,
followed by an increase in the New York district soon after the 1st of
January. The Boston increase in November was hailed as a turning point
by some of the speculators in the stock market, and though insignificant in
itself, was used as a signal for a sharp break in the price of securities.
I may say here in New England that the directors of the Boston Federal
Reserve Bank voted that increase of 1 1% in September and it might
4
have been better if it had been approved and put into effect then. There
was more or less criticism of the delay in the increase of some of these
rates, but that criticism, if valid at all, does not hold against the Federal
Reserve Bank of Boston.
It appeared that Federal Reserve funds were indirectly used in the call
loan market and the spread between call loan rates and Federal Reesrve
rates at 3%% was clearly, in my opinion, too great. The slight increases
of rates, however, did not prevent the prices of securities from recovering
rapidly and from reaching new high levels early in the year only to be
followed some two months later by a severe period of readjustment. Just
how much Federal Reserve policies have had to do with all this it is diffiBesides Governor Norris and Governor Strong, Mr. Adolph C. Miller, cult to say, though it has given the financial writers ample opportunity
length
member of the Federal Reserve Board, has testified at considerable
for expressing their opinions and has doubtless stimulated study of the
before the House Committee with relation to the Strong bill and has ex- statements of the Reserve banks published from week to week.
plained by means of charts and otherwise the technique built up by the
It seems now to be the consensus of opinion that the break in securities
Federal Reserve Board to enable it to form some judgment with relation in March did not foreshadow any very serious decline in the business of
to time of
to credit and business conditions, and the desirability from time
the country which has maintained itself at a rather surprisingly high level
changes in policy whether in rates or in open matters. The open market ever since, while the outstanding volume of Federal Reserve credit has been
operations of the Federal Reserve Board were first explained in some de- continuously higher than at the same periods a year ago, and was on June
tail in the Board's annual report of 1923, a report which attracted an 10 about $64,000,000 more than at the same time last year.
annual amount of attention from economists and financial writers. Some
The Federal Reserve Board and the Federal Reserve System have been
of them jumped to the conclusion that open market operations were of far criticised for many things and have been praised for many things, and I
more importance than discount rates and that here lay the secret of the sometimes think that the praise received is likely to do it quite as much
Board's success in maintaining, as some of them believed, a fairly stable harm as the adverse criticism. Foreign economists have credited the Fedprice level. I think it may be said, nevertheless, that the open market eral Reserve Board with accomplishments little short of miraculous. They
policy of the Board was not instituted with any idea of promoting a stable have credited us with preventing the great gold importations from proprice level, thcugh price indexes are, of course, among the evidences of ducing another inflation of prices and declared that we practically control
business conditions consulted. . . .
the destinies of the world in the matter of prices as well as credit.
That the open market operations of the Federal Reserve banks have had
I do not know how much the rank and file of bankers who are members
general price level is probably
have
some effect in the direction of steadying the
of such an organization as the New England Bankers Association may
to infer from this that interest rates can be so manipulated read about the hearings on the bill introduced by Representative•Strong
true, but
through open market operations as to promote continuously a stable price of Kansas directing the Federal Reserve banks and Board to use all their
point
level is an inference which seems to me unwarranted.
. powers to promote a stable price level, but from a Federal Reserve
the most interesting thing that has
Tutning to the subject of the McFadden bill, Mr. Platt of view these hearings have been ratherpast session of Congress, much more
taken place in Washington during the
said: "I do not know how largely New England bankers interesting, in fact, than the hearings and debates on the McFadden bill
these Hull amendments, but and on the branch banking controversy.
were interested in support of
given
The idea of a stable price level is a captivating one which has been
it seemed to me that they were utterly illogical and probthe head of which
widespread :nterest by the Stable Money Association at
ably would not have done anything towards accomplishing is Professor Irving Fisher of Yale University. It was in fact Professor
the Strong bill
Fisher and Mr. Lombard of this association who seized upon
what their proponents professed to expect. He added:
hearings a standing. So
The Hull amendments, as you remember, provided that if States where as a means of spreading their ideas and gave the
started in March and
they
branch banking is not now permitted should change their laws so as to far as I know, none of these hearings, although
two in May, have yet been
permit State banks to have branches, national banks should not be given the proceeded through April and for a week or
voluminous that it will probably be
same privilege. The theory was that national banks and State banks would printed, but the testimony has been so
and published.
not then have an inducement to go to the State Legislatures and ask for a good while before all of it can be revised
theories, Professor
In the course of their testimony expounding their
a change in State laws. This theory ignores entirely the fact that the
substantially the same views, depresent branch banking situation has been brought about by State laws Fisher and other economists who hold
the Federal Reserve Board and
passed at the instance of State banks without any co-operation from na- clared that the Strong bill merely gave to they had already been doing.
tional banks. It would certainly appear that one of the chief motives of banks the direction to continue doing what
Reserve System was and is prothe present State laws in States which favor branch banking was to give These economists declared that the Federal comparative stability of prices
moting a stable price level as shown by the
State banks a certain advantage over national banks.
the reports of the
since 1922, and they cited charts and statements from
Mr. Platt referred to branch banking as "a country bank Federal Reserve Board and from the Federal Reserve "Bulletins" in support
officials of the Federal
proposition rather than a city bank proposition," and said, of this belief. They called upon the operatingGovernor of the Federal
rather Reserve banks, notably Mr. Benjamin Strong, the Federal Reserve Bank
"I consider it a proposition for the agricultural West
Reserve Bank of New York, and Mr. Norris of
than for the industrial East." His remarks included a ref- of Philadelphia. Governor Strong was kept before the committee day
the committee took occasion
erence to "the tremendous number of bank failures in this after day for something like two weeks and of a bank that might perhaps
to question him not only as to the operations
country during the past few years, the Federal Reserve have had an effect upon the price level, but as to every detail of operation.
move
considerations
Board showing that the great majority of those failures The committee wanted to know not only all the rates, and the which
purchase of
or lowering discount
were in the section between the Mississippi River and the the directors in advancingacceptances through open market operations, but
Government securities or
Pacific slope." He pointed out that thousands of Western they wanted to know how acceptances are drawn, just how they finance
con- the movement of goods in import and export and in domestic transactions,
banks have a capital of less than $25,000 and said "the
they come into possession
how they get into the hands of dealers and how
clusion is inevitable, it seems to me, that they are too small of Federal Reserve banks.
Governor Harrison, Mr. Burgess
narrow a
to afford good management and operate In too
Governor Strong was flanked by Deputy
Federal Reserve Bank of New York
territory. . . . I see no reason at all why they should and some of the other officials of the all these operations. He explained
details of
patiently
of some size, with and went very acceptanceinto
not be consolidated into little systems
market was built up, stating that it had to be
fully how the
the smaller places served by branches." Mr. Platt's address built up from the bottom and showing that it was necessary to have dealers
portfolios of bills to be distributed to
in the financial centres carrying
in full follows:
corporations having surplus funds to invest. Such dealSince the decision to publish the so-called "Street loans," or brokers' member banks or
many years existed in London and in fact the Bank
loans made in New York as a part of the regular weekly statement of con- ers or brokers have for
invariably deals with them and not directly with the
dition of reporting member banks there has not been very much in the of England almost
carry their reserves in the central bank.
functioning of the Federal Reserve System to attract attention. Apart Joint Stock banks which
member banks carrying reserves in
The Federal Reserve Act provides for
from the revamping of the criticisms of 1920-21 in the Iowa primary cambanks and provides that member banks only may repaign, the System has been generally free from political attack, and I the Federal Reserve
with Federal Reserve banks, but it also gives Federal
think may almost be said to be in more danger to-day from the extrava- discount their paper
Hull branch bank amendments carried in the McFadden bill
as it passed the House, were discussed by Edmund Platt,
Vice-Governor of the Federal Reserve Board, in an address
before the New England Bankers Association at New London, Conn., on June 19. Mr. Platt also referred to the decision early this year to publish figures of brokers' loans,
and in his reference thereto said that "the publication of
these loans to brokers was well received, though the size of
the fund was evidently a surprise to many people.' Coupled
with his remarks regarding brokers' loans was a reference
to the raising of Federal Reserve rates in Boston and other
districts in November, Mr. Platt making the comment that
"the directors of the Federal Reserve Bank voted that increase of one-half per cent in September, and it might have
been better if it had been approved and put into effect then.
There was more or less criticism of the delay in the increase
In some of these rates, but that criticism, if valid at all,
does not hold against the Federal Reserve Bank of Boston."
Mr. Platt described the hearings on the Strong bill as
"rather the most interesting thing that has taken place in
Washington during the past session of Congress, much more
interesting in fact than the hearings and debates on the
McFadden bill and on the branch banking controversy."
"I may say in passing," said Vice-Governor Platt, "that the
questions asked of Governor Strong and other representatives of the Federal Reserve Bank of New York amounted
almost to a searching investigation not only of its operations but of its expenses in every direction, and Governor
Strong submitted charts showing the organization of the
bank and the functioning of every department, together
with much of the detail of its expenses." In part he also
said:
JULY 10 1926.]
THE CHRONICLE
Reserve banks the authority to make contracts and authorizes the purchase
of Government securities, drafts and bills of exchange in the open market.
Under this authority the Federal Reserve Bank of New York and occasionally other Federal Reserve banks take short-term Government securities
and acceptances from dealers on repurchase agreements at times when
money rates make it impossible for the dealers to carry their portfolios
on call money without serious loss. Governor Strong and others who have
studied the bill market carefully consider this service absolutely essential
to the continued operations of the dealers and the dealers themselves are,
of course, essential to the building up in this country of an acceptance or
bill market. Some of the members of the House Banking and Currency
Committee questioned the legality of these operations but appeared to be
satisfied as the hearings progressed that they are not only essential but
legal. It would seem that it could not have been the intention of Congress
to prohibit operations with the dealers in bills of exchange and acceptances
which are the very backbone of such central bank operations as have
been
carried on by the Bank of England for generations.
I may say :n passing that the questions asked of Governor Strong and
other representatives of the Federal Reserve Bank of New York
amounted
almost to a searching investigation not only of its operations
but of its
expenses in every direction, and Governor Strong submitted charts
showing the organization of the Bank and the functioning of every
department,
together with much of the detail of its expenses. When
these things are
published they may be of interest to some of you. Those of
us who have
watched its operations from week to week, from month to month,
and from
year to year are satisfied that the Federal Reserve Bank of
New York as
well as the Federal Reserve Bank of Boston and the other
banks in the
System are well organized and officered by men of high type,
who conduct
them with an eye single to the public welfare.
Besides Governor Norris and Governor Strong, Mr. Adolph
C. Miller,
member of the Federal Reserve Board, has testified at
considerable length
bfore the House Committee with relation to the Strong
bill and has explained by means of charts and otherwise the technique
built up by the
Federal Reserve Board to enable it to form some judgment
with relation to
credit and business conditions, and the desirability from
time to time of
changes in policy, whether in rates or in open market
matters. The open
market operations of the Federal Reserve Board were
first explained in
some detail in the Board's annual report of 1923, a report
which attracted
an unusual amount of attention from economists and
financial writers.
Some of them jumped to the conclusion that open market
of far more importance than discount rates and that here operations were
lay the secret of
the Board's success in maintaining, as some of them
believed, a fairly
stable price level. I think it may be said, nevertheless,
that the open
market policy of the Board was not instituted with any
idea of promoting
a stable price level, though price indexes are, of
course, among the evidences of business conditions consulted.
Federal Reserve banks on their own initiatiie in 1921
and 1922 began to
purchase short-term Government securities with the
idea of maintaining
their earning assets at a time when their rediscounts
were
off. The Federal Reserve Board at first contented itself rapidly running
by pointing out
to them that by purchasing these short-term
Governments in considerable
amounts they were not really adding to their earning
assets but were merely
transferring them from rediscount to investments
as they were actually
furnishing the money to the market with which the
off. The total volume of these Government securitiesrediscounts were paid
held
Reserve banks approached $600,000,000 in the summer by the Federal
of 1922 and it
seemed time to call a halt, as the Reserve banks were
absorbing so large
a volume of these securities as • to give them an
artificial market. The
fund was then gradually liquidated in large measure
and in April 1923 an
Open Market Committee was formed under
supervision of the Federal
Reserve Board with the statement that its operations
were to be governed
with primary regard "to the accommodation of
and to the effect of such purchases in the general commerce and business
credit situation."
In general I think it may be said that this
expressed purpose has been
well carried out. Several meetings of the Open
Market Committee are held
'every year and with particular regard to the effect
of purchase and sales
of securities in connection with the quarterly
Treasury operations that
come at the time income taxes are paid. At these
periods the operations
of the Open Market Committee have certainly served
to prevent extreme
fluctuations of money rates in the leading financial
is done was well explained in the Federal Reserve markets. How this
"Bulletin" for April
last with reference to the March 15 Treasury operations.
On that date the
Treasury was called upon to pay out over $700,000,000
for the redemption
of maturing security issues and for interest on the
public debt, and during
the following week it purchased over $100,000,000 of
Third Liberty bonds
for account of the sinking fund. At the same time
the Treasury received
more than $400,000,000 in income taxes and about
$500,000,000 in the
proceeds of the new refunding issue of United States
bonds.
Doubtless many of you remembr the extreme
fluctuations in call money
rates that used to take place around these tax payment
dates. The Treasury would disburse a large amount of money on the
15th of the month but
the checks in payment of income taxes could not all
be collected promptly
on that date and consequently money rates for a
few days would be extremely easy, followed by a gradual tightening
up. The Treasury has
obtained its funds for payments on the 15th of each
overdrafts at the Federal Reserve banks covered by month in part from
the sale to the Federal Reserve banks of special certificates of
indebtedness. In New Yor
on the 15th of last March it amounted to $190,000,000
with $19,000,000
additional to the Federal Reserve Bank of
Chicago. These certificates
were cut down each day following as the proceeds
from income tax payments were brought in and the last portion was taken
up by the Treasury
• on March 19. Treasury outlays exceeded receipts for a
day or so by about
$130,000,000, ana to offset this in part the New
York Reserve Bank on
March 13 and 15 sold Government securities under
repurchase agreements
to the banks of the city, thus preventing any violent
fluctuations in money
rates.
Undoubtedly this is a valuable service, as such
fluctuations in the money
rates are always misunderstood by some people and
may
make commitments which they otherwise would not make. cause them to
This is a simple
case of the use of open market facilities in steadying
short-time interest
rates. Something can be done and has been done along
the same line over
longer periods, but it is easy to exaggerate the effects of
such operations
and it is not easy always to bring into the picture other
contributing factors which those who are watching the thing from day to
day cannot in
fact always see until afterwards. That the open market
operations of the
Federal Reserve banks have had some effect in the
direction of steadying
the general price level is probably true, but to infer from this
that interest
rates can be so manipulated through the open market
operations as to
promote continuously a stable price level is an inference
which seems to
me unwarranted.
159
Stewart, who for several years was Chief of the Division of Analysis and
Research of the Federal Reserve Board, called it seriously into question.
Professor Sprague, I suppose, will be generally admitted to be the leading
authority on the economics of banking in the United States. He said in
his testimony before the committee: "I am very certain in my own mind
that it is not possible to handle the ordinary oscillations of prices effectively by means of Reserve bank operations." He stated that he thought
a marked inflation developing into a seller's market could be checked in
some measure by Federal Reserve operations, but he did not believe that
moderate variations in price "such as we find at the present time" could
be directly attacked by Federal Reserve policies to any advantage. Citing
the fact that there had been a decline in the general price level of about
7 points in the last few months he asked bow anyone could tell what would
be the effect of injecting arbitrarily additional credit into the situation.
Open market operations, he stated, would merely put additional money into
the New York market and there was no good reason for supposing, for
instance, that this would have the effect of advancing the prices of the
commodities that are lowest. It would be more likely, if it had any effect
upon prices, to advance the prices of the commodities that had at the time
the strongest tone in the market. "No central bank," said he, "so far as
I know, has ever assumed the responsibility for the stabilization of prices."
Both Professor Sprague and Dr. Stewart attacked the statements of
Professor Fisher and other economists who had declared the comparative
stability of the price level from 1922 to the present time was due to the
policies of the Federal Reserve System. Professor Sprague said: "I do not
believe that that degree of stability is to be in the main attributed to the
management of the Federal Reserve banks. I consider it primarily due to
the attitude of the business community which continued to recall the losses
which it had experienced in 1920-21. The business community has been
in the state of mind ready to take in sail at very short notice indeed."
He disagreed strongly with the opinion which had been expressed to the
effect that the upward movement of prices which culminated in the spring
of 1923 was checked primarily by Federal Reserve policies and declared
that agricultural prices were at that time out of line with industrial prices
and stated that he knew "of no instance of a decided inflationary condition
developing which did not start with a fairly sound situation as regards
prices between agriculture and industry, and a fairly complete liquidation
in agricultural regions of the wreckage from the previous period of inflation."
Dr. Stewart referred in more detail to the situation in the spring of
1923. Prominent economists at a meeting in Chicago toward the closing
of the year 1923 had declared that there would be an increase in prices
during 1923 amounting to something like 25%. When this predicted increase did not take place they declared it was due to the action of the
Federal Reserve Bank of New York in increasing its discount rate and in
reducing open market holdings. Dr. Stewart declared that "with Europe
oue of the picture in 1923 se far as being an active purchaser of goods in
this market was concerned, the foreign buying power being at a very low
level, we did not have a business situation which could have given rise to
any marked inflation, no matter how abundant the volume of credit was,"
and he expressed the opinion that the turn of commodity prices In 1923 was
not due to a change in credit conditions, but to the fact that the level of
output in industry "had been carried to a point where it was not possible
to sell at the prevailing level of prices," and he called attention to the
fact that after prices had begun to recede the volume of credit continued
to increase. Dr. Stewart showed that for the periods of which he had
made particular study an increase in the volume of credit did not precede
price increases. The order was, first, production, then prices, then credit
When prices were advancing and when prices were declining in 1924 the
order was the same. Increased credit frequently is granted to take care
pf inflated inventories which result from declining prices. This would
seem to a layman to be a reversal of the procedure indicated by the theory
that prices are always stimulated by increase of credit
Now, to turn to another subject Just before I left Washington word
came that the conferees had agreed on the McFadden bill, and it seemed
likely to pass :n substantially the form in whtch it was passed in the Senate, i. e., with the so-called Hull amendments eliminated. I do not know
how largely New England bankers were interested in support of these Hull
amendments; but it seemed to me that they were utterly illogical and probably would not have done anything towards accomplishing what their
proponents professed to expect. It is a little hard to understand, anyway,
why the storm centre of opposition to any kind of branch banking should
be centred in the city of Chicago. New York and Boston and Philadelphia
and Baltimore and Buffalo and Cleveland and Detroit and New Orleans and
Atlanta all have a certain amount of branch banking. In most of these
cities it is confined to city limits, though in Cleveland it extends to immediately contiguous territory. This branch banking is wholly the result of
State laws, and if Illinois does not want branch banking it is the glorious
privilege of her bankers to prevent it through the Illinois Legislature.
There would appear to be no good reason why they should seek to control
the matter through Federal legislation, or why they should seek to influence State legislation by Federal legislation. The Hull amendments, as
you remember, provided that if States where branch banking is not now
permitted should change their laws so as to permit State banks to have
branches, national banks should not be given the same privilege. The
thoery was that national banks and State banks would not then have an
inducement to go to the State Legislatures and ask for a change in State
laws. This theory ignores entirely the fact that the present branch banking situation has been brought about by State laws passed at the instance
of State banks without any co-operation from national banks. It would
certainly appear that one of the chief motives of the present State laws in
States which do not at present permit branch banking. Inasmuch as State
vantage over national banks. The branch banking features of the McFadden
bill were drawn to correct this situation, but they would repeat it in the
States which do not at present permit branch banking. Inasmuch as State
banks outnumber national banks considerably more than 2 to 1 it would
appear that with the Hull amendments in force the inducement to obtain
an advantage in the matter of branches over national banks in these States
would be very strong. What standing would national banks have before
State Legislatures in opposition to bills granting privileges to State banks?
They would be told, I should think, to obtain their relief from Washington. The advantages State banks could obtain are obvious. If Mistouri,
for example, should change its laws in favor of branch banking while Congress was not in session State banks desiring to establish branches could
obtain all the best sites in St. Louis before Congress so much as had a
chance to act for the national banks.
Some of the bankers who advocate the Hull amendments seem to have
no idea what they are, judging from the letters they write to members of
Congress. Senator Carter Glass paid his respects to this class of letter
writers in no uncertain terms in his recent address to the stockholders of
The theory itself upon which the proposal for Federal Reserve
action to the Federal Reserve Bank of Richmond. He declared that the man who
stabilize prices is based is not by any means universally
drew the Hull amendments, "a little stock yards banker out in Illinois,"
accepted, and
among the economists who were called before the Banking and Currency was asked
by the Senate Committee to justify the proposition, but "never
Committee Professor 0. M. W. Sprague of Harvard and Dr. Walter
W. came within a thousand miles of justifying it" "I have failed to find an
160
THE CHRONICLE
American banker who says it is a sound proposition," said Senator Glass,
and he added emphatically that the Senate will not accept the bill containing it. Now, Senator Glass knows what he is talking about, and unless
the Hull amendments go out the bill will fail of passage. It comes up
again in the House next Tuesday, I understand.
As I have said on several occasions, I consider branch banking a country
bank proposition rather than a city bank proposition, and I consider it a
proposition for the agricultural West rather than for the industrial East.
Unit banking works very well in the East. We have none of the very
small banks that are so numerous in the West, and even our smallest banks
are nearly all situated in territory where they have more funds at their
disposal than they can loan at home, and where they are not under any
serious temptation to loan an undue proportion of their funds to one industry. We have had a tremendous number of bank failures in this country during the past few years, so many as to constitute, it seems to me, a
disgrace to a great nation so strong as we are in financial matters. In
1924 there were 777 failures, in 1925 there were 612, and in this year
down to the 1st of June there were 183. A study of the bank failures of
1924 and 1925 made by the Federal Reserve Board shows that the great
majority of those failures were in the section between the Mississippi
River and the Pacific Slope, a section which in my opinion, for the purpose of serving an agricultural community adequately and safely, has the
worst banking system in the world. Forty per cent of all the bank failures during the past two years were in places of less than 500 population,
and over 61% were in places of less than 1,000 population, while
only 20% of the total failures occurred in towns that are defined by
the Census Bureau as urban communities, i. e., places of 2,500 population
or over. 63.4% of all bank suspensions during the past two years were
banks with a capital of $25,000 and under, and less than 10% were banks
with a capital of $100,000 and over. The average capital of suspended
banks was $38,243 and their average deposits $281,182. Thousands of
Western banks have a capital of less than $25,000. The conclusion is
inevitable, it seems to me, that they are too small to afford good management, and operate in too narrow a territory. The resources of very
many of them are too small to take care of their home demands in peak
'seasons and they frequently have to borrow heavily. I can see no reason at
all why they should not be consolidated into little systems of some size
with the smaller places served by branches. It is not at all necessary to
build up big systems, and if big systems are feared it might be a good
plan to prohibit banks in Reserve cities from having branches outside
their limits, or it might even be provided that no cities of more than 25,000
or 50,000 inhabitants should be allowed to have branches outside. As
outside branch banking has so far developed in this country most of it
proceeds from cities of less than 10,000 inhabitants and the banks scarcely
average two branches to a bank. Such little systems are very common in
the South and appear to have done something to strengthen the banking
situation.
The McFadden bill discriminates against these little country branch
banking institutions, most of which are not members of the Federal Reserve System. Their branches are, as a rule, all outside of so-called city
limits for the very good reason that they are not in cities and have nothing
to do with cities. The largest of them, in number of branches, is the Eastern Shore Trust Co. of Cambridge, Md. I wonder if any of you ever heard
of this Cambridge. Another, almost as large, has its headquarters at
Decatur, Ala., and another at Grenada, Miss. The McFadden bill, as it
passed the House, would have barred these little country branch banking
Institutions from the Federal Reserve System. In the Senate form it will
admit them with their present branches. They take on new branches only
occasionally, but they seem to value the branch banking privilege, and now
and then they prevent bank failures by consolidations that could not be
made without the branch banking privilege. There appears to be no reason whatever for refusing them admission to the Reserve System with the
privileges given them under State laws, and my belief is that they will in
time demand the removal of the discrimination against them. The McFadden bill does not settle the branch banking controversy. It can only be
settled by giving to national banks the same privileges with respect to
branches that are given to State banks, thus leaving the matter of branches
wholly to the States.
Fox.. 123.
printed the following from its Washington correspondent on
July 6:
The McFadden National Dank bill failed of passage before adjournment
because of'the attitude of certain of the House conferees in standing for the
so-called Hull amendments or nothing, according to Senator Carter Glass
in a statement issued to-day. The Virginia Senator, who was one of the
conferees on the bill, tried for nearly half an hour on Saturday to interrupt
Senator Cameron of Arizona, who, he said, was talking against time and
refused to permit interruptions so that he might insert in the record a
statement on the banking bill situation.
These "Hull amendments," according to Senator Glass, "would grant
branch banking privileges to national banks in 22 States and deny like
privileges to national banks in 26 other States, and would permit State
banks in 22 States to remain or become members of the Federal Reserve
system, but in 26 other States would apply a different rule to State banks
seeking membership in the Reserve system.
Forces Lined Up.
The Hull amendments were opposed by Chairman McFadden of the
House Committee on Banking and Currency, as also by the Secretary of
the Treasury, the Federal Reserve Board, the Federal Reserve Advisory
Council, the present Comptroller of the Currency, Mr. McIntosh, and the
former Comptroller, Henry Dawes; the Governor of nearly every Federal
Reserve bank, the United States Chamber of Commerce (on referendum
taken), and by many experienced and accomplished bankers. They
have been twice unanimously rejected by the Banking and Currency Committee of the Senate, and were beaten in the Senate by the decisive vote of
60 to 17.
The Senate conferees, according to Senator Glass, were never divided in
opinion or in their action on the Hull amendments or on any provision of the
bill as it was submitted to conference. They were a unit on every point
yielded by the Senate conferees, and on every point of insistence, whereas
the House conferees were never apparently united on any question until
the very last, when they submitted a modified Hull amendment proposition
which the Senate conferees regarded as worse in effect than the original
Hull amendments.
Glass Makes Last Effort.
On Friday last the final conference was had, at which Senator Glass represented his two Senatorial colleagues, who had left the city. A proposition
for an agreement was made by House conferees, to which Senator Glass,
for himself and absent colleagues, promptly assented, and it looked as if a
unanimous report could be made.
As there had been repeated misunderstandings as to what from time to
time had been proposed by the House conferees, Senator Glass reduced to
writing his understanding of the last proposal made and accepted. In a
letter to Chairman McFadden of the House Barildng and Currency Committee, Senator Glass briefly outlined his understanding of the proposal
and added: "Of course it is understood that the alternative proposal of the
Senate conferees to strike from the bill all of its branch bank features and
to favorably report all of the other provisions of the bill as agreed on in the
copy Marked up as of June 28, still stands. This would enable us to get
most useful legislation for the banks and merely postpone to another time
the controverted problem of branch banking. I sincerely hope we may employ one or the other of these expedients to get satisfactory legislation."
Chairman McFadden assured Senator Glass that this exactly expressed
what he also understood to be the proposal. But half an hour thereafter
Chairman McFadden went to the Senate Chamber and informed Mr. Glass
that the House conferee who made the proposal no longer agreed, and thus
the conference ended.
Move to Save a Part.
The Senate conferees, in order to save the extremely important features
of the bill after having faded to induce the House conferees to eliminate the
Hull amendments, urged that all branch banking features of the bill be discarded and the question of branch banking be postponed until the next
session of Congress, to be fought out on its own merits. The House conferees declined to do this, alleging a parliamentary difficulty in the way.
The Senate conferees had what they considered authoritative assurances
that, if such parliamentary difficulty really existed, the Rules Committee
of the House would present a rule to make the conference report in order.
Fortified by this assurance, the point blank question was asked if the House
conferees would agree to eliminate the branch bank features of the bill and
report an agreement on the vastly important provisions not in controversy,
provided they could get such a rule. To this inquiry there was a point blank
"no," and thus for the reasons stated, banking legislation at the session just
closed failed. The bank bill will still be in conference when Congress reconvenes next December.
McFadden Branch Banking Bill Fails of Enactment—
Conferees Unable to Reach Agreement—
Statement by Senator Glass.
The McFadden Branch Banking bill is one of the measures
before Congress which failed of enactment at the session
In a Washington dispatch, June 27, referring to the
, which adjourned on Saturday, July 3. The bill was still in
the conferees, and its failure to pass is ascribed points at issue, the "Journal of Commerce" stated:
the hands of
The Hull amendments are those provisions which would forever prohibit
by Senator Carter Glass (Democrat, of Vir 'Ma, one of the national anks in the existing non-branch banking States from engaging in
Senate conferees), to the insistence of the House conferees branch banking, even though by subsequent legislation the State banks
on the retention of the Hull amendments. As was made therein located were given that privilege.
The so-called McFadden compromise would have limited branch banking
known in these columns June 26 (page 3548), the conference in all States permitting it, either at present or in the future, to cities having
the bill was presented to the House on June:22 by a population of 100,000 or more, the maximum number of branches of any
report on
Representative McFadden, but was returned to conference one bank to be five, and then only in cities with a population of 1,000,000
or more.
on June 24 when a vote on the compromise legislation was
The branch banking provisions adopted by the House are to be found in a
the compromise number of places in the bill. The Senate moved to consolidate the features
taken; at that time the House rejected
and in so doing struck out the Hull amendments, leaving the way clear
branch banking provisions suggested by the conferees, and
automatically for the national banks in the anti-branch banking States to
insisted on the incorporation of the Hull amendments which engage in branch banking should the legislatures of those States enadl
House on Feb. 4, permissive legislation on behalf of their own State banks.
had been carred in the bill as it Passed the
conferees are determined that the House
It
but were eliminated in the bill passed Thy the Senate on shall is indicated that the Senate the Hull amendments. While as long as
agree to the elimination of
in- indicating that efforts the session of Congress lasts there is a possibility of enacting this legislaMay 13. The "Wall Street News,"
that tomorrow's
to place the bill on the statute books will be renewed at the tion, the thought was to-day expressed at the Capitol conferees are not
showdown. The Senate
meeting of the conferees
session, had the following to say in Washington bound by instructions aswill be a House colleagues. They can, and graceDecember
are their
advices, July 6:
fully, yield to the demands of the House if they are so inclined.
Although Congress adjourned without enacting the McFadden branch
banking bill, the legislation is far from being "dead," it was explained here
to-day. The only reason for its failure within the past few weeks was
Inability of Senate and House conferees to agree on the Hull amendments
limiting branch banking by national banks in the States now permitting
State banks to engage in the practice. Chairman McFadden of the House
the
Banking and Currency Committee, will try to bring up the bill early in
the measure
short session beginning in December, he said to-day. Since
there were less than ten
will not have to be reenacted ahd the fact that
will become a
words of the bill unagreed on, the Chairman is confident it
law in the next session.
In its account of what Senator Glass had to say regarding
the failure of the bill,the New York "Journal of Commerce"
Ill-Feeling Engendered.
The various incidents that have marked the movement of this legislation
tlarough Congress are responsible for no little ill-feeling in the House. There
always has been what might be termed congressional Jealousy exhibited by
the House because of the attitude assumed by the Senate towards general
legislation. Of late the House has been more inclined to stand up for what
it calls its rights. It is against the rules for its members to criticise the
members of the Senate, but that applies only to open debate on the floor
and not to cloakroom discussions. There the talk is very general.
It was said yesterday that the House would be willing to accept a provision
extending for fifty years the charters of the Federal Reserve banks from the
date of the expiration of the existing charters. There is, however, no little
dislike ofso long a period as half of a century,several members believing that
JULY 10 1926.]
THE CHRONICLE
a twenty-year term should suffice. It would seem that charters for an
indefinite term of years, as originally proposed by the Senate, is out of the
running altogether.
There are said to be other features that were written into the bill by the
Senate that are not altogether desirable from the standpoint of the House,
but that body would be inclined to be very liberal with respect to these if it
can have its own way with respect to the Hull amendments. But from its
stand as to the Hull amendments the House will not recede, and there the
matter stands. It is thus clear that either the Senate will back down or
the legislation is dead.
From the June 25 advices to the same paper we quote in
part as follows:
There is decided disinclination among those who have been opposing the
adoption of the conference report to assume responsibility for killing the
legislation as a whole, and there is shown a willingness on the part of all
cencerned to endeavor to whip some legislation into shape to meet
the
varying views of the different interests. When the conference report again
is presented to the House, if a new agreement is entered into, it
will be
shorn of a number of features.
161
Illinois Bankers Association Approved Action of House
in Insisting on Hull Amendments in McFadden
Branch Banking Bill.
The following is from the Chicago "Journal of Commerce"
of June 28:
In an official announcement, the Illinois Bankers' Association expressed
satisfaction over the rejection by the House of the Senate substitutes in
the McFadden bill and the insistence by the lower body of Congress that
the Hull amendments to the legislation be kept in the measure.
Speaking for the bankers' organization, which has been one of the leaders
In the fight against branch banking, Martin A. Graettinger, Secretary of the
I. B. A., said in a significant statement:
"It is highly gratifying to us that the House rejected the Senate substitutes and insisted upon the retention of the Hull amendments to the McFadden bill.
"Attempt was made by innuendo to make it appear that the only opposition to branch banking came from Illinois; that the opponents injected
the Hull amendments into the bill in order to prevent the national banks
from receiving justified relief from restrictive regulations that put them at a
disadvantage in developing the banking needs of their communities. Further, by tacking on the renewal of the Federal Reserve charter, they were
placed in the position of opposing this highly desirable legislation.
"These unfair accusations are easily refuted. The opposition to branch
banking is not by any means confined to Illinois. The bankers of every
State in the Union have gone on record against it, and although permitted
by law or implication in twenty-one States, only 735 out of the 27,701 banks
have taken advantage of the privilege, the rest being strongly opposed
to it in principle as being contrary to safe banking, public policy and sound
economics. Only in five States is there any real agitation for it.
"The McFadden bill or any bill that will aid the national banks will
receive the hearty and unanimous support of the bankers, but the growth
of branch banking must be stopped right where it is now."
Some "Dead" Clauses.
It has been determined that the provisions dealing with "contiguous
territory" must go out of the bill. It is known that Chairman McFadden
was never in favor of this feature of the proposals, but was
practically
forced to accept it in the nature of a trade, since practically all legislation
Is the subject of compromise. The trade was in favor
principally of Cleveland and Cincinnati, but it was objected to by a number
of bankers in
other localities. Opposition on the part of the bankers
of Westchester
County, New York, turned away members of the New York
Congressional
delegation from their support of the bill, and the views
of the Cook County,
Illinois, bankers strengthened the opposition of the
Illinois Congressmen,
while the fact that the Cleveland and Cincinnati national
banks were being
taken care of in the agreement meant nothing to Ohio
Congressmen from
other parts of the State where bankers might find the
agreement to their
disadvantage.
Bill Presented in House in Anti
-Branch Banking
Friends of the Hull amendments have become almost
Campaign—Ruling on Teller Window
more interested in
getting rid of the "contiguous territory" problem
than in the retention of
Licenses Questioned.
those amendments.
The "consolidation and conversion" features of the
Regarding a measure introduced in the House on June 28,
bill also are doomed.
Their reten ion would permit of the consolidation of
two national banks we quote the following from the New York "Journal
of
located in any part or parts of any branch banking
State, regardless of
the distance between their respective domiciles, and
the branches held by Commerce":
either or both could be brought into the consolidatio
Representative Morton D. Hull of Illinois proposes to question the ruling
n and the deal would
be legal. That would provide for State-wide
branch banking with little of former Attorney General Daugherty, upholding the issuance by the
limitation.
Comptroller of the Currency of licenses permitting the establishment of
Old Compromise Off.
tellers' windows. The Illinois Congressman,looked upon as the arch enemy
of branch banking, to-day introduced a bill calling on Attorney General
The so-called McFadden compromise plan,
the substitute for the so-called
Sargent for his opinion in the matter.
Hull amendments,is also out of the picture
entirely. It cannot be said that
The measure sponsored by Mr. Hull requests the Attorney General "to
Mr. McFadden ever liked the Hull amendments,
but no more does he like
advise the House whether or not the Comptroller of the Currency is acting
the compromise to which his name has been
given, one of the effects of
within the authority of law in issuing so-called teller window licenses to
which woull have been to prohibit national banks
even in branch banking national banks, permitting the banks to which such
States having a population of less than 100,000
licenses are issued to
to avail themselves of the
receive deposits and cash checks at places other than the localities of the
benefits sought to be accorded to other national
banks with respect to the
main banking offices of such banks."
establishment of branches.
Referring to a decision of the Supreme Court of the United States in the
This compromise merely was the vehicle for
getting the bill out of confercase of the First National of St. Louis, Mr. Hull expressed doubt as to the
ence and before the House for a vote to determine
upon the retention of the legal correctness of Mr. Daugherty's decision. He
Hull amendments. The proponents of the
pointed out that ft was
Senate plan thought (wrongly
in conflict with a decision rendered during the Taft administration by
as the event showed) that they were strong
enough to bring about the
Attorney General Wickersham. In the St. Louis case, he added, the
rejection of the amendments.
Supreme Court spoke "rather disrespectfully" of the Daugherty decision,
The so-called King resolution, seeking the
creation of a joint committee
but the St. Louis case affected but one situation and no general decision has
of three members each from the Senate and from
the House Committee on
been given by the Court.
Banking and Currency, to make a study of the
effect, if any, upon prices
Mr. Hull does not anticipate being able to obtain action at this session,
of commodities by the Federal banking laws,
went out of the measure last
but proposes to push the matter through next session in the hope that it
Tuesday on a point of order. While it is
understood that Representative
will be shown that the Comptroller is without the authority now attributed
Edward King of Illinois, sponsor of the resolution,
would like to see its to him in this respect.
adoption, there is no chance of its being
incorporated in the National
Bank bill.
Charles S. Hamlin Reappointed as Member of
Conferees Hopeful.
Members of the conference corilmittee appear to
be still hopeful of
securing legislation at this session of Congress. They
upon the matter, however, stating that the sessions decline to comment
of the conferees are
executive.
A study of the situation, however, indicates a
possibility of a compromise
on a basis such as the following:
To make the provisions of this bill, so far as the
branch banking features
are concerned, applicable to the twenty-two
States which now permit
branch banking by State banks, leaving the
application of these provisions
as to the remaining twenty-six States, wherein
branch banking even by
State banks is prohibited, outside the pale,
their
dealt with, in the event that they change their respective cases to be
status and permit State
banks to engage in branch banking, by future
Congresses as the occasion
arises. That is looked upon as devoid of
many
Senate bill to which the Hull group has been of the features of the
so antagonistic. If the
Senators will agree to some such proposal as
this legislation dealing
with
national banks is assured at this session,
otherwise the McFadden
bill is
dead for all time, it is said.
Branch Bank Position.
the twenty-two branch banking States,
permitted to establish branches in cities having national banks would be
a population of 25,000
or
more, as originally proposed. There are seven
States which would have
been cut off from this privilege under the
so-called McFadden compromise.
Extension of branch banking beyond the city
bank is domiciled would be prohibited because limits in which the parent
of the lack of the "contiguous
territory" provision.
The agreement would include the provision
renewing the charter of Federal
Reserve banks for a period of fifty years from
the date of the expiration
of their present charters. Indeterminate
charters seem out of the question
and it is said even that a fixed period of years is
all the more desirable, since
otherwise there would be inserted the phrase
that the charters should be
concluded at the pleasure of Congress and a
Congress unfavorable to the
Reserve System might take advantage of that
would be the case with a fixed term charter and phrase more readily than
put the bank out of business.
In
It was stated in June 30 advices to the
"New York Commercial" that the House conferees had
suggested a 40
-year
extension of the charters of the Federal
Reserve banks
• instead of a 50-year extension as in the
original conference
agreement.
Federal Reserve Board.
The Senate on July 3 confirmed the nomination of Charles
S. Hamlin, reappointed as a member of the Federal Reserve
Board for a term of ten years from Aug. 10 1926. The nomination was sent to the Senate by President Coolidge on
July 1.
Secretary Mellon Opposed to Bills to Further Reduce
Taxes Through Distribution of Surplus—Bills
Introduced by Senator Copeland and Others.
In indicating his views on the bill of Senator Copeland
of New York (Democrat) proposing a reduction in taxes
based on the anticipated surplus for the fiscal year ending
June 30 1927, Secretary of the Treasury Mellon in a letter
to Senator Smoot, Chairman of the Senate Committee on
Finance, voices his opposition to the bill on the ground that
it "does not represent a sound approach to our taxation.
problems." Bills of like purpose were introduced by Senator Copeland and Representative Jacobstein of New York
(Democrat) on June 23. Secretary Mellon says "it would
be fatal to an orderly handling of Government revenue to
base any permanent reduction on one year's figures. Before again reducing taxes, Congress should consider revenues and expenditures, not for one year, but for several
years." "By the close of the fiscal year on June 30," he
observes, "the entire surplus will have gone into debt reduction and we will have in the general fund about $215,000,000.
. . . This $215,000,000, with the receipts for the next two
months, is only sufficient to pay regular Government expenditures into September." The following is Secretary
Mellon's letter (made public July 3) setting out his views
on the proposals:
162
THE CHRONICLE
June 30 1926.
Dear Mr. Chairman: I have the request of your committee of June 24
1926 for my comments on S. 4506, "To provide for the refund to taxpayers
of the surplus in the Treasury and to provide for the reduction of admission, automobile and other taxes in the event of an anticipated surplus during the fiscal year 1927."
The purpose of this bill, as stated in its title, is to distribute "the surplus in the Treasury" by way of a refund to income taxpayers. It apparently contemplates the exisetnce in the Treasury of a cash fund in excess
of the requirements for the current operations of the Government. This
view is a misconception of Treasury "surplus." The surplus of any fiscal
year is the excess of Governmental receipts over Governmental expenditures
chargeable against such receipts. If there was no national debt the surplus
would pile up in cash and a fund would exist to distribute. The United
States, however, owes to-day over 19% billion dollars. During the present
fiscal year there have been debt maturities in September, December,
March and June. On each of these quarterly maturity dates the Treasury,
taking into consideration (1) the amount of cash in the general fund, (2)
the Government receipts which may be expected in the succeeding quarter,
(3) the amount of cash necessary to pay maturing obligations, and (4) the
period,
probable expenses of the Government through the next quarterly
to
borrows only enough new money to meet the maturing obligations and
months.
pay the expenses of Government for three
If receipts are exceeding expenditures, less of new securities are sold
effect is
than the amount of old securities maturing and paid off. The
automatically to apply the surplus to debt reduction. For example, on the
had some $333,000,000 of certifi15th of June of this year, the Treasury
cates maturing, but, with the cash then in the general fund, plus the expected income taxes and other receipts for June and the succeeding two
months, the Treasury found that it could retire these certificates and pay
the Government expenses to the next borrowing date in September without
a new flotation of securities, and, therefore, no new securities were sold
in June to replace the $333,000,000 paid off.
By the close of this fiscal year on June 30, the entire surplus will have
gone into debt reduction, and we will have in the general fund about $215,000,000, which is substantially the same as we had in the general fund a
year ago. This $215,000,000, with the receipts for the next two months,
is only sufficient to pay regular Government expenditures into September.
If the proposed bill were passed and refunds made, the refunds would not
Treascome from surplus, since such surplus does not exist in cash, but the
to
ury would be obligated to go into the market and borrow new money
pay the refunds.
Congressional Committee
Section 2 of the bill provides that the Joint
shall investigate and determine "the amount of surplus that will be available on June 30 1927" and "shall recommend to the Ways and Means Committee of the House an immediate consideration of legislation reducing or
repealing" certain taxes to the extent that the anticipated surplus will
warrant. The surplus to be examined is that for the fiscal year 1927. The
taxes to be reduced are not only taxes to be collected in 1927 but, presumably, taxes to be collected in 1928 and subsequent years. In other
words, it is proposed to make a permanent annual reduction in revenue,
If
based on an excess of receipts over expenditures in one fiscal year.
there should be an estimated surplus of $100,000,000 in 1927, but none
In 1928 or subsequent years, the committee is required to recommend a
reduction in taxes of $100,000,000, which would leave 1927 accounts balanced, but would mean a deficit in 1928 and every year thereafter. It
would be fatal to an orderly handling of Government revenue to base any
permanent reduction on one year's figures. Before again reducing taxes,
Congress should consider revenues and expenditures not for one year, but
for several years.
There are non-recurring items of Government receipts which have infuture.
creased our revenues in the past and will be less material in the
to the
Upon termination of Government control large loans were made
year we received $144,railroads. This investment is being repaid. Last
and,
000,000 of revenue on this account. This year is was $37,000,000,
the future.
since most of the strong roads have paid, we may expect less in
The War Finance Corporation is in process of liquidation. Last year it paid
$20,000,000.
the Treasury $43,000,000 in excess of expenditures; this year
In order to assist the farm loan banks the Treasury invested $196,000,000
in farm loan bonds. This year $28,000,000 of bonds were repurchased from
the Treasury, and early in the next fiscal year the Farm Loan Board expects to pay off another $43,000,000, leaving but $17,000,000 to be realized
on during the remainder of the fiscal year 1927 and thereafter. Back taxes
—that is, taxes collected upon an audit of returns for past years—have
brought in over $300,000,000 of revenue, but as the Internal Revenue
Bureau becomes current this item will be most materially reduced. Through
these non-recurring receipts a surplus might be shown in 1927 which would
not occur again.
If we take into account what may be considered the recurring Governthat,
ment receipts from taxation, even then it cannot be safely assumed
because 1927 shows a surplus, 1928 will show the same surplus. Income
tares peculiarly reflect general conditions. If the country is prosperous
large.
the taxpayers make money and the Government revenue therefrom is
If a decline in the high level of business in this country should take place
off. Customs also are
Government receipts from income tax must fall
affected by changes in trade conditions. So much for the receipt side of the
Government accounts. Any change in expenditures, of course, affects the
surplus. Expenditures, therefore, must also be considered, not only for
the year 1927 but for subsequent years.
I am of the opinion that the proposed bill does not represent a sound
approach to our taxation problems and I am, therefore, opposed to it.
Very truly yours,
A. W. MELLON, Secretary of the Treasury.
Committee on Finance, U. S. Senate.
Hon. Reed Smoot, Chairman,
[VOL. 123.
investigation looking to the elimination of automobile and amusement
taxes and a reduction in the corporation assessments.
Both Jacobstein and Crisp asserted revenues collected by the Government
in the last five years had exceeded by more than $1,000,000,000 the Treasury estimates. The Georgia Representative said the corporations "are
owned by individuals, many of them widows and orphans." He added that
the Revenue Acts of 1924 and 1926 had greatly reduced individual taxes,
but had given corporations no relief.
The Copeland resolution was referred to the Senate Finance Committee
after Senator Copeland had declared that it would authorize the refunding
of one-fourth of the taxes collected during the present fiscal year. He
said the surplus would be $440,000,000.
Chairman Smoot, of the Finance Committee, raised the point that the
resolution should originate in the House and that the surplus was required
to cover a deficit that will result late from the recent tax reduction.
Chairman Green, of the Ways and Means Committee, taking a position
like that of President Coolidge, said in a statement that "any discussion of
a further reduction of taxes is premature at this time."
Mr. Green said a majority of the provisions of the new tax law would
not become effective until the 1st of the month, and that it "will take at
least six months before we can make anything approaching a correct estimate as to what the condition of the Treasury will be during the ensuing
fiscal year."
After introduction of the bills became known a number of Democrats
of the Ways and Means Committee said there appeared little likelihood of
action this session, but that an effort undoubtedly would be made for tax
reduction at the December session. The Ways and Means Committee will
meet two weeks before the commencing of Congress to consider alien property legislation, and it was the view of some Democrats that it would well
broaden its work to include tax reduction.
Senator Robinson, the Democratic leader, also lined up with those favoring further tax reduction as soon as possible. He expressed the opinion
that another cut in rates was possible and should be made.
With regard to proposals advanced by Representative
Rainey, a Washington dispatch to the New York "Times"
June 25, said in part:
With a view to absorbing the prospective Treasury surplus, estimated at
$390,000,000 by President Coolidge in his recent budget speech, instead of
applying it to reducing the public debt, Representative Rainey, Democrat,
of Illinois, a member of the Committee on Ways and Means, introduced
to-day a bill proposing the repeal of all stamp taxes and those levied on
admission tickets and on sale of automobiles.
Mr. Rainey announced that if a surplus remained after the repeal of the
taxes enumerated in his bill, he would follow it up with a proposal to reduce
the rates assessed against incomes ranging from $11,000 to $44,000 as a
means of giving relief to business men. He said he was opposed to a cut in
the corporation taxes, as advocated by Representative Crisp of Georgia.
Democratic member of the World War Debt Commission. New York Stock
Exchange operations, he contended, showed that the corporations did not
need relief.
Adjournment of Sixty-Ninth Congress—First Session—
Bills Enacted.
The first session of the 69th Congress, which convened
Dec. 7 1925, was brought to a close on Saturday July 10.
The Senate, however, will sit as a Court of Impeachment on
Nov. 10 for the trial of Judge George W. English of Illinois.
Regarding the volume of bills introduced and passed at the
recent session, the Associated Press advices from Washington
yesterday (July 9) said:
The production of new laws gained momentum during the recent session
of Congress. More measures were introduced, and a greater number passed
by the House than at any previous first session of a two-year period.
The 13,909 bills introduced at the session which closed last week eclipses
the record of the entire preceding Congress, in which 13,372 were originated
by representatives. A still greater increase is shown in the number of measures passed, 895, as compared with 393 for the preceding session.
As to the legislation enacted we quote the following from
the Washington dispatch to the New York "World"July 3:
The outstanding achievement of the session was the enactment of the tax
reduction bill, whereby the taxpayers were saved about $385,000,000 per
annum. That Act removed 2,200,000 persons from the taxrolls, whose
incomes are $3,500 or less.
Some leading Democrats charge that in framing that measure the reductions in the income schedules favor the rich.
Funding of War Debts.
Representative Tilson (R., Conn.), majority floor leader, placed the funding of the foreign debts contracted during the war as the next important
piece of legislation. He said the debts funded, including those due from
Italy, Belgium, Rumania, Esthonia, Latvia, and Czechoslovakia, assured
the repayment to the United States of approximately $7,000,000.000.
While the loan of $4,200,000,000 to France was funded by the American
Funding Committee and was approved by the House, it was held up in the
Senate pending ratification by the French Parliament.
Appropriations made exceeded $4,400,000,000, which included $3,618,000,000 to defray the running expenses of the Government and the interest
on the public debt.
Ratification by the Senate of the protocol providing for American adhesion
At the time of the introduction of the bills the Associated
to the Permanent Court of International Justice was another feature of the
Press advices from Washington June 23 said:
session.
Introduction by Democrats in both Houses of Congress to-day of bills
Some Outstanding Acts.
proposing immediate tax reductions brought to light a somewhat nebulous
for a
Other outstanding pieces of legislation were:
plan among members of the minority party for a concentrated drive
Expansion and improvement of aviation facilities in the army, navy and
general lowering of taxes at the short session next winter.
program to cost $229,000.The Democrats sponsoring the bills said their action was prompted by Marine Corps, which call for a five-year building
meeting Monday 000. At the end of that period the army will have 1,800 good planes and
the estimated Treasury surplus announced at the budget
30, the navy 1,600, with two dirigibles twice the size of the illfated Shenandoah.
June
night. In placing the surplus for the current fiscal year, ending
half the amount, President
Legislation was enacted to develop civil aviation under the auspices of
at $390,000,000 and that for next year at about
the position that ful'her tax reduction should the Department of Commerce.
Coolidge at that meeting took
Enactment of the Watson-Parker measure whereby the Railway Labor
law can be given a thorough test.
be held in abeyance until the new revenue
the bills for Board was wiped out and a Mediation Board provided for the adjustment of
The three Democrats taking a different view who introduced
of Georgia, and disputes between railroad employees and railroad executives.
Crisp,
further tax relief at once were Representatives
York.
Increase in the pensions of Civil War veterans and the war wives and
Jacobstein, of New York, and Senator Copeland, of New
the House Ways and Means Committee, which has widows of veterans, estimated at $60,000,000 per annum, and the increase
Crisp, a member of
proposed a reduction in the of pensions to Spanish War veterans and their wives by $18,500,000 per
initial jurisdiction over revenue legislation,
simi- annum.
tax from 13% to 10%. Jacobstein and Copeland offered
corporation
An act for the deportation of aliens who violate the laws of this country.
income taxes, and an
proposals calling for a 25% refund of personal
lar
JULY 10 1926.]
THE CHRONICLE
163
the President's authority, that one of the reasons for the succcess of the
Soldiers' Compensation.
Amended Soldiers' Compensation Act, giving additional benefits at an session was that the Senate and House assumed their own responsibility
annual cost of $15,000,000, swelling the total expended for veterans of the and undertook to function as an independent branch of the Government
without too much subservience to the Executive. Congress, it was added,
World War to $700,000,000 annually.
Adopted a five-year Federal building program to cost $165,000,000 and tried to determine matters on their merits. . . .
The President, it was evident from what was said at the White House,
approved Good Roads Bill aggregating the same amount for the next two
wants the country to know that he feels that Congress did much construcyears.
tive work in its session just concluded, being very much gratified with the
Revision of the Civil Service Retirement Act, which adds considerable
Congressional showing on legislation.
to the $17,000,000 now contributed by the Government.
A very large amount of constructive legislation was passed. The chief
Failure of Congress to enact farm relief legislation along the lines proposed by the farm bloc and the postponement of action on the $75,000,000 accomplishment was the reduction in taxes, and, while not much was done
Rivers and Harbors Bill were the two outstanding controversy matters, to carry out the President's desire to cut expenditures still more, they were
kept down very well. There was no important measure passed that did not
which caused many sore spots and dire predictions of political reprisals.
During the whole session the only aid given to the farmers was an appro- have the President's approval and all the main features of legislation that
priation of $225,000 to establish a bureau in the Department of Agriculture he desired were enacted. Thus the views of the President were summarized.
Mention was made of some of the measures advocated by the President
to collect data and render other assistance to co-operative marketing. The
Agricultural Credit Act was also amended to permit loans by intermediate upon which Congress failed to take action, but no adverse comment on
Congressional remissness was coupled with it. The indifference of the statecredit banks on growing crops.
ments along this line, taken into consideration with what has been said
Farm Relief Failure.
about the independence of Congress and its responsibility, was that it is
The original Haugen farm relief bill, supported by the Iowa group, not for the President but for Senators and Representatives themselves to
called for an appropriation of $375,000,000. As a compromise it was explain why legislation which he desired had not been enacted. The
amended by cutting down the appropriation to $175,000,000, but it was MuScle Shoals bill, coal legislation, railroad consolidation legislation, and
defeated in the House by a vote of 237 to 169. Then the Administration statutory licensing of radio plants were mentioned as among the matters
tried to placate the farmers with the Fess bill, providing an advance of which Congress had neglected.
$100,000.000,but it was defeated in the Senate and never reached the House.
Vetoed Only Two Minor Bills.
The Senate and House got into a jam over radio control and that question
was left in abeyance until next fall. In the meantime Secretary Hoover
Emphasizing that the President had approved every important measure
will continue the administration of broadcasting.
passed by Congress, it was explained at the White House that the two presiThe Senate passed a bill, sponsored by Senator Dill (D., Wash.) provid- dential vetoes of the past session affected bills of a local or personal nature,
ing for an independent commission to have charge of radio communications and that some bills presented to him in the closing hour of the session while
while the House bill placed the control in the hands of the Department of he was at the Capitol last Sunday and which he took back to the White
Commerce. The conferees were unable to reach any agreement.
House without approving related to taxation in Oregon and the State of
The Congress also failed to pass legislation designed to end strikes at Washington.
the mines, in keeping with recommendations of President Coolidge and the
That the President does not subscribe to the contention that when
United States Coal Commissions.
Congress adjourns that fact abrogates the constitutional provision giving the
Action was also postponed on the recommendation of a special commission executive ten days within which to approve or disapprove legislative
for the leasing of Muscle Shoals to private parties.
measures was indicated by the statement that Mr. Coolidge was making an
Measures to increase the salaries of Federal Judges and to add a number inquiry to ascertain whether it was advisable to approve the Oregon and
of jurists to various districts were also shelved.
Washington tax bills.
The Senate failed to act on the nominations of Sherman Lowell, of New
In enumerating the work of Congress which the President regarded as
York and Edgar Brossard, sitting member for the Tariff Commission. important, mention was made also of the resolution for American adherence
The nominations were carried over until next December without prejudice. to the World Court; approval of the debt settlements; the bill providing a
and their
A summary of bills which failed of enactment is given new method of adjusting disputes between railroad executivesprovided
a
employes; the new policy concerning public buildings, which
under another head in this issue.
lump sum appropriation and leaves to the Secretary of the Treasury the
selection of places where public buildings should be erected, with the
Postmaster General advising as to the selection of post office sites; aviation
Bills Which Failed of Enactment by Congress.
legislation and the bill for co-operation between the Agricultural Department
In summarizing some of the more important of the bills and the Farmers' Co-operative Association to provide for the disposition of
which failed of adoption by Congress, the Washington corre- farm crops.
No mention was made of the failure of Congress to enact two agricultural
spondent of the New York "Journal of Commerce" on measures to which the President had given his approval, the Tincher Farm
July 5 said:
Aid bill and the so-called Foss amendment, which would have appropriated
millions from the Treasury to be lent to farm co-operative organizations to
Nearly a score of important legislative proposals which were
given provide better means of marketing surplus products.
wide discussion prior to the convening of the Sixty-ninth
Congress failed
of passage during the session which ended on Saturday.
The Burton
World Court Action Praised.
bill for settlement of the French debt and various proposals for
the restoraOf the Senate's ratification of the World Court protocol it was said that
tion to their former German owners and settlement of claims
of American this approval and the manifest desire to place the court where its independcitizens against the German Government, were perhaps first
on the list. ence would be more secure than now and proposing to other nations to apOther important measures which Congress failed to pass were:
prove that policy, was a matter of importance in international relations.
The McFadden National Bank bill.
On the subject of foreign affairs it was mentioned that there was little
The McNary-Haugen Farm Relief bill.
done with treaties, and a passing reference was made to the fact that the
The Lehibach-Bacon-Colton proposals for reorganization of the
Shipping Lausanne Treaty with Turkey was not taken up by the Senate.
Board and separation from the Board of the Emergency Fleet
Corporation.
On the railroad concilation bill the hope was expressed that this start
The bill for disposition of Muscle Shoals property.
would develop into a very important policy, this measure being spoken of as
The Rivers and Harbors bill.
significant in leaving to railroad managers and their employees to adjust
The Good Roads bill.
their differences among themselves, without interference by the GovernThe Cummins bill permitting unrestricted use of corn sugar.
ment. The aviation legislation was praised as in harmony with the recomThe Dill-White Radio bills.
mendations of the President's board of aviation inquiry.
The Parker-Copeland coal bills.
The French-Capper Truth-in-Fabrics bill.
The Capper-Merritt Price Maintenance bill.
President Coolidge to Spend Summer in Adirondacks—
The Reed Pure Paint bill.
Governor Smith's Welcome.
Bills to amend the tariff law in various particulars.
The Cummins Railroad Consolidation bill.
President Coolidge, with Mrs. Coolidge, left Washington
Bills to repeal taxes on automotives, admissions and dues,
and stamp
levies.
on July 6 on a special train for the Adirondacks, where they
Several bills to prohibit future trading in cotton and grains.
have elected to spend the summer. The President is located
Textile, Aluminum and Steel Probes Killed in Congress.
An objection voiced by Senator Bingham of Connecticut
in the closing hours of the session of Congress which was
concluded on Saturday blocked action on the Sheppard resolution for the appointment of a special committee of the Senate to inspect, investigate and report upon conditions in
the
textile, aluminum and steel industries, said a Washington
dispatch to the New York "Journal of Commerce" July
5,
which added:
The Senate Committee on Labor had declined to
advance this resolution,
since it would take a lot of time to carry out its
provisions and necessitate
an expenditure of funds which the Senators held
would not be warranted
by the probable results of such a probe. Back of the
Is the desire to get into the question of conditions in resolution, of course,
Passaic, N.J.
President Coolidge Approves Record of Congress.
Before the departure of President Coolidge fromWashington on July 6 for his summer respite in the Adirondacks,
the President's satisfaction with the work accomplished at
the recent session of Congress, was indicated by a White
House spokesman. One of the accounts relative to the
satisfaction expressed by the President, that of the New
York "Times," said in part:
President Coolidge let it be known that he was very well
satisfied with
the work of the Congressional session which ended on Saturday.
At the same time it was mentioned, perhaps stressed, at
the White
House, where the comment on legislative accomplishment
was given with
at White Pine Camp, on Lake Osgood, his special train
arriving there on July 7. Secretary Everett Sanders,
Captain Wilson Brown Jr., naval aide to the President, and
other White House officials and attaches, as well as newspaper correspondents, who have accompanied the President
to the Adirondacks for the summer, established themselves
at Paul Smith's Hotel on Lower St. Regis Lake, four miles
from White Pine Camp. A cottage near the Hotel has been
reserved for the summer Executive offices. Edward T.
Clark, personal Secretary to the President, is due at the
camp before the end of the week. In a letter to the President, enclosing a fishing license issued by the State Conservation Commission, Governor Smith welcomed the nation's
head, and indicated that he intended to personally greet him
in behalf of the people of the State. Governor Smith's
letter follows:
State of Neto York, Executive Chamber,
'
Albany, July 1 1926.
Hon. Calvin Coolidge, The White House, Washington, D. C.:
Dear President Coolidge: I desire to express the pleasure felt by our
people upon your coming into our State for your summer vacation. We
all earnestly hope that you and Mrs. Coolidge will be benefited by the
cooling breezes of the Adirondack Mountains. We are happy to have
the proud privilege of preparing you for your winter's labors at the national capital.
It is customary to give distinguished visitors a key to the city. We
have no keys in this State. The latchstring is on the outside, and we are
all tickled to death that you pulled it. A warm welcome is extended
to you, and I enclose herewith a fishing license issued by the Conservation
164
THE CHRONICLE
[VOL. 123.
Commission. Bearing in mind that the largest fish are those that get
away, we all hope you will not miss any.
At the first opportunity after your arrival I will be glad to motor up
and extend the welcome in person on behalf of all the people of our State.
Sincerely yours,
ALFRED E. SMITH.
Resignation of Senator Norris as Chairman of Senate
Agricultural Committee.
Senator George Norris, the Republican insurgent from
Nebraska, resigned on July 3 as Chairman of the Senate
Committee on Agriculture and Forestry, and the Senate
accepted the resignation without discussion. The resignation
Robert P. Skinner Named as Minister to Greece.
of Senator Norris leaves Senator McNary of Oregon ranking
Robert P. Skinner, of Ohio, now a Foreign Service Officer Republican on the Committee. In resigning, Senator
of Class 1, and Consul-General at Paris, was named by Norris gave out the following statement:
I have resigned as Chairman of the Senate Committee on Agriculture
President Coolidge on July 1 as Envoy Extraordinary and
the
with the work of
Minister Plenipotentiary of the United States of America to and Forestry becauseup numerous details connectedan
that Committee take
impossibility:for
so much of my time that it is
Greece. The nomination was confirmed by the Senate on me to give attention to many subjects of legislation in which I am deeply
succeed Irwin B. interested and to which I intend to devote a great deal of my time. 1111
July 3. In his new post Mr. Skinner will
I have contemplated this step for more than
year. I still retain my
Laughlin. An Athens (Greece) Associated Press cablegram membership on the Committee and will continueato work as I have in the
past, for my legislation having for its object the relief of agriculture.
on July 1 said:
The step I have taken relieves me from giving attention to the many
Robert P. Skinner is persona grata to the Greek Government as Minister.
Herbert S. Geoid, Charge d'Affaires of the legation, informed the Greek details connected with the bills that are referred to that Committee for
Government to-day of the resignation of Irwin B. Laughlin and obtained consideration, and will leave me free to consider many questions of legislation that I can not investigate if I retain the Chairmanship.
the assent of Greece to have Mr. Skinner succeed him.
President Coolidge Vetoes Bill Authorizing Oil and
Gas Leases on Unallotted Indian Lands.
On July 2 President Coolidge vetoed a bill which would
have authorized oil and gas mining leases upon unallotted
Indian lands. The effect of the bill would have been to
validate twenty permits and to have virtually refused applications of 400 others, and the President in his veto
message pointed out that the fact also that "this bill undertakes to decide by legislation a question which is pending
In court, brings the bill into a position of doubtful propriety." "I am confident," he said, "the bill has been passed
in entire good faith, but it is claimed that the twenty permits would secure a disproportionate advantage, under its
provisions, over the others who are interested in applications which they have made." The President expressed
himself as heartily approving a provision in the bill providing for the payment of certain moneys to the Indians,
and stated that If this were presented to him as separate
legislation he would not hesitate to approve it. According
to Associated 'Press dispatches from Washington, July 2,
Senator Borah called at the White House on July 1 and had
a long talk with the President about the bill, making a
strong protest against it upon the grounds that it would
take lands away from the Indians and give them to the
Standard Oil interests with great loss to the owners. The
text of the veto message follows:
F. Trubee Davison Named as Assistant Secretary of
War Under Army Aviation Measure.
F. Trubee Davison of New York has become Assistant
Secretary of War in charge of aviation, having been named
to the post by President Coolidge on July 2, under the provisions of the Army Aviation bill approved July 2. Less
than two hours after it had been forwarded to the Senate
the nomination was confirmed. Associated Press dispatches
from Washington, July 2, stated:
The Senate also confirmed the nomination of Edward P. Warner, Professor of Aeronautics at Massachusetts Institute of Technology, to be Assistant Secretary of the Navy in charge of aviation.
Messrs. Davison and Warner will hold posts created under legislation just
enacted by Congress with a view to making the army and navy air services
stronger. An Assistant Secretary of Commerce to have charge of the new
Bureau of Civil Aeronautics is also provided for, but no one has been
designated.
The New York "Times," referring to Mr. Davison's appointment, said:
F. Trubee Davison has represented the Second District of Nassau County
in the New York State Assembly since 1921. He is a son of the late Henry
P. Davison, who was a partner in the banking house of J. P. Morgan Sr Co.
Mr. Davison, who is 30 years old, drove an ambulance in France before
this country entered the war, and when the United States joined in the
hostilities he enlisted in the Naval Air Service and became a Lieutenant,
Junior Grade. He received the Navy Cross for meritorious service.
Senate Resolution Calling for Inquiry into Combina—
To the Senate:
tions in Restraint of Trade in Bread and
Herewith returned, without approval, is Senate 4152, a bill entitled "An
Related Products.
Act to authorize oil and gas mining leases upon unallotted lands within
Under a resolution agreed to by the Senate on July 1, the
executive order Indian reservations, and for other purposes." On June 9
1922 the Department of the Interior construed the General Leasing Act Senate Committee on the Judiciary is directed to inquire
of Feb. 25 1920 (41 Stat. 437), as applicable to lands included in executive
order Indian reservations. Under this construction, twenty permits were into the proceedings taken by either the Federal Trade Comissued dating from June 17 1922 to Oct. 14 1923. On May 27 1924 the mission or the Department of Justice "to ascertain the
Attorney-General of the United States rendered an opinion that the leasing facts
concerning combinations in restraint of trade in bread
Act did not apply to executive order Indian reservations. At that time
more than 400 applications on such reservations were pending. The Attor- and related products." The investigation, proposed on a
ney-General took action to secure the cancellation of the twenty permits resolution by Senator Walsh (Democrat) of Montana, was
previously issued in a suit entitled United States vs. Harrison et al.,
based on charges made in the Senate on June 30 by Senator
brought in the District Court of Utah and now pending in the Supreme
Court of the United States on certificate from the Circuit Court of Ap- La Follette (Progressive Republican), Wisconsin, involvpeals for the Eighth Circuit. This case was decided in favor of the de- ing a consent decree entered recently at Baltimore in profendants in the District Court.
Baking Corporation. SenWhile these conditions existed the present bill was introduced by which ceedings against the Continental
the title to the twenty permits would virtually be validated and the 400 ator Walsh is a member of the Judiciary Committee which
applications would virtually be refused. It is true that the holders of will undertake the Inquiry. The committee has authority
twenty permits are possessed of certain equities by reason of expenditures
The resolution adopted
made, which do not apply to the other 400, but it is also true that the to sit during the recess of Congress.
other 400 would be obliged to drill wells, build roads and make surveys, by the Senate on July 1 reads as follows:
while the twenty permits are validated because they may have done but
Resolved, That the Committee on the Judiciary be and it hereby is,
one of these three things. The application of a different rule as between instructed to inquire into and report to the Senate what proceedings have
these two classes is somewhat difficult to justify.
been taken by either the Federal Trade Commission or the Department of
The fact also that this bill undertakes to decide by legislation a ques- Justice to ascertain the facts concerning combinations in restraint of trade
tion which is pending in court brings the bill into a position of doubtful in bread and related products, what steps have been taken to restrain or
propriety. If the interested parties have rights under the law, they will dissolve such or to
iunish any persons who may have, through such combe protected in their enjoyment by the decision of the court. If they have binations or otherwise, established or attempted to establish, a .monopoly
fails so far as
no such rights a great deal of the reason for the legislation
of the trade in bread or such related products or otherwise in connection
they are concerned. Aside from a possible delay in securing a decision by with such combinations violated the law forbidding restraint of trade.
which opportunity will be given for the development of these lands more
quickly, it would not appear that any legal or equitable injury can accrue
The Associated Press advices from Washington on July 1
to the holders of these permits or to the section of the country interested.
Various rumors are being circulated relative to statements alleged to stated:
It is regarded as likely that no hearings will be held unless information
have been made by parties interested in this legislation which do not serithe Department of Justice
ously affect the merits of the bill, and as they come from persons seem- to be requested from the Trade Commission and
ing to have adverse interests, perhaps they are susceptible of explanation. proves insufficient.
Senator La Follette in directing attention yesterday to what he termed
I am confident the bill has been passed in entire good faith, but it is
so-called bread trust case was procured,"
claimed that the twenty permits would secure a disproportionate advan- "the extraordinary condition in the
the dissenting opinion of Commissioners Nugent and Thompson,
tage, under its provisions, over the others who are interested in applica- read from
of the Federal Trade Commission, to show that while the Department of
tions which they have made.
a consent decree in the Continental Baking CorProvision has been made in the bill for the payment of certain moneys Justice was agreeing to
for poration case on the ground that similar action was then pending before
to Indians, with which I am in hearty approval and can see no reason
Commission, the Commission's complaint as a matter of
refusing to approve such a measure had it stood alone. If it is desired the Federal Trade
can be enacted fact had previously been dismissed and the Attorney-General had been
to make such provision for the Indians, a bill to that effect
of the fact.
without attaching to it the question of ratifying the titles of some and advised
He declared the public should know exactly where the responsibility
adversely affecting the applications of others..
rested should bread, as a result, be monopolized and the prices unreasonCALVIN COOLIDGE.
ably advanced.
The White House, July 2 1926.
JULY 10 1926.]
THE CHRONICLE
165
The President's speech was delivered in the stadium on
the grounds of the exposition before a gathering of 35,000
people. Independence Hall (which the President visited for
the first time) was one of the historic points of interest
which he visited during his five-hour stay in Philadelphia;
he also crossed by automobile the new suspension bridge
between Philadelphia and Camden, and at the Jersey end
of the bridge planted a maple tree from his native State,
Vermont—an official reception being accorded him by State
and city officials. The President's speech at the exposition
While the written word was the foundation, it is apparent that the follows:
President Coolidge at Sesqui-Centennial Exposition
Expounds Spiritual Import of Declaration of
Independence—Establishment of Principle of
Self-Government.
In an address commemorating the 150th anniversary of
the adoption of the Declaration of Independence, the President undertook to show that the principles enunciated in
the Declaration developed from the religious teachings of
the preceding period. In leading up to this statement the
President said:
spoken word was the vehicle for convincing the people. This came with
great force and wide range from the successors of Hooker and Wise. It
was carried on with a missionary spirit which did not fail to reach the
Scotch-Irish of North Carolina, showing its influence by significantly making that colony the first to give instructions to its delegates looking to
Independence. This preaching reached the neighborhood of Thomas Jefferson, who acknowledged that his "best ideas of democracy" had been secured
at church meetings.
The President declared that "It was not because it was
proposed to establish a new nation, but because it was proposed to establish a nation on new principles, that July 4
1776 has come to be regarded as one of the greatest days
in history." "In its main features," he said, "the Declaration of Independence is a great spiritual document. It is a
declaration not of material but of spiritual conceptions.
Equality, liberty, popular sovereignty, the rights of man—
these are not elements which we can see and touch. They
are ideals. They have their source and their roots in the
religious convictions. They belong to the unseen world.
Unless the faith of the American people in these religious
convictions is to endure, the principles of our Declaration
will perish. We cannot continue to enjoy the result if we
neglect and abandon the cause." He observed that "if there
is any one thing among us that is established beyond question it is self-government—the right of the people
to rule. If there is any failure in respect to any
of these principles, it is because there is a failure on
the part of individuals to observe them. We hold that the
duly authorized expression of the will of the people has a
divine sanction. But even in that we come back to the
theory of John Wise that 'Democracy is Christ's government. . . .' The ultimate sanction of law rests on the
righteous authority of the Almighty." In part the President
added:
Ours is a Government of the people. It represents their will. Its
officers may sometimes go astray, but that is not a reason for criticizing
the principles of our institutions. The real heart of the American Government depends upon the heart of the people. It is from that source that
we must look for all genuine reform. It is to that cause that we must
ascribe all our results.
It was in contemplation of these truths that the fathers made their
Declaration and adopted their Constitution. It was to establish a free
Government, which must not be permitted to degenerate into the unrestrained authority of a mere majority or the unbridled weight of a mere
influential few. . . . In my opinion, very little of just criticism can
attach to the theories and principles of our institutions. There is far more
danger of harm than there is hope of good in any radical changes. We
do need a better understanding and comprehension of them and a better
knowledge of the foundations of government in general. Our forefathers
came to certain conclusions and decided upon certain courses of action
which have been a great blessing to the world. Before we can understand
their conclusions we must go back and review the course which they followed. .
They were a people who came under the influence of a great spiritual
development and acquired a great moral power.
No other theory is adequate to eXplain or comprehend the Declaration
of Independence. It is the product of the spiritual insight of the people.
We live in an age of science and of abounding accumulation of material
things. These did not create our Declaration. Our Declaration created
them. The things of the spirit come first. Unless we cling to that, all our
material prosperity, overwhelming though it may appear, will turn to a
barren sceptre in our grasp. If we are to maintain the great heritage
which has been bequeathed to us, we must be like-minded as the fathers
who created it. We must not sink into a pagan materialism. We must
cultivate the reverence which they had for the things that are holy. We
must follow the spiritual and moral leadership which they showed. We
must keep replenished, that they may glow with a more compelling flame,
the altar fires before which they worshiped.
The President's address was delivered in Philadelphia on
Monday, .Tuly 5, at the Sesqui-Centennial Exposition, the
occasion marking the official opening of the exposition. As
to the progress of the exposition, we quote the following
from the Philadelphia advices to the New York "Times"
July 5:
s R. J. Pearce, Director of Works of the exposition, announced to-day that
the $20,000,000 building program was practically completed, with four
display palaces finished. The Transportation Building will be ready in
ten days. Most of the exhibits in the finished building are already in
place and forces of men are working feverishly installing the other exhibits.
The palace buildings which are complete are the Palace of Liberal Arts,
the Palace of Agriculture and Foreign Exhibits, the Palace of Machinery
and the Palace of Fine Arts.
Among the other buildings which are finished are the Pennsylvania State
Building, the India
Building, the New Jersey Building, the Connecticut
section and a dozen others. Many of the concessions along the Gladway,
such as Treasure Island and the Nuremberg Market Place are opened.
Fellow Countrymen:
We meet to celebrate the birthday of America. The coming of a new
life always excites our interest. Although we know in the case of the
individual that it has been an infinite repetition reaching back beyond
our vision, that only makes it the more wonderful. But how our interest
and wonder increase when we behold the miracle of the birth of a new
nation. It is to pay our tribute of reverence and respect to those who
participated in such a mighty event that we annually observe the Fourth of
July. Whatever may have been the impression created by the news which
went out from this city on that summer day in 1776, there can be no doubt
as to the estimate which is now placed upon it.
At the end of 150 years the four corners of the earth unite in coming
to Philadelphia as to a holy shrine in grateful acknowledgment of a service
so great, which a few inspired men here rendered to humanity, that it is
still the pre-eminent support of free government throughout the world.
Although a century and a half measured in comparison with the length
of human experience is but a short time, yet measured in the life of Governments and nations it ranks as a very respectable period. Certainly
enough time has elapsed to demonstrate with a great deal of thoroughness
the value of our institutions and their dependability as rules for the regulation of human conduct and the advancement of civilization. They have
been in existence long enough to become very well seasoned. They have
met, and met successfully, the test of experience.
It is not so much, then, for the purpose of undertaking to proclaim new
theories and principles that this annual celebration is maintained, but
rather to reaffirm and re-establish those old theories and principles which
time and the unerring logic of events have demonstrated to be sound. Amid
all the clash of conflicting interests, amid all the welter of partisan politics, every American can turn for solace and consolation to the Declaration of Independence and the Constitution of the United States with the
assurance and confidence that those two great charters of freedom and
justice remain firm and unshaken. Whatever perils appear, whatever dangers threaten, the nation remains secure in the knowledge that the ultimate
application of the law of the land will provide an adequate defense and protection.
It is little wonder that people at home and abroad consider Independence
Hall as hallowed ground and revere the Liberty Bell as a sacred relic.
That pile of bricks and mortar, that mass of metal, might appear to, the
uninstructed as only the outgrown meeting place and the shattered bell of a
former time, useless now because of more modern conveniences, but to
those who know they have become consecrated by the use which men have
made of them. They have long been identified with a great cause. They
are framework of a spiritual event. The world looks upon them, because
of their assosiations of one hundred and fifty years ago, as it looks upon
the Holy Land because of what took place there nineteen hundred years ago.
Through use for a righteous purpose they have become sanctified.
It is not here necessary to examine in detail the causes which led to the
American Revolution. In their immediate occasion they were largely economic. The colonists objected to the navigation laws which interfered
with their trade, they denied the power of Parliament to impose taxes which
they were obliged to pay, and they therefore resisted the royal Governors
and the royal forces which were sent to secure obedience to these laws.
But the conviction is inseparable that a new civilization had come, a
new spirit had arisen on this side of the Atlantic more advanced and more
developed in its regard for the rights of the individual than that which
characterized the Old World. Life in a new and open country had aspirations which could not be realized in any subordinate position. A separate
establishment was ultimately inevitable. It had been decreed by the very
laws of human nature. Man everywhere has an unconquerable desire to
be the master of his own destiny.
Declaration Represented Movement of People.
We are obliged to conclude that the Declaration of Independence represented the movement of a people. It was not, of course, a movement from
the top. Revolutions do not come from that direction. It was not without the support of many of the most respectable people in the Colonies,
who were entitled to all the consideration that is given to breeding, education and possessions. It had the support of another element of great significance and importance to which I shall later refer. But the preponderance of all those who occupied a position which took on the aspect of
aristocracy did not approve of the Revolution and held toward it an
attitude either of neutrality or open hostility. It 'was in no sense a rising
of the oppressed and downtrodden. It brought no scum to the surface, for
the reason that colonial society had developed no scum. The great body
of the people were accustomed to privations, but they were free from
depravity. If they had poverty, it was not of the hopeless kind that
afflicts great cities, but the inspiring kind that marks the spirit of the
pioneer. The American Revolution represented the informed and mature
convictions of a great mass of independent, liberty-loving, God-fearing
people who knew their rights, and posseFsed the courage to maintain them.
The Continental Congress was not only composed of great men, but it
represented a great people. While its members did rot fail to exercise a
remarkable leadership, they were equally observant of their representative
capacity. They were industrious in enccuraging their constituents to in.
struct them to support independence. But until such instructions were
given they were inclined to withhold action.
While North Carolina has the honor of first authorizing its delegates to
concur with other Colonies in declaring independence, it was quickly followed by South Carolina and Georgia, which also gave general instructions
broad enough to include such action. But the first instructions which unconditionally directed its delegates to declare for independence came from
the great Commonwealth of Virginia. These were immediately followed
by Rhode Island and Massachusetts, while the other Colonies, with the exception of New York, soon adopted a like course.
This obedience of the delegates to the wishes of their constituents, which
'in some cases caused them to modify their previous positions, is a matter
of great significance. It reveals an orderly process of government in the
first place; but more than that, it demonstrates that the Declaration of
Independence was the result of the seasoned and deliberate thought of the
166
THE CHRONICLE
[VoL. 123.
son, who acknowledged that his "best ideas of democracy" had been sedominant portion of the people of the Colonies. Adopted after long dis- cured at church meetings.
precussion and as the result of the duly authorized expression of the
That these ideas were prevalent in Virginia is further revealed by the
ponderance of public opinion, it did not partake of dark intrigue or hidden
Declaration of Rights, which was prepared by George Mason and presented
conspiracy. It was well advised. It had about it nothing of the lawless to the
General Assembly on May 27 1776. This document asserted popua
and disordered nature of a riotous insurrection. It was maintained on
lar sovereignty and inherent natural rights, but confined the doctrine of
plane which rises above the ordinary conception of rebellion. It was in no equality to the
assertion that "All men are created equally free and indesense a radical movement, but took on the dignity of a resistance to illegal pendent." It can
scarcely be imagined that Jefferson was unacquainted
usurpations. It was conservative and represented the action of the colon- with
what had been done in his own Commonwealth of Virginia when he
ists to maintain their constitutional rights which from time immemorial
took up the task of drafting the Declaration of Independence.
had been guaranteed to them under the law of the land.
But these thoughts can very largely be traced back to what John Wise
1Vhen we come to examine the action of the Continental Congress in was
writing in 1710. He said, "Every man must be acknowledged equal to
adopting the Declaration of Independence in the light of what was set out every man." Again, "The
end of all good government is to cultivate huin that great document and in the light of succeeding events, we cannot manity and
promote the happiness of all and the good of every man in
escape the conclusion that it had a much broader and deeper significance all his rights, his life,
liberty, estate, honor, and so forth."
than a mere secession of territory and the establishment of a new nation.
And again, "For as they have a power every man in his natural state,
Events of that nature have been taking place since the dawn of history. so upon combination they can and do bequeath this power to others and settle
One empire after another has arisen, only to crumble away as its constitu- it according as their united discretion shall determine." And still again,
s of
ent parts separated from each other and set up independent Government
oc- "Democracy is Christ's government in Church and State." Here was the
their own. Such actions long ago became commonplace. They have
ad- doctrine of equality, popular sovereignty, and the substance of the theory
too often to hold the attention of the world and command the
curred
of inalienable rights clearly asserted by Wise at the opening of the eighmiration and reverence of humanity.
teenth century, just as we have the principle of the consent of the governed
Significance of Declaration.
stated by Hooker as early as 1638.
great as
When we take all these circumstances into consideration, it is but natThere is something beyond the establishment of a new nation,
which has ever ural that the first paragraph of the Declaration of Independence should
that event would be, in the Declaration of Independence
charters that not only open with a reference to Nature's God and should close in the final parasince caused it to be regarded as one of the great
graphs with an appeal to the Supreme Judge of the world and an assertion
was to liberate America but was everywhere to ennoble humanity.
because of a firm
It was not because it was proposed to establish a new nation, but
reliance on Divine Providence. Coming from these sources, hav4 1776 ing as it did
it was proposed to establish a nation on new principles, that July
this background, it is no wonder that Samuel Adams could
days in history. Great say: "The people seem to recognize this resolution as though it were a
has come to be regarded as one of the greatest
unannounced. They are reached by a decree promulgated from heaven."
ideas do not burst upon the world
e to their
gradual development over a length of time usually proportionat
Result of Religious Teachings of Preceding Period.
in the
importance. This is especially true of the principles laid down
No one can examine this record and escape the conclusion that in the
propositions were set out
Declaration of Independence. Three very definith
govern- great outline of its principles the Declaration was the result of the reliin its preamble regarding the nature of mankind and therefore of
that they gious teachings of the preceding period. The profound philosophy which
ment. These were the doctrine that all men are created equal,
source Jonathan Edwards applied to theology, the popular preaching of George
are endowed with certain inalienable rights, and that therefore the
of the Whitefield, had aroused -the thought and stirred the people of the Colonies
of the just powers of government must be. derived from the consent
in preparation for this great event. No doubt the speculations which had
governed.
if there is been going on in England, and especially on the Continent, lent their
If no one is to be accounted as born into a superior station,
be bar- influence to the general sentiment of the times.
neither
to be no ruling class, and if all possess rights which can
Of course, the world is always influenced by all the experience and all
it follows as a
tered away nor taken from them by any earthly power,
on of the
of the Government has to the .thought of the past. But when we come to a contemplati
matter of course that the practical authority
al- immediate conception of the principles of human relationship which went
governed. While these principles were not
rest on the consent of the
new in political into the Declaration of Independence we are not required to extend our
together new in political action, and were very far from
declared in such search beyond our own shores. They are found in the texts, the sermons
speculation, they had never been assembled before and
the chief dis- and the writings of the early Colonial clergy who were earnestly undera combination. But remarkable as this may be, it is not
of how to live.
Independence. The importance of political taking to instruct their congregations in the great mystery
tinction of the Declaration of
presently disclose. They preached equality because they believed in the fatherhood of God
speculation is not to be underestimated, as I shall
action.
and the brotherhood of man. They justified freedom by the text that we
Until the idea is developed and the plan made there can be no
these are all created in the divine image, all partakers of the divine spirit.
It was the fact that our Declaration of Independence containing
and constiPlacing every man on a plane where he acknowledged no superiors, where
immortal truths was the political action of a duly authorized
supported by no one possessed any right to rule over him, he must inevitably choose his
tuted representative public body in its sovereign capacity,
already in own rulers througn a system of self-government. This was their theory
the force of general opinion and by the armies of Washington the world.
in
of democracy. In those days such doctrines would scarcely have been
the field, which makes it the most important civil document
therewith a new permitted to flourish and spread in any other country. This was the
It was not only the principles declared, but the fact that
and which purpose which the fathers cherished. In order that they might have freenation was born which was to be founded upon those principles
those princi- dom to express these thoughts and opportunity to put them into action,
from that time forth in its development has actually maintained
the history of whole congregations with their pastors had migrated to the Colonies. These
ples that makes this pronouncement an incomparable event in
arisen determined to great truths were in the air that our people breathed. Whatever else we
government. It was an assertion that a people had
truths and by their may say of it, the Declaration of Independence was profoundly American.
every necessary sacrifice for the support of these
make
to a successful conpractical application bring the war of independence
Declaration Great Spiritual Document.
States with all that it has
clusion and adopt the Constitution of the United
If this apprehension of the facts be correct, and the documentary evimeant to civilization.
conclusions are bound to fol.
their own rulers was not dence would appear to verify it, then certain
The idea that the people have a right to choose
be dried up; a tree will
every popular attempt low. A spring will cease to flow if its source
new in political history. It was the foundation of
features the Declaration of
out with a good deal of wither if its roots be destroyed. In its main
to depose an undesirable King. This right was set
It is a declaration not of
1581 they declared their Independence is a great spiritual document.
popular soverdetail by the Dutch, when, as early as July 26
the Stuarts material but of spiritual conceptions. Equality, liberty,
Spain. In their long struggle with
we can see and
independence of Philip of
finally culminated eignty, the rights of man—these are not elements which
the British people asserted the same principles which
and their roots in the
placing William touch. They are ideals. They have their source
in the Bill of Rights deposing the last of that house and through divine religious convictions. They belong to the unseen world. Unless the faith
and Mary on the throne. In each of these cases sovereignty people. Run- of the American people in these religious convictions is to endure, the
the
continue to enjoy the
right was displaced by sovereignty through the consent of
ifwe egl D
d
c
different terms, is principles ofnourecteaclnarationwillperish.We cannot
ning through the same documents, though expressed in
abandon the cause.
the clear inference of inalienable rights.
Ideals Make Governments.
Declaration Profoundly Revolutionary.
We are too prone to overlook another conclusion. Governments do not
of the docBut we should search these charters in vain for an assertion an official make
ideals, but ideals make Governments. This is both historically and
appeared as
trine of equality. This principle had not before
to sustain ideals and
was profoundly revolutionary. It logically true. Of course, the Government can help
political declaration of any nation. It
can create institutions through which they can be better observed, but
of American institutions.
is one of the cornerstones
to
have not before been their source by their very nature is in the people. The people have
But if these truths to which the Declaration refers
burden
authority, it is a fact that bear their own responsibilities. There is no method by which that
adopted in their combined entirety by national
the
political speculation. can be shifted to the Government. It is not the enactment, but
they had been long pondered and often expressed in
effect upon our public observance of laws, that creates the character of a nation.
It is generally assumed that French thought had some
About the Declaration there is a finality that is exceedingly restful.
been true. But the'
mind during Revolutionary days. This may have
in the Colonies for It is often asserted that the world has made a great deal of progress since
principles of our Declaration had been under discussion
political philosophy 1776, that we have had new thoughts and new experiences which have
nearly two generations before the advent of the French
they given us a great advance over the people of that day, and that we may
middle of the eighteenth century. In fact,
that characterized the
the Dutch had therefore very well discard their conclusions for something more modern.
from an earlier date. A very positive echo of what
come
do, appears in the But that reasoning cannot be applied to this great charter. If all men are
done in 1581, and what the English were preparing to
early as 1638, when created equal, that is final. If they are endowed with inalienable rights,
assertion of the Rev. Thomas Hooker of Connecticut as
that is final. If Governments derive their just powers from the consent of
he said in a sermon before the General Court that
people.
the governed, that is final. No advance, no progress can be made beyond
of authority is laid in the free consent of the
"The foundation
people by God's own these propositions.
"The choice of public magistrates belongs to the
If any one wishes to deny their truth or their soundness, the only direcallowance."
non-conformist clergy, tion in which lie can proceed historically is not forward, but backward
This doctrine found wide acceptance among the
great apostle of this toward the time when there was no equality, no rights of the individual,
who later made up the Congregational Church. The He was one of the
no rule of the people. Those who wish to proceed in that direction cannot
was the Rev. John Wise of Massachusetts.
movement
Andros in 1687, for which lay claim to progress. . They are reactionary. Their ideas are not more
leaders of the revolt against the Royal Governor ecclesiastical controversies.
modern, but more ancient, than those of the Revolutionary fathers.
he suffered imprisonment. He was a liberal in
In the development of its institutions America can fairly claim that it
writings of the political scienHe appears to have been familiar with the
published has remained true to the principles which were declared 150 years ago.
Wise
who was born in Saxony in 1632.
tist, Samuel Pufendorf,
posEspoused," in 1710, which was In all the essentials we have achieved an equality which was never
a treatise entitled "The Church's Quarrel
material
it he dealt with the prin- sessed by any other people. Even in the less important matter of
amplified in another publication in 1717. Inreprinted in 1772 and have possessions we have
of wealth. The
secured a wider and wider distribution
ciples of civil government. His works were textbook of liberty for our rights of the
Constitutional
individual are held sacred and protected by
been declared to have been nothing less than a
guarantees which even the Government itself is bound not to violate.
ry fathers.
Revolutiona
it is apparent that the
Self-Government Established.
While the witten word was the foundation, people. This came with
the
spoken word was the vehicle for convincing
If there is any one thing among us that is established beyond question,
and Wise. It was
from the successors of Hooker
people to rule. If there is any
great force and wide range
fail to reach the Scotch- it is self-government—the right of the
it is because there is a failure
carried on with a missionary spirit which did not
by significantly making failure in respect to any of these principles, We hold that the duly authorIrish of North Carolina, showing its influence delegates looking to in- on the part of individuals to observe them.
to its
has a divine sanction. But even
that Colony the first to give instructions
d of Thomas Jeffer- ized expression of the will of the people
dependence. This preaching reached the neighborhoo
JUL' 10 1926.]
THE CHRONICLE
in that we come back to the theory of John Wise that "Democracy is
Christ's Government. . . ." The ultimate sanction of law rests on the
righteous authority of the Almighty.
On an occasion like this a great temptation exists to present evidence of
the practical success of our form of democratic republic at home and the
ever-broadening acceptance it is securing abroad. Although these things
are well known, their frequent consideration is an encouragement and an
Inspiration. But it 's not results and effects so much as sources and causes
that I believe it is even more necessary constantly to contemplate. Ours
is a Government of the people. It represents their will. Its officers may
sometimes go astray, but that is not a reason for criticizing the principles
of our institutions. The real heart of the American Government depends
upon the heart of the people. It is from that source that we must look for
all genuine reform. It is to that cause that we must ascribe all our results.
It was in the contemplation of these truths that the fathers made their
declaration and adopted their Constitution. It was to establish a free Government, which must not be permitted to degenerate into the unrestrained
authority of a mere majority or the unbridled weight of a mere influential few. They undertook to balance these interests against each other
and provide the three separate independent branches, the executhe, the
legislative and the judicial departments of the Government, with checks
against each other in order that neither one might encroach upon
the
other. These are our guarantees of liberty. As a result of these methods
enterprise has been duly protected from confiscation, the people
have been
free from oppression, and there has been an ever-broadening and deepening
of the humanities of life.
Danger of Harm in Radical Changes.
Under a system of popular government there will always be those
who
will seek for political preferment by clamoring for reform. While there
is
very little of this which is not sincere, there is a large portion that is
not
well informed. In my opinion very little of just criticism can attach to
the
theories and principles of our institutions. There is far more
danger of
harm than there is hope of good in any radical changes. We do
need a
better understanding and comprehension of them and a better knowledge
of
the foundations of government in general.
Review and Follow Course of Forefathers.
' Our forefathers came to certain conclusions and decided upon
certain
courses of action which have been a great blessing to the world.
Before
we can understand their conclusions we must go back and review the
course
which they followed. We must think the thoughts which they
thought.
Their intellectual life centred around the meeting house. They were
intent
upon religious worship. While there were always among them men
of
deep learning, and later those who had comparatively large
possessions,
the mind of the people was not so much engrossed in how much they
knew,
or how much they had, as in how they were going to live.
While scantily provided with other literature, there was a wide
acquaintance with the Scriptures. Over a period as great as that which measures
the existence of our independence they were subject to this discipline
not
only in their religious life and educational training, but also in their
political thought. They were a people who came under the influence of a
great
spiritual development and acquired a great moral power.
No other theory is adequate to explain or comprehend the Declaration
of
Independence. It is the product of the spiritual insight of the
people. We
live in an age of science and of abounding accumulation of
material
things. These did not create our Declaration. Our Declaration
them. The things of the spirit come first. Unless we cling to created
that, all
our material prosperity, overwhelming though it may appear, will
turn to
a barren sceptre in our grasp.
If we are to maintain the great heritage which has been bequeathed
to
us, we must be like-minded as the fathers who created it. We must
not
sink into a pagan materialism. We must cultivate the reverence
which
they had for the things that are 'holy. We must follow the spiritual
and
moral leadership which they showed. We must keep replenished,
that they
may glow with a more compelling flame, the altar fires before
which they
worshiped.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Frank K. Houston has been elected Senior Vice-President
of the Chemical National Bank. of New York City. Mr.
Houston had been Vice-President of that bank since 1920.
He had previously been associated with the First National
Bank of St. Louis.
An application has been made to the Comptroller of the
Currency by Samuel Conrad Cohen and others for a charter
for a new institution to be established in New York City
under the name of the Bowling Green National Bank. The
bank will be located on Broad Street. It will have a capital
of $500,000 and a surplus of $125,000. The stock ($100
par) will be placed at $135 per share.
167
System. The following are the officers: William J. Glacken
President; Julius Mock Jr. and Morris Malek, Vice-Presidents; Emanuel Sternin, Assistant Cashier. The directors
are William J. Glcaken, Vice-President of the Atlantic
Bottle Works; Morris Malek, realtor; Julius Mock Jr.,
Julius Mock Iron Works; Herman Chester, builder and
contractor; Ansel P. Verity, Cashier of the First National
Bank of Brooklyn; Emil Kreis, attorney; David Serota of
the Serota Bros. Coal Co.; Edward F. Glacken, President
of the Atlantic Bottle Co.; Jacob Goldberg, President of
the Diamond Cap Works.
Another payment of $30 a share on the capital stock of the
Guardian Trust Co. of New Jersey (Newark) is due today.
(July 10). Thus far a total of $90 a share has been paid
on each share, and a final payment of $40 a share is due on
Aug. 2, when the bank will.open for business. The stock
was distributed on a partial payment plan. "Al arge number
of stockholders, including both large and small subscribers,
have paid for their shares in full"aeeording to James Rattray,
Vice-President, "and it is expected many more stockholders
will complete their payments on July 10, thus anticipating
the final installment due Aug. 2." The capital stock of the
trust company is more widely distributed, it is understood,
than that of any other bank or trust company in New Jersey.
A total of 1,366 stockholders, representing 15 States and
Canada are carried on the books of the organization. The
majority of stockholders are residents of New Jersey, and
New York holds second position on the list. A reference
to the company appeared in our issue of July 3, page 45.
,
The Plainfield Trust Co. of Plainfield, N. J., opened its
new building on June 28, at whidh time the City National
Bank and the Plainfield Trust Co. were consolidated as one
institution under the name of the Plainfield Trust Co. The
banks have combined resources exceeding $22,000,000.
Charles W. McCutcheon of New York and Plainfield is
Chairman of the board of directors of the enlarged trust
company; Harry H. Pond, Vice-President of the Chase
National Bank of New York, continues as President of the
Plainfield Trust Co.; Augustus V. Heely, Vice-President of
the Farmers' Loan & Trust Co. of New York City, will
continue as Vice-President; Dewitt Hubbell will also continue as Executive Vice-President; F. Irving Walsh remains
as Secretary, and H. Douglas Davis as Treasurer and Trust
Officer. Russell C. Dorringer is Assistant SecretaryTreasurer; Marjorie E. Schoeffel, Assistant Secretary-Treasurer; David M. Runyon, Assistant Secretary-Treasurer;
Frederick H. Stryker, Assistant Treasurer; Harry H. Coward, Assistant Treasurer; Frederick I. Wilson, Assistant
Trust Officer. Arthur E. Crone, formerly Cashier, and,
David M. Runyon and Harry H. Coward,formerly Assistant
Cashiers of the City • National Bank, were recently elected
Assistant Secretary-Treasurer and Assistant Treasurer, respectively.
•
For the second time in six months the total deposits of
the First National Bank of Boston have passed the $300,-000,000 mark. The latest figure is over $305,000,000, the.
highest deposits, it is stated, ever recorded by a New England •
bank. These figures give added point to the recent remarks
of Channing H. Cox, a Vice-President of the bank, before
many New England business organizations in which he stated:
Let those who have nothing else to do continue to bewail that New
slipping, but
Payson G. Gates was this week appointed an Assistant England isNow Englandlet those of us who have faith in ourselves and who
make sure that we continue her record of steady
believe in
Secretary of the Bankers Trust Co. of New York.
progress,that we keep the wheels of
Mr. to the most skilled workers in the industry turning and furnish occupation
world.
•
Gates was a member of the Class of 1917 at New York
University and served in France as Second Lieutenant in • It is further significant that Boston now counts among
the Machine Gun battalion of the First Division. Mr. its financial institutions the sixth largest national bank in
these United States.
Gates came to the Bankers Trust Co. in 1920 and
has
served since then in its Trust Department.
Henry J. Fuller, a partner of Aldred & Co., has been
. E. L. Brickhouse was appointed Assistant Secretary of the elected a director .of the First National Bank of Boston.'
Guaranty Trust Co. of New York on July 7.
Mr. Fuller is identified with a number of New England'
industrial enterprises, being President of Rolls, Royce of'
The newly organized Dewey State Bank of Brooklyn, America, Inc., Springfield; Chairman of
the Board of GorN. Y., announced on June 28, the election of John C. ham Manufacturing Co., Providence; member of the execHasbrouck as Cashier. We indicated in our issue of May
29, utive committee and director of Gillette Safety Razor Co.;
page 3041, that the bank will begin business about Aug. 1 director of the Remington Noiseless Typewriter Corporawith a capital of $100,000 and a surplus of $50,000.
tion, Middletown, Conn., the Greenfield Tap & Die Corporation, Greenfield, the Bank of America and the Canadian
The new Rugby National Bank of Brooklyn, at Church
Bank of Commerce.
and Utica Ayes., which has been organized with a capital
and surplus of $250,000, opened for business on July 1
Announcement is made this week by the Fidelity Trust
at 5 p. m. The bank is a member of the Federal.Reserve Co. of Philadelphia and the Philadelphia Trust Co. of the
168
THE CHRONICLE
consolidation of the two institutions into one organization
under the corporate title of the Fidelity-Philadelphia Trust
Co. The combined capital and surplus of the new bank is
$27,700,000; its resources over $115,000,000 and its individual trust funds $600,000,000. The offices of the company include all the former banking rooms of the institutions, located at 325 Chestnut St., 415 Chestnut St., 1431
Chestnut St., Broad and Chestnut Sts., and 6324 Woodland
Ave. The officers are: William P. Gest, Chairman of the
Board of Directors; Henry G. Brengle, President; Jonathan
C. Neff, Frank M. Hardt, William G. Littleton, T. Ellwood
Frame, T. Homer Atherton, Nelson C. Denney, and Charles
H. Bannard, Vice-Presidents; Henry L. McCloy, Secretary;
J. Calvin Wallace, Treasurer; Marshall S. Morgan, Assistant
to Chairman of the Board; Stanley W. Conoley, David
S. Mathers, and Charles Brinkman, Assistant Vice-Presidents; Josiah B. Bartow, A. Raymond Bishop, Harry
R. Anderson, Carl Royer, Edward B. Smyth and Frank
0. Pearce, Assistant Treasurers; Miles S. Altemose,
Assistant Secretary and Registration Officer; Louis Busche,
H. W. Woodward, Vincent R. Tilden, Leon Gihon, Frank
B. Kelly and H. C. Haines, Assistant Secretaries; Harry
Stewart, Real Estate Officer; Linford Eastburn and James
J. Neely, Assistant Real Estate Officers; Edgar E. Daniell,
Controller; Walter E. Nieweg, Auditor and Francis T. Coxe,
Safe Superintendent.
Announcement is made by the Comptroller of the Currency that the First National Bank of Orwigsburg, Pa.,
has changed its name to the First National Bank & Trust Co.
of Orwigsburg, effective July 1.
At a meeting of the board of directors of the Lansdowne
Trust Co., Lansdowne, Pa., held on June 18, it was agreed
to transfer $25,000 of undivided profits to surplus fund,
making a total of $250,000 for that account, effective
June 30 1926, at which time the bank had a capital of
$250,000; surplus of $250,000; undivided profits of $30,000
(approximately); deposits of $3,000,000, and total resources
of approximately $3,700,000. A new building, which the
institution has under construction at Baltimore and Lansdowne Ayes., is rapidly nearing completion and is expected
to be ready for occupancy in the early fall. It will be
equipped with up-to-date banking facilities. Officers of the
Lansdowne Trust Co. are as follows: George Foster White,
Chairman of the Board; C. Russell Arnold, President; C.
Carroll Lippincott, First Vice-President; Lewis Lawrence
Smith, Second Vice-President; Morgan Bunting, Secretary;
Henry L. Price, Treasurer; Walter Rhoads White, Trust
Officer and Assistant Secretary; Mary L. Kenney and
Louis F. Powell, Assistant Treasurers, and A. J. Levington,
Title Officer.
The Comptroller of the Currency issued a charter to the
Halstead Exchange National Bank of Chicago, Ill., on
June 18. The new bank will commence business to-day
(July 10) with a capital of $200,000, surplus of $30,000, and
undivided profits of $10,000. The fact that the Comptroller
of the Currency had approved the application for a charter
for the bank was noted in our issue of March 20, page 1566.
The bank is under the management of Daniel M. Healy,
President; Charles J. Obalil and Ernest Kunde, VicePresidents, and G. L. Nelson, Cashier.
Preliminary to the erection of a new home, a project which
the institution has long had in contemplation, the State
Bank of Chicago has purchased from the trustees of the
Marshall Field Estate the fee under the Temple Building at
the Southwest corner of La Salle and Monroe Streets for
$1,350,000. This purchase completes the merging of the
fee and leasehold, as the bank in Feb. 1919 acquired the
leasehold interest and the Temple Building now on the
property from the trustees of the Field Museum for $550,000.
The bank has thus acquired the entire property for $1,900,000
The land has a frontage of 189.2 ft. on La Salle Street and
of 95.1 ft. on Monroe Street. As a little over a year ago
the bank purchased the property 90 ft. by 189.2 ft. west
and adjacent to the Temple property for $700,000, the two
properties will afford a plot fronting 189.2 ft. on La Salle
Street and 185.1 ft. on Monroe Street. The building which
the bank purposes to erect will be a magnificent bank and
office structure, the plans for which are in preparation by
Graham, Anderson, Probst & White. It will cost in the
neighborhood of $10,000,000. In speaking of the proposed
new building, Leroy A. Goddard, until recently Chairman
of the Board of Directors, said:
[VoL. 123.
During recent years every department of our institution has been expanding and we have outgrown our present quarters on the ground floor of
the Chamber of Commerce Building, where we have been located for
27 years. In due time we shall erect a high-class bank and office building,
to be known as the State Bank Building. Our bank will own the safety
vaults in the basement and on the street level we expect to house our
savings department. Our bond and trust departments may also be located
on the street level, while on the main or banking floor, we will place our
commercial department, officers' quarters, directors' rooms, committee
rooms and similar facilities. Monroe Street is becoming a more important
thoroughfare than ever, and we consider ourselves fortunate to have secured
this location for our ultimate permanent home.
The State Bank of Chicago has had a phenomenal growth.
When the institution was incorporated in 1891 the capital
was $500,000 and deposits $1,831,747. To-day the bank
has combined capital, surplus and undivided profits of
$9,900,000, deposits of $53,000,000 and resources in excess
of $63,000,000. During the period from 1891 to 1924 the
stockholders received in dividends the large sum of $5,845,000
The bank had its beginning back in 1879 when two young
men, Helge A. Haugan and John R. Lindgren, opened a
small private bank on La Salle Street under the firm name of
Haugan & Lindgren. The firm prospered, deposits at the
end of the first year amounting to $66,597. In 1884 the firm
moved to larger quarters in the Marine Building, at La Salle
and Lake Streets, and increased its capital to $100,000.
Coincident with the increase in capital, H. G. Haugan of
Milwaukee, land commissioner for the St. Paul Railroad,
joined the firm as a partner. In 1881 the institution was
chartered as a State bank under its present title, Helga A.
Haugan being elected President and Mr. Lindgren, Cashier.
On Tuesday of this week (July 6) Henry A. Haugan,
heretofore President of the institution, assumed the position
of Chairman of the Board of Directors, succeeding Leroy
A. Goddard, who became Chairman of the Executive Committee. Another change was the promotion of Oscar H.
Haugan, heretofore a Vice-President, to Vice-Chairmanship
of the board. Henry A. Haugan was succeeded in the
Presidency by Ralph Van Vechten, who resigned as senior
Vice-President of the Continental & Commercial National
Bank of Chicago to accept the office. On Mr. Van Vechten,
it is said, will devolve the work of directing the erection of
the new bank building. The Chicago "Journal of Commerce" of July 7 had the following to say in regard to the
new President' career:
i
Mr. Van Vechten came into prominence after the post war boom of industry made reorganization of many corporations necessary, as an official
of the Continental & Commercial Banks, and because of his long financial
experience and ability, he played an active part in most of the larger reorganizations in the Middle West. He has become known as one of the leading
automobile financiers of the United States and is a member of the board of
directors of several motor companies. In addition he Is probably one of
the most widely known bankers in Chicago.
The new president of the State Bank came to Chicago from Cedar Rapids,
Ia., twenty-one years ago as vice-president of the old Commercial National
Bank, which, in the merger put through by George M. Reynolds, became
the Continental & Commercial National a short time later. Mr. Van
Vechten has maintained that capacity ever since and was the senior vicepresident of the institution.
Other officers of the State Bank of Chicago are as follows
C. Edward Carlson and Walter J. Cox, Vice-Presidents;
Austin J. Lindstrom, Cashier; Frank W.. Delves, Gaylord
S. Morse, Paul C. Mellander, Thomas G. Johnson, Henry A.
Boese, Edward L. Janl and Joseph F. Notheis, Assistant
Cashiers; Samuel E. Knight, Secretary; William C. Miller,
Trust Officer; Edwin C. Crawford, Jr., and Byron E.
Bronston, Assistant Secretaries; George E. Fink, Attorney,
and Tryggve A. Siqueland, Manager of foreign department.
J. Edward McGuire, who has been associated with the
Federal Reserve Bank of Atlanta, Ga., as examiner of mem
ber banks in the Sixth Federal Reserve District, on July 1
became an Assistant Vice-President of the Hibernia Bank &
Trust Co. of New Orleans, according to the New Orleans
"Times-Picayune" of that date. Mr. McGuire will be
affiliated with the bank and bankers' department and will
handle out-of-town commercial bank accounts.
The absorption of the stock and assets of the Tamiami
Banking Co. of Miami, Fla., by the Equitable Bank & Trust
Co. of Miami was reported in a special dispatch to the New
York "Times" from Miami June 26 from which we take the
following:
Control of the Tamiami Banking Co. was purchased two months ago by
Simon Swigg and Daniel Coakley, both of Boston. Mr. Swigg was formerly- head of the Tremont Trust Co. of Boston, which failed several years
ago. Mr. Coakley was once a member of the Massachusetts bar. Judge
William E. Walsh, a prominent attorney, was induced to accept the position of Chairman of the Board, but he resigned less than a week later.
The Tamiami Banking Co. was originally organized slightly less than
two years ago, by William G. Just of Miami, and associates. A year ago
the institution was bought by C. J. Anderson, A. E. Reese and other bankers of Atlanta, who subsequently sold the major portion of the stock to
Swigg and Coakley.
JULY 10 1926.]
The Equitable Bank & Trust Co. was organized more than a month ago,
but had so far not functioned actively. It will open for business for the
first time Monday morning in the premises at 117 West Flagler Street
heretofore occupied by the Tamiami Bank. The Equitable Bank is chartered under the laws of Florida with a capital stock of $100,000 and a
paid-in surplus of $50,000. The Tamiami Banking Co. was capitalized
for $50,000 and had a surplus of $25,000.
The officers and directors of the new bank are among the most influential
business men and financiers in Miami. Daniel Cromer, President of the
Equitable Bank & Trust Co., and Irwin Cassell, member of the board of
directors, are the heads of the Cromer Cassell department store. David A.
Fremow, Chairman of the board of directors, is one of the most powerful
financiers of the city; Oscar E. Dooley Jr., Secretary-Treasurer of the
institution, is the son of Oscar E. Dooley, former Vice-President of the
Mechanics & Metals National Bank of New York. The younger Dooley has
been assistant to the President of the Bank of Bay Biscayne for two years.
Other officers are Norman W. Graves, First Vice-President, and Alexander Orr Jr., Second Vice-President. The board of directors is composed
of the men already mentioned, with the addition of H. E. Mangels, President of the Miami Wholesale Grocery Co. High banking officials believe
the merger and the consolidation of a week ago have so strengthened the
financial situation here that further eliminations will be unnecessary.
Two more Florida banks were reported closed on July 3.
They are the Citizens' Bank of Homestead, with combined
capital and surplus of $75,000, deposits of about $441,936,
and resources of $526,981, and the City Bank of Fort Lauderdale, capitalized at $50,000, with surplus of $10,000 and deposits of $425,000. The latter institution, it was stated,
was temporarily closed for reorganization and was placed by
its directors in the hands of the State Bank Department.
An Associated Press dispatch from Miami on July 2, printed
in the Savannah "News" of July 3,contained the following
In regard to the banking situation in Miami:
Clark B. Davis, President of the City National Bank, one of the largest
banks in the State, and President George Romfh of the Miami Clearing
House Association, in commenting on the suspension of three suburban
banks, declared that outside control and loans on outside paper solely were
responsible for the embarrassment.
"The banks of Miami to-day are in an impregnable position," Mr.
Davis declared, "each of the downtown banks to-day is operating entirely
on its own capital, a thing few banks in any part of the country can boast
about. And although such a condition is inconceivable, if there was a demand of depositors made upon these banks, we could pay every dollar of
the liabilities faster than the depositors could carry it away.
"The fault with the embarrassment of these three banks was not with
Miami nor with conditions in this section nor in Florida. The fault was one
of structure. The banks were improperly constituted. The control was
with outside interests, the loans to outside interests. The capitalization
was too low for safety, and certainly not in proportion to the loans extended.
Consequently there was but one end, temporary suspension to afford time
to attempt to liquidate.
"Miami banks have gone through a period of readjustment since the first
of the year that was a test few banks anywhere could have met."
Announcement was made in Memphis on July 2 that the
Exchange Bank & Trust Co. of Memphis had been acquired
by the Fidelity Bank & Trust Co. of that city, the merger
becoming effective on that day. Both the institutions began
business in July two years ago. The enlarged Fidelity
Bank & Trust Co. has a combined capital, surplus and
undivided profits of $1,125,000 and total resources of
$7,500,000. Charles Thompson, former President of the
Exchange Bank & Trust Co., was elected a Vice-President
of the enlarged bank on July 2 and assumed his new duties
at once. The personnel of the Fidelity Bank & Trust Co.
is now as follows: J. S. McDowell, President; J. T. Russell,
John M. Dean and Charles Thompson, Vice-Presidents;
D. D. Robertson, Cashier, and S. N. Castle and W. M
Daniel, Assistant Cashiers. John T. Fisher is Chairman
of the Board of Directors.
The proposed consolidation of the First National Bank
and the Central State National Bank, both of Memphis,
to which reference was made in our issues of Juno 5 and
June 26, pages 3169 and 3563, respectively, went into effect
on July 6. The officers of the new organization, which
retains the name and charter of the First National Bank,
are: P. S. Smithwick, Chairman of the Board; S. E. Ragland, President; C. F. Farnsworth, R. T. Crenshaw, C. H.
Craig, L. Y. Williamson, W. C. Early, S. P. Fortune,
J. A. Denton and S. W. Wardlaw, Vice-Presidents; S. C.
Shepherd, Cashier; and J. R. Craig, W. H. Feltus, S. W.
McDowell and F. E. Maxwell, Assistant Cashiers.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The drift of prices on the New York Stock Exchange the
present week has again been toward higher levels, many
issues in the ralroad list as also a few specialties making
further sharp advances that carried them' to new tops for
the year. The market opened firm on Tuesday following
the three-day holiday, and a number of new high records
were established during the earlier trading. The most conspicuous feature of the day was the amazing strength of
General Motors which crossed 151 to the highest ground ever
reached under the present capitalization. Mack Trucks
169
THE CHRONICLE
also was in strong demand at advancing prices. New Haven
stock reached its best for the year at 46, and Atchison,
Canadian Pacific, Union Pacific, and Nickel Plate were in
good demand at improving prices. United States Cast Iron
Pipe & Foundry in the final hour shot up to 2103/2 as compared with its previous close at 203. The outstanding feature of the market on Wednesday was the brisk demand for
Erie stocks, both common and preferred scoring substantial
gains. Other stocks in the railroad group included Pere
Marquette, Chesapeake & Ohio and New York Chicago &
St. Louis. This was on the revival of the Nickel Plate merger
proposition. Motor shares under the leadership of Packard
Motors swung sharply upward, Chrysler, Mack Trucks and
White Motors registering substantial gains. United States
Cast Iron Pipe & Foundry continued its advance and registered a gain of 13 points for the day. Bethlehem Steel and
Republic Iron & Steel were in strong demand at improving
prices, and Allied Chemical & Dye moved up more than two
points. General Asphalt at one time crossed 74 to a new
high, though it closed somewhat lower, and Davison Chemi4
cal finished strong at 413 . Price movements were somewhat irregular on Thursday, though the drift of the market
was generally toward higher levels. Railroad stocks were
strong, particularly the Nickel Plate merger issues, nearly
all of which advanced to new tops. Industrial stocks were in
active demand, gains of a point or more being recorded by
such active leaders as the new General Electric, Congoleum,
American Locomotive and Allied Chemical & Dye. Motor
stocks made further progress, except General Motors, which
moved against the trend, closing at 1503/2. Railroad shares
moved into the foreground on Friday, Southern Pacific leading the forward movement with a gain of one point, followed
by Wheeling & Lake Erie, Atlantic Coast Line, Chesapeake &
Ohio preferred, Louisville & Nashville and Baltimore & Ohio.
Reading moved forward 2 points to 100 and reached its best
price since 1920. In the closing hour prices were somewhat
unsettled and many of the market leaders slipped back from
1 to 3 points. Noteworthy in the latter group was United
States Steel common, which dropped to 139%, and General
Motors, which declined 13 points to 1483i•
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGB,
DAILY. WEEKLY AND YEARLY.
Railroad,
&c.
Bonds.
Stocks.
Shares.
Week Ending July 9.
Saturday
Monday_
Tuesday
Wednesday
Thursday
Friday
5,966,716
$1.322,000
1,124,550
405,800
563,000
$9.292,700
$3,415,350
Jan. 1 to July 9.
1926.
1926.
-No. of sharesStocks
Bonds.
Government bonds...State and foreign bonds
Railroad & misc. bonds
Total bonds
$26,322,000
Week Ending July 9.
Sales at
New York Stock
Exchange.
United
States
Bonds.
HOLT DAY
HOLI DAY
$5,058,000
$2,260,000
7,414.000
2,825.500
7,438,000
2.569,200
6,412,000
1,638.000
1,175,845
1,444,955
1,666,916
1,679,000
Total
State,
Municipal &
Foreign Bds.
1925.
5,966,716
6,615,628
229,051,607
215,846,025
$3,415,350
9,292,700
26,322,000
$5,458,050
17,390.500
35,585,000
$160,720,900
345,709,550
1,161,801,700
$211,045,610
388,718,400
1,950,055,575
1925.
$39,030,050 $58,433,550 $1,668,232,150 52,549,819,585
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
July 9 1926.
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*15,222
*17,262
*19,293
10,403
$20,300
4,300
2,000
13,000
Total
62,180
$39,600
HOLI DAY
HOLI DAY
34,614
$18,000
41,853
65,200
44,741
36,600
9,000
26,850
148,058
$128,800
1,749
1,506
2,148
2,284
$37,000
27,100
11,000
52,500
7,687
$127,600
87,151 $138,000 244,493 $115.700
Prey. wk. revised_
8.801
$34.600
'In addition, sales of rights were: Tuesday, 6,597; Wednesday, 18,336; Thursday, 9,900.
THE CURB MARKET.
There was little change in Curb Market conditions from
those which have prevailed recently. Prices for the most
part moved irregularly, while changes were only fractional,
and the volume of business was small. The industrial
section was quiet. American Seating common was off from
353' to 333, while the preferred weakened from 393/ to
383/, the latter closing to-day at 383. General Baking,
s
class A, advanced from 5432 to 56/. Johns-Manville
dropped from 164 to 153% and recovered finally to 158.
Standard Publishing, class A, sold to a new low on the
passing of the dividend, dropping over a point to 9. Public
Utilities were about steady, changes small. Associated Gas
170
THE CHRONICLE
& Electric class A stock sold up from 30 to 33% and at 33
finally. United Gas Improvement broke from 118% to
1143' and closed to-day at 1183/2. Oil shares were very
quiet and very little changed. Borne, Scrymser & Co.
moved up from 240 to 261.
A complete record of Curb Market transactions for the
week will be found on page 197.
[VOL. 123.
ImportsBelgian Congo
British South Africa
Other countries
Total
Exports
£36,950 Netherlands
1,124,672 British India
5,045 Ceylon
Other countries
£173,376
56,240
55,000
49,677
£1,166,667
Total
£334,293
CURRENCY.
According to the Associated Press, the system of weights and measures,
and the coinage, of Afghanistan have undergone a change: A rupee
styled
the "Afghani" (as opposed to the old "Kabuli" of slightly lower value) is
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET
divisible into 100 pals, of which only 5 and 10 pal coins are issued. Twenty
"Afghanis" equal one "Amani"-the standard gold coin.
STOCKS(No. Shares).
BONDS (Par Value).
SILVER.
Week Ending July 9. Ind.&Mis.
Oil.
Mining. Domestio, Poen OM.
Considerable speculative business again connected with the yen exchange
Saturday
has taken place during the week. At the beginning of the week under
HOLI DAY
Monday
HOLI DAY
review America was not inclined to sell, doubtless encouraged by local
Tuesday
100,460
60,410
54,920 $2,774,000 $160,000 orders from the East.
On Monday and Tuesday, however, that support
Weanesday
93,480
73,790
59,920 1,671,000
263,000
Thursday
132,915
52,880
55,900 1,472,000
222,000 was withdrawn and America responded to the moderate London demand.
Friday
89,745
83,420
118,000 1,482,000
311,000 Though the market has for the moment ceased to be swayed by speculation,
surprise need not be felt if restlessness again sets in.
Total
456,600
270,500
288,740 $7,399,000 $950,000
United Kingdom imports and exports of silver during the week ending
the 16th inst. were:
ImportsExports
United States of America_ _ L66,401 Hungary• THE ENGLISH GOLD AND SILVER MARKETS.
£32,690
Other countries
33,178 Other countries
17,588
- We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 23 1925:
The Bank of England gold reserve against notes on the 16th inst. amounted
to £148,556,920 as compared with £147,832,715 on the previous Wednesday.
The amount available this week for disposal in the open market was about
£380,000. Roughly £300,000 was divided between the Bank of England
and the Continent. The remainder was absorbed by India and the Trade.
Movements of gold to and from the Bank of England have been reported
as under:
June 17. June 18. June 19. June 21. June 22. June 23.
Received
£7,000
£250,000 £128,000 £32,000
Withdrawn_ __ 26,000
42,000
19,000
40,000
29.000
32,000
The £250,000 received by the Bank on the 21st was announced as
sovereigns from South Africa. It is understood that the receipts of £128,000
and £32,000 on the two following days, in the form of bar gold, came from
the same quarter. The destinations of the £169,000 sovereigns included
In the above withdrawals were as follow: Spain £98,000. India £27,000.
Straits Settlements £26,000 and Holland £18,000. During the week
under review the amount received by the Bank on balance was £229,000,
increasing the net influx since Jan. 1 1926 to £5,634,000. Since the resumption of an effective gold standard the net efflux is £5,961,000.
United Kingdom imports and exports of gold during the week ending
the 16th inst. were:
Total
£99,579
Total
£50,278
INDIAN CURRENCY RETURNS.
(In lacs o frupees.)
May 31. June 7. June 15.
Notes in circulation
18708
18750
18867
Silver coin and bullion in India
8660
8815
8697
Silver coin and bullion out of India
Gold coin and bullion in India
5555
5555 5552
Gold coin and bullion out of India
Securities (Indian
5716
5721
Securities (British Government)
Government)
2100
209g
2100
The silver coinage during the week ending the 15th inst. amounted
to
one lac of rupees.
The stock in Shanghai on the 19th inst. consisted of about 62,600,000
ounces in sycee, 61,500,000 dollars, and 6.050 silver bars, as compared
with about 61,000,000 ounces in sycee, 60,700,000 dollars, and 6,960 silver
bars on the 12th inst.
-Bar Silver, Per Oz. Std.- Bar Gold,
QuotationsPer Oz. Fine.
Cash.
2 Mos.
June 17
84s. 110d.
30 9-16d.
30Sid.
18
84s. 11 d.
30 7-16d.
30 7-164.
19
84s. 11 d.
30 7-16d.
30 7-16d.
21
84s. 11 d.
30 7-16d.
30 7-164.
22
'
84s. W T.
30 5-16d.
3030.
23
.
30 3
84s. 10 d
-16d.
30 3-16d.
Average
30.375d.
84s. 11. d.
30.395d.
The silver quotations to-day for cash and two months' delivery are each.
3-16d. below those fixed a week ago.
Course of Bank Clearings
Bank clearings the present week will show a decrease
compared with a year ago, but this is due mainly to the
fact that this year July 4(Independence Day and a holiday,)
fell in the current week, while last year it came a week earlier.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
the week ending to-day (Saturday July 10) bank exchanges
for all the cities of the United States from which it is possible
to obtain weekly returns will fall 24.9% behind those of
the corresponding week last year. The total stands at
$8,062,331,822, against $10,598,686,353 for the same week
in 1925. At this centre the decrease for the five days is
also 24.9%. Our comparative summary for the week is
as follows:
Clearings-Returns by Telegraph.
Week Ended July 10.
1926.
._ .
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3.488,000,000
449,855,692
411,000,000
313,000,000
119,915,227
98,500,000
144,300,000
127,375,000
118,179,315
113,275,192
83,013,201
73,197,300
42,232,060
$4,641,852,863
637,978,221
486,000,000
367,000,000
128,038,030
127,100,000
161,782,000
138,582,000
148,700,252
141,552,403
106,723,591
110,802,614
47,760,000
-24.9
-29.7
-15.4
14.7
-6.4
-22.5
-10.8
-8.1
-20.5
-20.0
-22.2
-33.9
-11.5
Total 13 cities, 5 days
Other cities, 5 days
$5,581,842,987
1,136,766,865
$7,243,871,974
1,575,472,530
-2.3
-27.9
Total all cities, 5 days
All cities, 1 day
$6,718,609,852
1,343,721,970
$8,819,344,504
1,779,341,849
-23.8
-24.5
2R 062 221 R99 sin non ARA 253
-24.9
Total all cities for week
•
holiday) fell in that week, while the present year it came a
week later. Outside of New York City the increase is
23.3%, the bank exchanges at this centre having recorded a
gain of only 19.6%. We group the cities now according to
the Federal Reserve districts in which they are located, and
from this it apears that in the Boston Reserve District
there is an expansion of 57.6%, in the New York Reserve
District (including this city) of 19.5% and in the Philadelphia Reserve District of 24.9%. The Cleveland Reserve
District has a gain of 22.7%, the Richmond Reserve District
of 26.7%, but the Atlanta Reserve District of only 5.0%.
In the Chicago Reserve District the totals are larger by
12.0%, in the St. Louis Reserve District by 18.8% and the
Minneapolis Reserve District by 13.5%. The Kansas City
Reserve District has 17.4% improvement,the Dallas Reserve
District 37.4% and the San Francisco Reserve District26.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Inc.or
1924.
Dec.
1923.
Fed.Reserve Dists.$
$
%
$
$
tat Boston__ _ _ _12 cities 698,252,424
437,839,526
442,960,213 +57.6
448,205,667
2nd New York _ _ 11 " 6,872,730,228 5,752,18,3,571 +19.5 5,094,086,489 4.719,867,535
3rd PhIladelphlal0 "
513,292,055
687,554,528
550,485,085 +24.9
520,210,289
4th Cleveland
8 "
337,420,480 , 360,738,693
442,013,832
360,245,528 +22.7
5th Richmond_ 6 "
167,103,334
263,458,932
207,996.669 +26.7
180,030,956
6th Atlanta--__13 "
153,967,047
212,955,251
202,702,002 +5.0
151,421,281
7th Chicago__ --20 " 1,105,693,703
927,417,681
987,363,499 +12.0
868,949,639
8th St. Louis__ _ 8 "
230,654,688
194,113,563 +18.
, 188,835,5
62,565,283
9th Minneapolis 7 "
127,853,169
109,383,709
112,610,735 +13.5
113,531,671
10th Kansas City12 "264,869,110
210,636,734
225,550,977 +17.4
221,997,750
5 ..
1 1th Dallas
63,078,046
75,537,702
54,961,504 +37A
44,972,733
12th San Fran--17 "
407,025,158
673,918,910
452,224,484 +26.9
427,175,003
Grand total _129 cities 11,555,492,467 9,543,402,830 +21.1 8,610,085,484 8,119,666,505
.
Outside New York City. 4,845,388,123 3,931,348,088 +23.3 3,638,523,731 3,527,787,128
Canada
29 eittP
864 WI FAO
273 649.515 -3.2
341.362,547
321.757,611
Week Ended July 3 1926
1926,
1925.
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day. We also furnish to-day a summary by Federal Reserve
(Saturday), and the Saturday figures will not be available districts of the clearings for the month of June. For
that
until noon to-day. Accordingly, in the above the last day month there is an increase for the whole country of 2.1%,
of the week has in all cases had to be estimated.
the 1926 aggregate of the clearings being $44,163,009,912,
In the elaborate detailed statement, howdver, which we and the 1925 aggregate $43,232,725,823. While this total
present further below, we are able to give final and complete of $44,163,009,912 does not establish a new high monthly
results for the previous week-the week ended July 3. For record for all months, it is the highest figure ever registered•
that week there is an increase of 21.1%, the 1926 aggregate for the month of June. Outside of New York City the
of the clearings being $11,555,492,467 and the 1925 aggregate increase for the month is 3.9%, the bank exchanges at this
$9,543,402,830, but this large increase is due mainly to centre registering a gain of 0.7%. The Boston Reserve
the fact that last year July 4 (Independence Day and a District has an increase of 16.9% and the New York Reserve.
JULY 10 1926.]
THE CHRONICLE
171
District (including this city) of 1.0%, but the Philadelphia
The course of bank clearings at leading cities of the country
Reserve District has a loss of 2.1%. In the Cleveland
for the month of June and since Jan. 1 in each of the last
Reserve District the totals are larger by 3.4%, in the Richfour years is shown in the subjoined statement:
mond Reserve District by 4.2% and in the Dallas Reserve
BANK CLEARINGS AT LEADING CITIES.
District by 9.5%. The Atlanta Reserve District has
a
June
Jan. 1 to June 30falling off of 2.4% and the Minneapolis Reserve District of
(000,0008
1926. 1925. 1924. 1923. 1926. 1925.
1924. 1923.
2.9%. In the Chicago Reserve District the change is very
omitted).
$
24,195 24,013 19,959 18,675 150,191 141,841 119,465
slight, there being an increase of only 0.5%, while in the New York
112,228
Chicago
3,087 3,165 2,617 2,655 17,977 17.743 15,543
16,070
St. Louis Reserve District the increase is 2.2% and in
2,139 1,804 1,570 1,725 12,411 10,909 10,339
the Boston_
10,013
Kansas City Reserve District 3.7%. The San
Philadelphia
2,500 2,576 2,143 2,201 14.831 14,283 12,520 12,536
Francisco St. Louis
654
655
582
602
Reserve District enjoys a gain of 8.6%.
3,897
3.734
3,562
3,697
Pittsburgh
780
748
650
June
1926.
Federal Reserve Dists.
1st Boston_ ._.14 cities
2nd New York_14 ''
3rd Philadelphial4 ''
4th Cleveland _15 "
5th Richmond _10 "
6th Atlanta .__18 "
7th Chicago_ _ _29 "
8th St. Louis_ _10 '
9th Minneapolisla "
10th KansasCity16 "
11th Dallas
19 "
12th San Fran_.28 "
June
1925.
Inc.or
Dec.
June
1924.
$
$
%
$
June
1923.
$
2,407,603,610 2.059,823,314 +16.9 1,788,969,314
1,946,570,956
28,922,491,582 24,666,980,349 +1.0
20,510,071,564 19,098,287,485
2,747,680.565 2,8436,686,117 -2.1 2,338,964
,168 2,407,122,658
1,842.232,538 1,780,886,675 +3.4 1,511,240,581
1,727,803,427
979,889,247
940,012,676 +4.2
785,816,681
817,507,596
968,830,034
992,443,604 -2.4
716,743,492
753,828,388
4,546,255,198 4,524,051,982 +0.5
3,764,998,540 3,871,462,756
1,002,847,521
980,873,716 +2.2
857,719,768
905,150,030
574,390,619
591,472,100 -2.9
475,237,182
555,382,107
1,243,960,831 1,199,320,455 +3.7
1,006,710,421 1,131,786,111
504,030,534
460,376,507 +9.5
387,269,326
355,068,327
2,422,796,633 2,230,798,328 +8.6
1,916,170,840 1,963,910,472
Total
193 cities 44,163,009,912 43,232,725,823 +2.1
Outside New York City_ 19,968,020,328 19,213,882,108 +3.9 36.059,911,877 35,533,480,543
16,101,362.823 16,858,032,893
Canada
1.462.096.809 1.237.621.201 -4-141
1 967
R, qoi
71
1 lAR
n,(11 nIn
We append another table showing the clearings by Federal
Reserve districts for the six months back to 1923'
1926.
$
13,945,882,773
151,157,760.732
16,195,638,828
10,602,498,838
5,504,588,217
6,721,034,157
26,274,896,664
6,018,732,967
3,225,665,310
7,039,835,074
3,151,518,770
14,235,766,003
Inc.or
Dcc.
1925.
Total
Other cities
Months,
SiI
1924.
1923.
3
12,380,898,659 +12.6 11,672,864,376
11,320,127,978
145,397,059,417 +6.0 122,824,823,851
114,586,099,81
Federal Reserve Dists.
let Boston_ _ _ _14 cities
2nd New York.14 "
15,592,238,489
3rd Philadelphial4 "
10,178,624,600
4th Cleveland _15 "
5,203,115,877
5th Richmond _10 "
6,040,170,867
6th Atlanta __ _18 "
25,421,363,383
7th Chicago.. _21) "
5,749,318,450
8th St. Louis_ _10 "
3,322,682,059
9th Minneapolls13 "
6,965.401,675
10th KansasCity 16 "
3,047,521,169
11th Dallas _ _ _12 "
12,851,103,002
12th San Fran_ _28 "
Total
193 cities 267,076,818,338 252,157.497,647
Outside New York City. 116,885,293,670 110,315,570,920
4
+3.8 13,742,974,139 13,722,450,064
+4.2 9,404,489,456 9,883,393,373
+5.7 4,858,263,707 4,725,331,254
+11.3 5,057,327,894 4,908,846,799
+3.3 22,694,925,780 22,851,423,183
+4.7 5.386,934,067 5,595,511,332
-2.9 2,850,146,66
3,158,822,142
+1.1 6,265,794,002 6,841,111,557
+3.5 2,586,701,373 2,337,776,178
+10.7 12,151,252,823 11,405,634,807
Canada29 cities
+10.0
8,318,366,239
7,562,982,164
+5.9 219,556,498,130 211,336,533,48
1
+5.9 100,091,017,738 99,108,609,70
0
7,785,907442
7,764,492,413
The following compilation covers the clearings by month
since Jan. 1 in 1926 and 1925:
MONTHLY CLEARINGS.
Month.
Clearings, Total All.
1926.
1925.
San Francisco
Cincinnati_
Baltimore..
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond ___
Memphis..
Seattle
Hartford
Salt Lake City...
816
335
564
603
527
229
345
157
779
188
765
57
177
243
140
107
140
209
89
199
75
76
757
320
526
575
528
223
360
155
737
176
675
59
188
234
137
64
137
215
78
185
63
71
1926.
737
670
295
435
578
500
201
310
139
604
162
594
52
184
199
155
92
130
201
76
164
49
64
4,524
4,883
1,946
3,034
3,369
2,996
1,505
1,960
906
4,356
1,092
4,410
346
1,061
1,360
799
579
793
1,311
591
1,166
428
434
4,363
4,468
1,818
2,743
3,345
2,887
1,485
2,054
877
3,981
1,020
3,878
349
1,088
1,301
785
424
815
1,331
543
1,039
363
402
4,029
4,089
1,663
2,495
3,037
2,691
1,441
1,642
795
3,658
949
3,713
306
954
1,131
806
492
763
1,328
496
1,034
328
377
4,156
3,978
1,777
2,420
3,494
2,798
1,360
1,791
814
3,305
933
3,353
317
1,122
1,156
882
520
721
1,267
553
946
286
368
40,176 39,428 32,946 32,449 243,156 229,869 199,646 192,861
3,993 3,805 3,114 3,084 23,921 22,288 19,910 18,476
Total all
44,163 43,233 36,060 35,533 267,077 252,157 219,556 211,337
Outside New York_19,968 19,214 16,101 16,858 116,885 110,316 100,091 99,152
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
June and the six months of 1926 and 1925 are given below:
Month of June.
Description.
1926.
I
Six Months.
I
1925.
1926.
1925.
I
Stock, number of shares_
38,254,5751 30,750,768
218,907,9991 204,902,127
Railroad and misc. bonds 170.096.500 $177,123,600 $1,122,476,500 $1,334,812,875
State, foreign, &c., bonds 66,363,5001 72,129,100
332,372,3501 328,593,260
27,156,000, 33,394.350
U. S. Govt. bonds
156,165,800
235,337,850
1
$263,616,000 5282.647,050 $1,611,014,650 $1.898,743,985
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1923
to 1926 is indicated in the following:
1926.
1925.
1924.
1923.
No. Shares.
No. Shares.
No. Shares.
No. Shares.
38,987,885
35,725,989
52.271,691
41,570.543
32,794,456
38,294,393
26,857,386
20,721,562
18,375,911
19,914,827
22,979,487
25,964,666
126.935,565 112,659.392
65,954.859
68,858,980
18.116,828
13,513.967
17.003.140
20,091,986
23,155,730
19.754.197
Clearings Outside New York.
CY
0
658
259
401
490
432
192
279
128
596
153
560
47
156
180
123
80
124
211
65
173
52
66
1925.
$
$
Jan__ _ 47,660,896,876 46,161,258.211 +3.2 20,559,798,
Feb___ 38,799,487,828 37,490,819,848 +3.5 17,346,130,610 19,440,564,225 +5.7
353
Mar. 48,505,299,107 42,009,334,406 +15.5 20,413,426,165 16,433,760,596 +5.5
18,660,323,657 +9.4
134965683,811 125661412,465 +7.4 58,319.355,128 54
1st qu_
.534,648.478 +6.9
April__ 45,536,402,634 41,397.118,485 +10.0 19,572,431,866
MaY - - 42,411.631,981 41,866,240,874 +1.2 19,025,486,348 18,548.233.880 +14.9
18,038,806,454 +5.5
June.- 44,163,009,912 43,232,725,823 +2.1 19,240,518,330
18,565,745.474 +3.6
2d (au. 132111134,527 126496085,182 +4.4 57,838,436,544
55,152,785,808 +4.9
6 mos_ 267076818,338 252157497,647 +5.9 116157771,
672 109687434,286 +5.9
Month of January
February
March
First quarter
Month of April_
May
June
30,326,714
23.341,144
38.254.575
24,844,207
36,647.760
30.750,768
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ending July 3 for four years:
CLEARINGS FOR JUNE, SINCE JANUA RY 1, AND FOR WEEK ENDIN
G JULY 3.
Month of June.
Clearings at
1926.
1925.
First Federal Rose rve District Boston
Maine-Bangor
3,335,348
3,232,953
Portland
17,933,818
15,083,883
-Boston
Mass.
2,139,000,000 1,803,765,501
Fall River
8,619,754
9,141,135
Holyoke
4,314,642
4,338,563
Lowell
4,999,956
5,568,540
Lynn
a
a
6,001.849
New Bedford
6.213,350
Springfield
26,782,343
26,432,715
Worcester
17,077,551
15,962,058
75,107,115
Conn.
-Hartford
62,501,836
31,203,602
New Haven
32,346,647
Waterbury
12,956,200
13,459,700
56,709,100
-Providence.. _
R. 1.
58,624,200
-Manchester
3,562,332
N. H.
3,152,233
Total (14 cities) _
_ 2,407,603,610 2,059,823,314
Since Jan. 1.
Inc. or
Dec.
1926.
1925.
I
I
1925.
o
Inc.1926 Dec.
1924.
I
1923.
`,°
7
+3.2
18,738,084
18,637,862
1-18.9
91,915,396
82.119,017
1-18.6 12,410,537,997 10,909,227,855
--5.7
52,154,851
59.283,414
--0.6
24,389,736
25,054,225
--10.2
27,266,677
29,108,245
a
a
a
--3.4
34,384,819
38,594,485
1-1.3
150,756.395
150,677,592
1-7.0
94,589,220
93,800,477
1-20.2
427,628,452
362,528,995
--3.5
183,699,571
181,785,815
--3.7
63,178,1)00
62,166,504
--3.3
346,471,300
348,948,700
1-13.0
20,170,875
19,922,697
+0.5
+11.9
+13.7
--12.0
2.7
-6.3
a
-10.9
-19.9
+0.8
+18.0
+1.0
+1.6
886,870
5,036,003
630,000,000
2,146,643
a
1,068,622
a
1,291,939
5,621,718
4,978,235
21,454,178
8,915,207
+1.2
+16.9 13,915,882,773 12,380,898,659 +12.6
Second Federal Re serve District -New York
27,471,879
N. Y.
-Albany
26,561,254
Binghamton
4,892,400
5,009.900
243,402,486
Buffalo
233,501,967
Elmira
5,049,852
4,536,072
Jamestown
6,549,889
6,622,470
24,194,989,584 21,018,843,715
New York
Niagara Falls
4,777,721
4,730,900
Rochester
63,822,631
64,349,012
27,328,256
Syracuse
25,580,742
-Stamford__ _
20,989,071
18,817,561
Conn.
-Montclair.....
4,762,640
N. J.
3,329,717
124,047,902
Newark
102,468,656
7,442,432
Oranges
6,428,068
Northern N. J
186,964,839
146,200,315
+3.5
166,270,522
171,099,385
-2.4
29,707,500
29,388,300
+4.2 1,360,149,677 1,300,724,374
+11.3
26,605,303
24,392,008
-1.1
39,142,490
36,027,074
+0.7 150,191,524,668 141,841,926,727
+1.0
26,480,893
24,897,661
-0.8
344.647,862
329,501,635
+6.8
153,622,209
140,783,856
+11.5
93,650,649
83,234,199
+43.0
21,677,194
15,295,876
+21.0
660,720,733
525,539,638
+15.8
38,722,503
33,463,204
+27.9 1,004,838,524
840,785,480
Total (14 cities) - -- - 24.922,491.562 24.666.960.349
4-1.0 154.157.760.732 145.397.059.417
Week Ending July 3.
Inc. or
Dec.
711,455
3,318,481
384,000,000
1,909,479
a
1,084,428
a
1,195,394
6.783,733
4,275,370
16.296,512
7,816,461
-17.2
+16.4
+31.6
+14.1
889,447
3,783,353
382,000,000
1,847,646
a
1,273,307
a
982,724
5,672,013
4,259,000
14,656,875
8,493,461
821,863
3,720,268
395.000,000
2,248,408
a
1,387,866
a
1,415,843
5,955,184
4,172,000
12,958,380
8,139,855
15,548,300
1,304,709
15,574,900 -0.2
779.849 +67.3
13,980,700
946,106
12,386,000
870,962
698,252,424
442,960,213 +57.6
437,839,526
448,205,667
2.8
8,640,080
6,827,954
+1.1
1,467,867
1,513,862
+4.6 d66,148,760
56,403,609
+9.1
1,581,962
1,323,690
+8.6
c1,328,565
1,376,413
+5.9 6,710,104,344 5,612,054,742
+6.4
+4.6
19,500,469
17,767,347
+9.0
10,949,516
7,898,426
+12.5
c3,449,558
4,114.233
+41.7
997,022
1,402,208
+25.7
+15.7
+19.5
48,562.085
41,506,087
-4-6.1)
+24.6
+51.7
+64.0
4 12.4
a
-1.6
+26.5
7,219,179
6,526,056
-3.0
1,341,700
1,535,097
+17.3
47,023,898
42,990,155
+19.5
872,064
975,316
-3.5
1,328,652
1,048,463
+19.6 4,971,561,753 4,591,879,379
+9.7
+38.6
--16.2
--28.9
16,993,475
6,787,422
4,176,407
695,171
15,918,096
7,673,269
- 3,243,593
489,210
+17-0
47,692,153
35,983,516
6,872,730.228 5.752,188.571 +19 5
5.094,086,489 4,7112,3_6/0_-3
[VOL. 123.
THE CHRONICLE
172
-(Continued.)
CLEARINGS
1926.
1925.
Week Ending July 3.
Since Jan. 1.
Month of June.
Clearings at
Inc. or
Dec.
1926.
1925.
Inc. or
Dec.
$
%
$
%
$
3
Third Federal Re erve District -Philadelph la
36,577,052 +10.2
40,299,232
6,715,458 +10.9
-Altoona
Pa.
7,447,595
+5.1
104.652,888
109,965,198
17,253,979 +1.5
17,515,111
Bethlehem
36,426,338 -2.0
35,702,675
6,948,940 -9.3
Chester
6,302,393
125,920,804 -1.8
123,638,564
+5.0
22,176,031
Harrisburg
23,287,982
75,911,121 -16.1
63,732,778
12,135,581 -20.6
Lancaster
9,639,713
+3.8
16,109,684
16,727,622
+6.5
2,798,806
2,980,746
Lebanon
26,544,079 -14.5
22,708,385
5,920,094 -23.4
4,536,303
Norristown
+3.8
2,576,000,000 -3.0 14,831,000,000 14,283,855,000
2,500,000,000
Philadelphia
94,720,301 +12.7
106,744,732
16,315,194 +15.4
18,837,223
Reading
160,759,576 -1.6
158,274,489
27,557,070 -2.4
26,907,904
Scranton
99,992,524 -7.7
92,344,531
18,840,555 -18.1
15,433,284
Wilkes-Barre
48,623,314 -0.4
48,441,697
+0.4
8,256,516
8,292,278
York
327,656,885 +16.2
380,698,680
59,289,389 +32.5
78,537,464
N.J.
-Camden
154,488,923
+7.0
165,360,245
+9.7
25,478,504
27,962,569
Trenton
a
a
a
a
a
a
-Wilmington
Del.
+3.8
15,592,238,489
Total(14 cities) _ _ _ _ 2,747,680,565 2,805,686,117 -2.1 16,195,638,828
Fourth Federal R serve District -Cleveland25,657,000
29,146,000
Ohio-Akron
18,242,235
Canton
18,090,546
320,208,441
Cincinnati
334,735,416
528,453,891
527,424,773
Cleveland
66,363,800
Columbus
74,287,100
a
a
Dayton
3,290,741
3,990,512
Hamilton
a
a
Lima
2,390,495
2,343,722
Lorain
9,157,661
221 764
9,. '
Mansfield
e'
a
Springfield
a
a
Toledo
22,127,746
Youngstown
24,557,97
3,200,128
-Beaver County_
3,671,072
Pa.
a
a
Erie
1,175,104
1,883,664
Franklin
6,430,046
7,773,958
Greensburg •
748,105,195
780.141,512
Pittsburgh
7,327,700
7,033,240
Ky.-Lexington
18,756,492
17,931,302
W. Va.-Wheeling __ _
Total(15 cities) _
_
1,842,232,538 1,780,886,675
1926.
1925.
$
$
Inc. or
Dec.
-%
1924.
$
1923.
$
1,751,890
4,952,397
1,632,516
1,404,442 +24.7
4,885,597 +1.4
1,594,698 +2.4
1,513,029
3,519,064
1,621,302
1,439,450
4,906,568
1,518,813
2,412,486
2,794,330 -13.7
2,591,739
2,978,332
+26.4
+38.0
+2.5
-18.2
+16.7
479,000,000
3,956,149
7,494,428
4,737,992
1,732,778
486,000,000
4,130,535
8,856,211
3,985,785
1,798,724
7,736,739
a
7,004,014 +10.5
a
a
7,125,574
a
4,595,871
a
687,554,528
550,483,085 +24.9
513,292,055
520,210,239
5,587,000 +9.3
3,712,808 +2.4
64,002,471 +27.0
114,030,868 +18.1
13,932,810 +39.2
a
a
8,773,000
3,194,076
60,274,676
96.446,946
14,271,700
a
5.905,000
5,472,030
69,459,553
106,935,179
14,830,300
a
651,000,000
5,694,389
7,483,236
3,634,605
2,256,270
515,000,000
4,126,808
7,297,722
4,472,765
1,932,709
157,359,000
120,377,081
1,818,116,923
2,887,084,909
382,035,400
a
22,137,625
a
12,949,341
49,911,432
a
a
128,992,188
18,961,257
a
9,032,245
40,003,130
4,362,557,680
55,354,115
111,246,674
-0.01
-13.2
+7.0
+3.8
+11.9
a
+11.6
a
-10.4
+6.6
a
a
+4.4
-2.6
a
+4.6
-8.4
+3.7
-6.7
-3.3
d6,107,000
3,802,428
81,315,426
134,651,619
19,389,800
a
189,866,246
151,000,741 +25.7
146,911,190
150,888,623
+3.4 10,602,498,838 10,178,624,600
+4.2
442,013,832
360,245,528 +22.7
337,420,480
360,738,898
1,655,307
1,410,854 +17.3
1,919,368
2,138,562
d8,303,918
53,676,000
9,182,012 -9.6
44,567,000 +20.4
7,664,228
45,510,000
8,342,463
44,851,000
+13.6
-0.8
+4.5
-0.2
+11.9
a
+21.3
a
-2.0
+0.7
a
a
+11.0
+14.7
a
+60.3
+20.9
+4.3
-4.0
-4.4
157,384,000
104,452,793
1,945,838,619
2,995,854,500
427,358,000
a
24,708,730
a
11,605,513
53,220,329
a
a
134,736,209
18,462,040
a
9,452,212
36,673,446
4,523,518,047
51,668,908
107.565,492
a
d1,969,283
a
a
4,112,030
a
a
a
2,100,864 -6.3
a
a
a
a
5,877,976 -16.4
a
a
a
1,900,275
a
a
5,648,617
a
a
1,730,525
a
a
4,517,488
a
Fifth Federal Rese rye District- Richmond
7,265,499 -5.5
6,863,844
W. Va.-Huntington_
a
a
a
Va.-Newport News _
33,182,828 +10.9
36,812,065
Norfolk
215,177,000 -2.9
Richmond
209,023,000
a
a
a
-Asheville__ _ _
N. C.
+1.0
12,960,964
Raleigh
13,103,612
a
a
a
Wilmington
+6.0
9,644,658
10,222,830
-Charleston__ _
S. C.
6,105,439 +3.9
6,344,000
Columbia
+7.2
525,967,893
564,032,119
Md.-Baltimore
+7.5
1,935,945
2,080,862
Frederick
3,396,691 -10.3
3,045,843
Hagerstown
+3.2
124,366,759
128,361,072
-Washington
D. C.
38,499,384
a
213,989,282
1,310,826,000
a
71,056,747
a
65,461,497
41,913,481
3,034,192,182
12,617,577
20,345,617
695,686,450
42,352,385 -9.1
a
a
206,504,810 +3.6
1,331,321,000 -1.3
a
a
+1.9
69,729,049
a
a
67,920,384 -3.6
51,378,076 -18.4
2,742,870,916 +10.6
10,923,734 +15,5
+3.9
19,587,181
665,528,342
+4.5
+5.8
22,949,865
21,552,000
940,012,676
+4.2
5.504,588,217
5,208,115,877
+5,7
263,458,932
207,996,669 +26.7
167,103,334
180,030,956
Sixth Federal Rese rye District- Atlanta
28,426,228
32,498,582
-Chattanooga _
Tenn.
13,281,131
15,374,225
Knoxville
91,860,675
93,168,343
Nashville
251,071.225
238,806,023
Ga.-Atlanta
7,567,000
7,492,642
Augusta _
4,992,443
3,998,793
Columbus
6,305,176
7,783,859
Macon
a
a
Savannah
109,567.693
127,729,018
-Jacksonville _
Fla.
79,309,836
49,431,496
Miami
38,522,000
30,775,722
Tampa
107,538,613
98,342,504
-Birmingham _ _ _
Ala.
8,699,349
8,932,347
Mobile
5,880,848
5,744,842
Montgomery
6,773,804
8,503,479
-Hattiesburg _ _
Miss.
5,498,535
6,258,110
Jackson
2,994,396
3.475,940
Meridian
1,355,755
1,526,978
Vicksburg
222,798,897
228,887,131
-New Orleans_ _
La.
+14.3
+15.7
+1.4
-4.9
-1.0
-19.9
+23.4
a
+16.6
-37.7
-20.1
-8.6
+2.7
-2.3
+25.5
+15.6
+16.1
+12.6
+2.7
201,763,929
84,776,458
569,399,249
1,737,960,777
51,088,621
27,139,080
43,770,034
a
896,788,324
441,472,095
255,456,969
678,812,349
54,660,698
45,322,376
49,410,808
43,262,256
23.814,413
10,743,766
1,505,391,955
178,370,925
81,343,634
551,484,776
1,588,713,981
51,881,999
26,740,796
38,917,568
a
601,192,938
380,641,073
180,854,208
672,265,682
51,946,415
43,009,122
39,288,912
35,596,503
22,026,858
10,879,972
1,485,015,505
+13.2
+4.2
+3.2
+9.4
-1.5
+1.5
+15.4
a
+49.1
+16.0
+41.3
+1.0
+5.2
+5.4
+25.8
+21.5
+8.1
-1.3
+1.4
d8,380,055
4,172,250
21,360,096
51,593,159
1,727,848
6,037,225 +5.7
*3.400,000 +22.7
18,685,654 +14.3
+3.2
49,981,118
1,363,364 +26.7
5,539,361
3.348,815
16,404,633
39,106,000
5,413,487
3.609,793
15,687.067
41,737,653
1,798,464
a
25.794,875
11,843,609
1,304,699 +37.8
a
a
20.600,973 +25.2
31.8
17,364,882
1,304,970
a
11,714,756
3,338,415
1,683,167
a
12,042,030
25,074,111
2,347,615
22.221,664 -18.0
1,626,391 +44.3
21,408,180
1,747,590
18,334,172
2,058,042
992,443,604
-2.4
0,721,034,157
6.040,170,867 -1-11.3
212,955,251
202.702,002
6,407,174
6,740,283 -5.0
+18.3
28,746,250
24,795,311 +15.9
+14.7
+9.4
+5.7 4,355,829,579 3,980,724,471
71,581,074
61,225,883 +16.9
+10.1
219,727,160
195,524,456 +12.4
+2.5
45,379,058
44,992,707
+0.9
-2.6
69,549,382
65,256,326
+6.6
-5.9
73,305,942
70,962,673
+3.3
+12.7
154,471,062
126,437,775 +22.2
+17.8
424,266,000 +36.4
578,899,000
+67.1
79,145,544
72,310,149 +9.4
+1.2
153.312,254 -0.6
152,455,458
+0.5
82,877,877 +19.0
98,660,321
+7.6
1,091,768,214 1,019,600,298
+7.1
+7.1
23,697,489
21,607,889 +9.7
+25.7
70,301,797 -1.8
69,064,712
+0.9
256,377,918
309,587,725 -17.2
-14.1
277,498,155
295,279,237 -6.1
-9.7
11,156,048 +10.3
12,309,667
+28.7
13,140,400
1
f
1
181,815,145
192,755,112 -5.7
-0.7
38,507,029 -12.7
31,874,159
+3.4
36,624,007 +18.2
43,293,738
+15.1
43,699,746
44,064,242
+0.8
+7.6
+1.3
-2.5 17,975,464,035 17,743,251,364
a
a
a
a
39,365,384 -10.6
35,208,608
-7.9
134,789,103
132,148,133 +2.0
+1.0
85,388,257
74,520,182 +14.6
+16.6
76,126,219
72,392,665
+5.1
+3.0
234,416
1,542,586
187,058.167
Total(10 cities)____
Total(17 cities).---
979,889,247
968.830,034
Seventh Federal R eserve Distric t-Chicago973,442
1,151,288
-Adrian
Mich.
5,153,330
4,492,570
Ann Arbor
736,944,182
779,185,076
Detroit
10.893,197
12,000,448
Flint
35,169,490
36,060,900
Grand Rapids
7,367,284
7.566,833
Jackson
12,499,300
11,763,737
Lansing
14,687,720
13,030,829
-Ft. Wayne_ _ _ _
Ind.
27,194,183
23,083,000
Gary
64,268,000
107,377,000
Indianapolis
14,768.500
14,947,777
South Bend
23,659,219
23,771,315
Terre Haute
13,418,754
15,784,521
Wis.-Madison
175,666,834
188,138,506
Milwaukee
3,563,629
4,480,933
Oshkosh
11,592,047
11,694,689
-Cedar Rapids_
Iowa
49,555,493
42,566,790
Davenport
49,143,135
44,400,983
Des Moines
2,262,596
1,758,425
Iowa City
f
1,358,400
City
Mason
30,725,586
30,523,186
Sioux City
5,765,947
5,577,416
Waterloo
7,970,949
6,927,103
-Aurora
in.
7,728.908
7,181,272
Bloomington
3,086,812,189 3,164,971,946
Chicago
a
a
Danville
6,749,737
6,215,804
Decatur
23,446,247
23,677,862
Peoria
12.899,124
15,037,000
Rockford
12,168,272
12,535,277
Springfield
Total(29 cities)---- 4,546,256,198 4,524,051,982
Eighth Federal Re serve District -St. Louis
24,328,483
26,836.000
_
-Evansville
Ind.
827,208
958,302
New Albany
653,500,000
654,756,505
Mo.-St. Louis
a
a
Springfield
155,443,393
156,606,720
Ky.-Louisville
1,533,739
1,399,176
Ownesboro
7,540,017
8,489,225
paducab
78,4418,700
89,272,737
-Memphis _ _
Tenn.
50,332.817
54,426,085
Rock_ _ _
-Little
Ark.
1,682,189
1,805,127
-Jacksonville_ _ _ _
m.
7,277,170
8,297,644
Quincy
980,873.716
1,002,847,521
Total(10 cities)_
+0.5 26,274,896,664 25,421,363,383
.
2,200,000
166,543,833
31,079,874
1,427,000
347,677
59,094,582
141,511,607
4,764,558
3,896,686,169
a
906,295,550
10,925,686
56,321,965
591,356,661
355,352,594
11,235,711
44,282,466
140,713,883 +0.5
4,368,831
+9.0
3,733,728,454
+4.4
a
a
877,442,613
+3.3
11,848,804 -7.8
61,949,907 -9.1
542,941,956
+8.9
323,652,121
+9.8
10,175,176 +10.4
42,496,705
+4.2
+2.2
6,018,732,967
5,749,318,450
+4.7
2,878,283
2,519,406
88,181,590
100,427.525
2,072,435
29,376,000
+0.3
1,704,000
1,202,216
275,795 +26.1
58,417,563 +1.1
377,670
47,972.657
382,746
49,270,908
+5.0
153,967,047
151,421,281
161,376 +45.2
1,293,732 +19.2
148,061,277 -4 26.4
216,738
1,183,431
142,193,578
208,933
792,316
122,998,023
1,422,674
8,767,812
7,108,794
.
+22- 0
6,704,186
6,152,415
3,586,000
3,438,326
2,985,962 +20.1
2,956,294 +16.3
2,685,760
3,189,153
2,655,000
2,842,501
29,109,000
4,441,233
6,800,797
-- .2
6
18,633,000 +5 - .
4,600,000 -3.5
7,471,429 -9.0
21,086,000
1,958,178
6,304,237
24,663,000
3,010,600
7,117,811
44,821,561
37,821,716 +18.5
34,596,680
38,345,430
3,015,242
- 8.1
2.552,595 +1--
2,629,102
2,136,609
10,910,444
10,337,853
+5.5
10,703,460
11,320.857
6,691,224
1,426,038
6,311,029
1,230,302
-I- 15.9
+6.0
5,872,851
1,593,640
6,090,534
1,738,263
1,700,532
777,728,693
a
1,357,553
6,034,655
3.749,058
3,371,366
1,508,778
722,557,749
a
1,426,614
4,766,403
2,970,770
2,807.826
1,352,900
- 2:7
+1+7.6 674,025,790
a
a
1,328,357
-4.9
4,516,980
+26.6
3,016.023
+26.2
2,260,637
+29.3
1,447,943
625,627,028
a
1,177,037
4,555,717
3,556,269
2,513,353
927,417,681
868,949,639
5,727,339
+3.3 1.105,693,703
+10.3
+15.8
+0.2
a
+0.7
-8.8
+12.6
+13.8
+8.1
+7.3
+14.0
+6.1
121,388,368 +37.2
987,363,499 -1-12.0
6,398,596
5,722,974 +11.8
4,979,966
154,100,000
130,700,000 +17.9
129,200,000
35,239,970
373,950
33,003,359
341,494
-4 6.8
5
+9.
29,433,097
490,651
28,685,998
434,148
19,831,686
12,331,886
441.881
1,936,719
14,149,182
8,472,533
391,756
1,332,265
+40.1
+45.5
+12.8
+45.4
14,067,077
8,830,614
:341.044
1,492,776
17,272,547
8,801,812
315,418
1,328,023
194,113,563 +18.8
188,835,225
62,585,283
230,654,688
JULY 10 1926.]
THE CHRONICLE
173
CLEARINGS
-(Concluded.)
Month of June.
1925.
1926.
Inc. or
Dec.
S
S
%
Ninth Federal Res erve District -Minneapoll s40,646,224
-Duluth
48,361,216 -16.0
Minn.
Minneapolis
344,758,139
360,280,138 -4.3
Rochester
2,066,078 +34.4
2,777,782
139,646,433
St. Paul
137,196,277
+1.8
6,916,458
No. Dak.-Fargo_ _ _ _
7,041,949 -1.8
Grand Forks
5,597,000
6,486,000 -13.7
Minot
1,377,833
1,030,371 +33.7
So. Dak.-Aberdeen.
6,715,544
5,854,144 +14.7
Sioux Falls
6,881,149
5,323,148 +29.3
Mont.
2,464,475 -6.0
-Billings
2,316,709
Great Falls
3,744,007
3,068,635 +22.0
Helena
12,478,638
11,785,122
+5.9
Lewistown
514,547
534,703
+3.9
Total(13 cities) _ _ _
574,390,619
Week Ending July 3.
Since Jan. 1.
Clearings at
1926.
1925.
Inc. or
Dec.
$
$
%
1926.
1925.
Inc. or
Dec.
1924.
$
$
%
$
1923.
$
186,865,761
1,960,105,572
12,742,508
799.071,909
45,618,764
32,624,000
7,079,762
37,178,572
38,151,267
13,940,512
18,761,265
70,318,724
3,206,694
214,137,120
2,054,174,166
10.537,030
785,410,947
46,582,284
37,906,000
5,824,347
35,539,107
28.810,960
14,932,513
16,764,134
69.432,956
2,630,495
-12.7
-9.0
+20.9
+1.7
-2.1
-13.9
+21.5
+4.6
-0.2
-6.6
+11.9
+1.4
+21.9
d6,764,922
81,907,556
7,308,076 -7.4
73,247,518 +11.8
7,873,535
68,410,447
7,295,014
66,744,908
32,520,568
1,918,860
27,065,911 +20.1
1,381,000 +38.9
27,457,950
1,421,274
32,998,522
1,814,242
1,478,319
1,066,453 +38.6
1,069,177
1,251,880
556,842
442,746 +25.8
418,828
456,072
2,706,102
2,099,031 +-28:6
----
2,732,498
2.971,033
591,472,100
-2.9
3,225,665,310
3,322,682,059
_2,9
127,853,169
112,610,735 +13.5
109,383,709
113.531,671
Tenth Federal Re crve Dtsirtct -Kansas Cit
Neb.-Fremont
1,776,377
2,270,686
Hastings
2,030,723
2,616,951
Lincoln
22,036,180
21,579,929
Omaha
176,711,414
187,886,619
Kan.
-Kansas City_
20,800,225
17,985,942
Lawrence
a
a
Pittsburgh
a
a
Topeka
13,383,006
16,094,660
Wichita
40,916,616
35,849,882
Mo.-Joplin
7,221,563
7,320,314
Kansas City
603,163,690
574,584,126
•
St. Joseph
34.770,270
33,270,128
Okla.
-Lawton
a
a
•
McAlester
1,023,184
913,587
Muskogee
a
a
Oklahoma City_ _ _
124,230.264
107,642,288
Tulsa
41,723,432
47,304,964
Colo.
5,353,470
5,721,624
-Solo. Springs.
139,781,404
Denver
136,973,185
Pueblo
5,277,373
5,067,221
Y-31.8
-22.4
+2.0
-5.9
+18.3
a
a
-16.9
+14.2
-1.4
+5 0
.
-4.3
a
-10.7
a
+5 6
.
+13.4
-6.4
+2.2
-4.0
9,918,313
15,139,963
124,300,365
1,060,658,347
109,195,430
a
a
86,496,358
201,
955,013
46,646,784
3,369,003 839
.
196,576,563
a
6,027,020
a
712.593,611
248,905,975
29,691,429
792,959,532
29,766,532
11,623,611 -14.6
16,573,517 -8.7
128,800,547 -3.5
1,087,612.006 _2.5
106,677,247
+2.4
a
a
a
a
88,883,155 -2.7
+3.7
194.774,074
42,840,648 +8.9
+0.7
3.344,814,952
204,324,056 -3.8
a
a
6,607,571
8.8
a
a
654,747,337
+8.8
202,417,599 +23.0
30,626,076 -3.1
814,798,934 -2.7
29,279,335 +1.7
c1,776,378
518,694
5,494,304
40,772,393
456,558 +289.3
522,015 -0.7
4,775,014 +15.1
37,186,503 +9.6
378,744
543,405
4.821,754
34,157,779
395,010
515,501
4.670,478
37,265,219
d3,270,082
112,779,191
3,957,064
9,758,130 +30.9
3,663,957
7,880,012
3,632,250
7,278.475
142,442,846
d6,619,576
3.3
115,542,239
7,351,963 -10.0
111,980,599
6,408,310
119,489,005
6,375,294
a
28,032,891
a
780,764
21,142,794
c1,239,197
-a
a
24,625,955 +13.8
a
a
608,006 +28.4
+7.6
19,648,306
1,119,224 +10.7
a
22,223,074
a
843,531
16,781,858
953,761
a
20,006,815
a
1,246,159
20,208.335
914.209
1,243,960,831 1,199,320,455
+3.7
7,039.835,074
6,965,401.675
+1.1
4 17.4
210,636,734
221,997,750
Eleventh Federal Reserve Distr let-DallasTexas-Austin
8,526,599
6,737,000
5,973,605
Beaumont
Dallas
191,017,709
177 510,
.
437
20,548,003
20,121,183
_
El Paso
Fort Worth
54,267,998
43.244,089
38,034,000
31,539,500
Galveston
136,823,314
Houston
126,073,090
Port Arthur
2,437,688
2,209,595
Texarkana
2,675,678
2,838,638
Waco
7,532,890
8,787,099
Wichita Falls
15,761,000
14,418,005
La.
_
20,831,201
-Shreveport_
19,134,667
-13.6
+12.8
+7 7
.
+2.1
+25.5
+20.6
+8.5
+10.1
-5.7
-14.3
+9.3
+8.9
42,693,921
41,620,313
1,209,
464,
453
130,023,604
328.046,070
243,216,000
848,138,858
14,832,805
18,511,822
50,341,174
92,620,225
135,009,525
56,625,869
37,203,383
1,169,383,727
119,256,933
291,781,266
247,947,904
818,289,674
12,684,476
18,184,871
64,319,688
84,175,826
127,667,553
-24.6
+11.9
+3.4
+9.0
+12.4
-1.9
+3.6
+15.1
+1.8
21.7
+10.0
+5.7
+9.5
3,154,518,770
-
3,047,521,169
+3.5
23,778,000
1,165,666,824
305,616,000
a
36,625,550
24.534,289
14,032,218
1,004,935,702
35,381,931
434,263,324
17,241,294
66,208,000
32,758,982
116.204,083
95,295,476
186,712,653
4,410,234,000
20,413,933
545,245,248
170,751,809
28,665,923
207,423,441
158,077,365
4,883,340,778
70,228,753
39.969,053
58,718,569
12,314,610
71,128,200
20,555,000
1,038,904,813
283,981,000
a
36,198,867
24,955,046
12,500,099
943,447,161
33,155,000
401,673,828
16,554,137
58,956,000
27,719,407
108,576,384
74,911,155
176,225,739
3,877,992,000
19,100,747
489,121.720
160,116,689
22,909,125
201,894,374
129,926,548
4,468,123,050
62,885,831
32,931,962
50,628,171
12,073,354
68,081,800
+15.7
+12.2
+7.6
a
+1.2
1.6
+12.3
+6.5
-6.7
+8.1
+4.1
+12.3
+18.2
+7.0
+27.2
+5.9
+13.7
+6.9
+11.5
+50.3
+25.1
+2.7
+21.6
+9.3
+11.7
+21.4
+16.0
+2.0
+4.5
Total(16 cities) _ _ _ _
-7,364,0
53
Total (12 cities) _ _ _ _
504,030,534
460,376,507
Twelfth Federal 1 eserve Distric t
-San Franc isco-Wash.
-Bellingham _ _
3,900,000
4,175,000
+7.0
Seattle
199,087,411
185,397.844
+7.4
Spokane •
54,575,000
51,059,000
+6.9
Tacoma
a
a
a
Yakima
6,743,977
6,346,463
+6.3
Idaho-Boise
4,940,611 -68.4
1,563,377
Ore.
-Eugene
2,409,837
2,149,281 +12.1
Portland
178,898,691
173,759,571
+2.9
Utah-Ogden
5,554,959
5,368,000
+3.5
Salt Lake City_ _ _ _
75,585,275
70.749.268 +6.8
Nev.-Reno
3,332,124
3,076,049
+8.3
Ariz.
-Phoenix
11,278,000
9,400,000 +20.0
Calif.-Bakerstield_ _
4,802,612 +16.0
5,571,205
Berkeley
17,837,511
17,070,133
+4.5
Fresno
16,088.855
12,424,858 +29.5
Long Beach
28,813,022
27,980,699
+3.0
Los Angeles
764,592,000
675,229,000 +13.2
Modesto
3,457,221
3,209,198
+7.7
Oakland
89,086,079
91,734,538 -2.9
Pasadena
27.065,196
25,382,697
+6.6
Riverside
3,701,682 +28.7
4,765,869
Sacramento
36,312,828
35.857,589
+1.3
San Diego
25,818,567
23,091,280 +11.8
756,600,105
816.209,157
San Francisco_ _ _
+7.9
San Jose
12,002,933
10,184,988 +17.8
Santa Barbara_ _ _ ._
5,017,072 +25.5
6,296,825
Santa Monica_ _ _ ._
8,788,231 +30.1
11,502,489
Santa Rosa
2,194,659 -2.7
2,136,725
Stockton
12,036,500
+5.7
11,382,900
Total (28 cities) _ _ ._
2,422,796,633 2,230,798,328
Grand total (189c1ti s) 44,163,009,912 43,232,725,823
Outside New York_ ._ 19,968.020.328 19,213,882,108
----
264,869,110
11.5
.
+2-
225,550,977
1,601,671
1,714,294
--13.3
1,009,465
1.310,304
46,605,609
32,487,594
.
+43:4
40,906,809
23,338,000
12,195,126
9,819,000
a
10,733,165 +13.6
5,504,929 +78.4•
a
a
11,538,871
5,193,275
a
10,729,330
4,861,350
a
5,316,296
4,521,522 +17.5
4,429.626
4,733,749
75,537,702
54,961,504 +37.4
63,078,046
44,972,733
45,926,133
12,584,000
a
1,532,242
-36,276,083 +26:6
9,664,000 +31.2
a
a
1,159,360 +32.2
26,218,554
7,386,000
a
768,957
34.048,231
10,029,000
a
1,224,602
41,373,883
21,608,258 +91.5
31,177,782
21,787,348
18,461,835
a
a
13,620,107 +35.5
a
a
a
a
15,329,401
a
a
14,060,543
a
a
4,312,831
7,149,597
187,597,000
3,018,819 +42.8
5,996,837 +19.2
145,198,000 +29.2
2,984,195
6,286.734
120,545,000
3,049,883
8,474,005
132,590,000
22,668,400
6,573,095
18,189,214 +24.6
5,048,768 +30.1
15,075,574
5,324,234
16,418,077
5,252,196
8,747,368
4,521,954
154,300,000
2,752,997
1,350,426
1,893,982
7,366,949
4,815,112
152,000,000
2,876,825
1,103,232
d7,525,075
6,837.968
201,185,000
3,923,585
1,443,140
2,371,226
8,426,245
5,659,361
171,426,990
2,714,576
2,453,900
2,382,300
-10.7
+20.8
+17.4
+44.6
1,835,716 +29.2
+3.0
2,362,000
2,079,000
+8.6 14,235,766,008 12,854,103,00
573,918,910 452,224,484 +26.9 407,025,158 927,175,003
2 +10.7
+2.1 267,076,818,338 252,157,497.6
47
5.9 11555,492,467 9,543,402,830 +21.1 8,610,085,484 8,119,666,505
+3.8 116,885,203,670 110,315.570,9
20 +5.9 4.845 388 123 3.931 348.088 +23.3 1618.523.731 1.527.787.126
-I
CANADIAN CLEARINGS FOR JUNE, SINCE JANUARY
1, AND FOR WEEK ENDING JULY 1.
Month 01 June.
Since Jan. 1.
Clearings at
1926.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. Johu
Victoria
London
Edmonton
'
Regina
Brandon
L Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
' New Westminster__ _ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Total (29 cities) _ _ _ _
$
465,322,592
438,314,447
218,695,033
72,492.217
29,979,294
26,521,780
12,308,917
23,007,891
27,324,112
12,132,775
9,793,348
13,330,182
20,032,485
18,571,346
2,576,256
2,268,986
7,953,873
5,30(1,178
4,879,247
4,315,188
2,422,298
1,205,298
3,609,360
3,708,128
4,571,769
22,684,124
1,511,603
3,791,798
3,472,284
1925.
$
379,018,987
382,860,525
172,404,747
64,195,550
28,519,167
24,064,424
11,750,839
21,256,529
25,428,832
11,590,253
8,742,805
12,754,998
18,722,450
13,770,078
2,472,928
2,420,948
6,336,440
4,524,532
4,369,415
3,590,225
2,833,199
1,154,998
3,423,634
3,408,733
4,494,750
15,619,878
1,331,133
3,411,441
3,148,757
1.462,096,809 1.237,621.201
a No longer report clearings.
Inc. or
Dec.
+22.8
+14.5
+26.8
+12.9
+5.1
+10.2
+4.7
+8.2
+7.4
+4.7
+12.0
+4.5
+7.0
+34.9
+4.2
-6.3
+25.5
+17.1
+11.7
+20.2
-14.5
+4.3
+5.4
+8.8
+1.7
+45.2
+13.5
+11.1
+10.3
1926.
2,685,836,551
2,552,080,032
1,156,459,435
432,357,014
163,873,176
140,389,539
72,101,793
121,335,116
189,683,444
68,964,907
54,899,008
68,054,116
125,670,614
101,433,983
13,147,214
13,631,497
44,925,241
27,049,098
25,806,544
20,627,355
17,991,728
7,732.923
19,195,621
20,321.610
25,172,841
101,766,781
9,491,752
20,941,467
17,425,840
1925.
$
2,342,438,688
2,277,871,589
1,208,225,277
377,887,737
158,085,459
140,998,103
72,203,661
115,089,314
159,244,917
63,783,154
47,937,980
66,811,938
115,219,125
86,576,884
13,823,879
12,363,813
35,935.810
26,423,019
23,096,994
19,332,672
14,894,877
6,891,393
20,048,565
19,214,030
23,500,137
77,673,640
7,944,320
19,152,549
16,312,640
Week Ended July 1.
Inc. or
Dec.
+14.7
+12.0
-4.3
+14.4
+3.6
-0.4
-0.1
+5.4
+19.1
+8.1
+14.5
+1.9
+9.1
+17.2
-4.9
+10.1
+25.0
+2.4
+11.7
+6.7
+20.8
+12.2
-4.3
+5.8
+7.1
+31.0
+19.5
+9.3
+6.8
1926.
$
90,510,618
74,114,168
37,775,171
12,444,161
4,601,037
6,195,956
2,247,181
4,197,660
5,667,079
2,033.094
1,655,552
3,138,926
3,464,398
3,466,010
484,068
378,072
1,407,781
1,020,021
830,716
619,343
692,299
214,996
668,951
737,277
709,045
4.093,141
235,066
684,647
682,226
1925.
Inc. or
Dec.
$
%
92,928,607 -2.6
77,500,450 -4.4
39,226,239 -3.7
13,795,747 -9.8
4,997,763 -8.0
5,745,664 +7.8
2,586,055 -13.1
4,323,392 -2.9
5,944,113 -4.7
2,043,942 -0.5
1,907,401 -13.2
2,597,907 +20.9
3,791,209 -8.6
3,009,868 +15.1
569,914 -15.1
595,567 -36.5
1,263,925 +11.4
1,014,763 +0.5
973,338 -14.6
691,945 -10.5
603,825 +14.6
225,469 -4.7
658,815 +1.5
699,862 +5.3
1,006,931 -29.6
3,300,000 +24.0
263,068 -10.7
695.081 -1.5
688.655 -0.9
1924.
$
107,757,959
111,847,351
51,104,020
15,338,438
5,990,283
8,472,352
2,601,119
4,964,078
5,890,809
1,983,211
1,917,394
2,784,688
4,309,267
3,054,137
559,615
444,485
1,426,430
1,088,334
554.500
639,802
732,280
365,469
823,227
948,801
723,926
3,014,523
350.637
776.195
899,237
1923.
$
113,595,044
95,327,939
35,626,388
16,934,836
7,608,498
6,678,162
3,229,891
6,680,970
4,126.213
2,720,629
2,087,393
3,375,979
5,978,252
3,236,621
609,626
861,645
1,383,925
1,413.926
1,170,995
941,269
685,992
423,648
803,946
883,584
983,056
2,879,956
337,419
770,541
901,568
+18.1 8,318,366,239 7,562,982.164 +10.0
264,968.660 273,649,515 -3.2 341,362,547 321,757,811
b Do not respond to requests for figures. c Week ended June 30. d Week ended July 1. e Week ended July 2.
* Extlmated.
[VOL. 123.
THE CHRONICLE
174
-PER CABLE.
ENGLISH FINANCIAL MARKETS
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
The daily closing quotations for securities, &c., at London,
June 30 1926 are set out in the following. The figures are
as reported by cable, have been as follows the past week:
London,
taken entirely from the daily statement of the United States
July 3. July 5. July 6. July 7. July 8. July 9.
Thurs.
Fri.
Wed.
Week Ending July 9Mon.
Tues.
Sat.
Treasury of June 30 1926.
Silver, per oz
30 1-16 30 346 3034
d. 30 5-16
3034
3034
Gold, per fine ounce
84.1134 84.1134 84.1034 84.1134 84.1134 84.1134
5534
Consols, 234 per cents
55%
55%
55%
55%
101
British, 5 per cents
101
101
101
101
British, 434 per cents
9534
9534
9534
95%
9534
46.20
47.05
French Rentes (in Paris), fr_
46.90
47.20
47.25
49.10
49
49.45
French War. _ _
49.85
Loan(inParis),fr.
48.90
AssetsGold coin
Gold bullion
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (cts.):
Foreign
65%
65%
6534
6531
6534
Preliminary Debt Statement of United States
June 30 1926.
The preliminary statement of the public debt of the
United States June 30 1926, as made upon the basis of the
daily Treasury statements, is as follows:
$599,724,050 00
48,954,180 00
25,947,400 00
49,800,000 00
28,894,500 00
12,540,040 00
$765,860,17000
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,939,212,300 00
3,104,527,800 00
2,488,272,450 00
6,324,471,950 00
13,856,484,500 00
$763,948,300 00
1,047,087,500 00
494,898,100 00
Treasury bonds of 1947-1952
Treasury bonds of 1944-1954
Treasury bonds of 1946-1956
2,305,933,900 00
$16,928,278,570 00
Total bonds
Treasury Notes
Series B-1926, maturing Sept. 15 1926
Series A-1927, maturing Dec. 15 1927
Series B-1927, maturing March 15 1927
Adjusted Service, Series A-1930
Adjusted Service, Series A-1931
Adjusted Service, Series 13-1931
$414,922,300 00
355,779,900 00
668,201,400 00
50,000,000 00
53,500.000 00
70,000,000 00
Treasury Certificates
Series TD-1926, maturing Dec. 15 1926
Adjusted Service, Series A-1927
$452,879,000 00
30,400,000 00
1,612,403,600 00
483,279,000 00
Treasury So rings Certificates.
Series 1921, issue of Dec. 15 1921
$1,807,075 55
Series 1922, issue of Dec. 15 1921
95,602.63110
Series 1922, issue of Sept. 30 1922...14,558,780 95
Series 1923, issue of Sept.30 1922
129,448,084 95
Series 1923, issue^of Dec. 1 1923
23,509,779 60
Series 1924, issue of Dec. 1 1923
94,883,337 90
Total interest-bearing debt
Matured Debt on Which Interest Has Ceased
Old debt matured-issued prior to April 1 1917_
Certificates of indebtedness
Treasury notes
33-1 % Victory notes of 1922-23
434% Victory notes of 1922-23
Debt Bearing No Interest
United States notes
Less gold reserve
359,809,690 03
$19.333,770,860 05
52,324.60026
1,903,000 00
4,660,300 00
29,000 00
4,443,000 00
13,359,90026
$346,681,016 00
154,188.886 20
47,837.812 00
2,047,214 16
3,708,398 92
246,085,554 88
Total gross debt __________________________
$10,643,216,315 19
• Net redemption value of certificates outstanding
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of March, April,
May, June and July 1926:
April 1 1926. May 11926. June 11926. July 11926.
$
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes_ _
Net national bank notes_ _
Net Fed'i Reserve notes_ _
Net Fed. Res. bank notes
Net subsidiary silver
Minor coin, &c
342,719,938
21,499,426
4,800,032
15,528,789
894,248
140,325
6,010,534
3,947,762
324,079,970
23,347,935
5,000,719
16,646,003
1,178,620
60,353
6,089,689
5,092,297
321,575,836
18,245,918
5,155,349
15,592,857
1,147,168
145,327
6,403,502
6,267,541
Total cash in Treasury_
Less gold reserve fund.._ _
395,541,054
154,188,886
381,495,586
154,188,886
374,533,498 .422,473,743
154,188,886 154,188,886
315,542,621
14,135,895
3,835,118
17,759,853
938,875
134,743
6,145,463
63,981,175
241,352,168
227,306,700
220,344,612
268,284,857
369,783,000
97,992,165
291,212,000
30,741,184
231,951,300
27,209,943
202,734,000
18,768,788
7,655,788
21,283,567
819,132
241,852
6,909,403
21,247,664
913,916
428,577
7,168,495
21,482,532
948,473
312,981
7,327,703
20,402,234
883,010
188,780
Net cash in Treasury
and in banks
Deduct currea liabilitie3.
739,127,672
252,185,825
578,759,446
243,987,589
509,418,336
246,116,051
518,589,372
308,587,345
Available cash balance_
486,941,847
334,771,857
263,302,285
210,002,027
Cash balance in Treasury_
Dep.in spec'l depositories:
Acct. ctfs. of indebt__ _
Dep.in Fed. Res. banks..
Dep. in national banks:
To credit Treas. U. S..
To credit disb. officers_
Cash in Philippine Islands
Deposits in foreign depts.
Dep.in Fed'! Land banks
coin, &e.l
• Includes July 1, $8,430,348 23 silver bullion and $2,382,502 41 minor
Money."
not included in Sta'ement "Stock of
Total
464,965,336 00
GENERAL FUND.
464,965,356 00
A ssets-.
Gold (see above)
161,353,734 45 Treasurer's checks out996,85659
Silver dollars (see above)
standing
5,705,547 00
United States notes_ _ _ _
3,835,118 00 Deposits of Go, rnment
Federal Reserve notes..
officers*
938,875 50
3,899,781 44
F. R bank notes
P. 0. Department _ _ _
134,743 00
National bank notes_
Bd. of Trustees Postal
17,759,852 50
Subsidiary silver coin_ _ _
Savings System
6,145,463 33
Minor coin
5% reserve, lawful
2,382,502 41
6,601,490 49
Silver bullion
money
8,430,348 23
508,300 58
Unclassified-CollecOther deposits
tions, ea
Postmasters, clerks of
61,598,672 98
Deposits in F. R. banks. 18,768,787 55
courts, disbursing of54,378,560 18
Deposits In special deficers, Arc
positaries account of
Deposits for:
sales of Treasury bd. 202,734.000 00
Redemption of F. R.
Deposits in foreign denotes(5% fd., gold)_ 152,373,227 61
positaries:
Redemp'n of nat. bk.
To credit of Treasurer
notes(5% fund, law26,330,174 09
United States
ful money)
103,496 31
To credit or other
Retirement of add'i
Govt. officers
circulating notes, Act
85,284 06
4,065 00
Deposits in nat. banks:
May 30 1908
To credit of Treasurer
Uncollected items, ex63,494,888 84
United States
7,327,702 53
changes, Sze
To credit of other
308,587,314 82
Govt. officers
20,402,233 76
210,002,026 71
Deposits in Philippine
Net balance
treasury:
To credit of Treasurer
United States
883,009 92
518,589,371 53
Total
Total
518,589,371 53
Note.
-The amount to the credit of disbursing officers and agencies Jnne 30 was
governments are
$347,076,369.36. Book credits for which obligations of foreign
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve Bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
June 30 was $47,837,812,
$710,677 in Federal Reserve notes and $7,695,240 in national bank notes are
n the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Emma rcial a ntlrn isccUaneon3geros
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
$192,492,129 80
Deposits for retirement of national bank and
Federal Reserve Bank notes
Old demand notes and fractional currency__
Thrift and Treasury Savings stamps, unclassified sales, &c
Holdings in
U. S. Treasury.
3,713,394.454 77
Total
Total
3,713,394,454 77
*Note.-Reserved against $346,681,016 of U.S. notes and $1,356,304 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS
Assets
LiabilitiesSilver dollars
464,965,356 00 Silver ctfs. outstanding_ 457,903,505 00
Treasury notes of 1890
1,356,304 00
outstanding
5,705,547 00
Silver dols. In gen. fund_
Total
Bonds
Consols 01 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's 011961
Conversion Bonds
Postal Savings bonds
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities
581,330,780 42 Gold ctfs. outstanding_ _1,680,503,599 00
3,132,063,674 35 Gold fund, F. R. Board
(Act of Dec. 23 1913
as amended June 21
1.717,348,235 12
1917)
.154,188,886 20
Gold reserve
Gold in general fund.... 161,353,734 45
APPLICATIONS TO ORGANIZE RECEIVED. Capital.
$400,000
July 1-The Claremont National Bank of New York, N. Y
Correspondent, James Cunnion, Care Bronx County
Supreme Court, New York, N. Y.
100,000
July 3
-The Nlaplecrest National I3ank of Vaux Hall, N J
Correspondent, lion. Charles Evans, Vaux Hall, N. J.
APPLICATION TO ORGANIZE APPROVED.
July 1-First National Bank in Prescott, Ariz
Correspondent, A. H. Green, Prescott, Ariz.
$100,000
APPLICATIONS TO CONVERT APPROVED.
$50,000
July 3
-The American National Bank of Union Springs Ala
Conversion of The American Bank, Union Springs, Ala.
50,000
July 3
-The Dale National Bank, Dale,(P. 0. Johnstown), Pa
Conversion of The Dale Deposit Bank, Dale, (P. 0.
Johnstown), Pa.
'
CHANGE OF TITLE.
July 1-4408
-The First National Bank of Orwigsburg, Pa., to
"The First National Bank & Trust Co. of Orwigsburg."
VOLUNTARY LIQUIDATIONS.
$150.000
June 28
-2243
-The City National Bank of Plainfield, N. J
Effective Juno 28 1926. Liquidating Commission: II. II.
Pond, DeWitt Hubbell and Arthur E. Crone, Plainfield,
N. J. Absorbed by The Plainfield Trust Co., Plainfield,
N. J.
100,000
Juno 28
-7504
-Security National Bank of Watertown, S. Dak
Effective Juno 22 1926. Liquidating Commission: It. D.
Goepfert and S. F. Spencer, Watertown, S. Dak., and
A. S. Lockhart, Clear Lake, S. Dak. Absorbed by Tho
First National Bank of Watertown, S. Dak., No. 2935.
100,000
July 1-8614
-The First National Bank of Tenafly, N J
Effective June 30 1926. Liquidating Agent, Tenafly
Trust Co., Tenafly, N. J. Succeeded by Tenafly Trust
Co.. Tenafly, N. J.
100,000
July 3
-9742
-The Citizens National Bank of Union, S. C
Effective June 30 1926. Liquidating Agent,Citizens Bank
& Trust Co. of Union, S. C. Succeeded by Citizens Bank
& Trust Co. of Union S. C.
100,000
July 3
-12461
-The National hank of Forest City, N C
Effective July 11926. Liquidating Agent, Farmers Bank
& Trust Co. of Forest City, N. C. Absorbed by Farmers
Bank & Trust Co. of Forest City, N. C.
CONSOLIDATION.
$500,000
July 3 336
-The First National Bank of Memphis, Tenn
and -2127-The Central-State Nat'l Bank of Memphis, Tenn_ 600,000
Consolidated under the Act of Nov. 7 1918, under the
charter and corporate title of "The First National Bank
of Memphis,"(No. 336), with capital stock of $1,000,000.
JULY 10 1926.]
June
July
THE CHRONICLE
CHARTERS ISSUED.
--The National Bank of Monticello, Ind
President, William E. Biederwolf: Cashier, F. E. Vinson. $40,000
-First National Bank in Plymouth, Mich
Conversion of The Peoples State Bank of Plymouth,Mich.
President, J. B. Hubert: Cashier, F. A. Kelui.
-The Citizens National Bank of Waverly,
Conversion of The Citizens Bank of Waverly,
President, 0. R. Berry: Cashier, Louis J. Buley. N. Y.
-The Citizens National Bank of Maplewood,
Conversion of The Citizens Bank of Maplewood, Mo. 100.000
Mo.
President, Jul. R. Holekamp: Cashier, R. F. Townsend,
-The First National Bank of Elmsford. N.
President, James T.Scott:Cashier, Robert R.McMurt
ry.
-The Woodside National Bank of New
President, R. Leslie Smith; Cashier, CromerYork,N.Y. 200,000
Hoffman,
29-12952
1-12953
50,000
July 1-12954
July 1-12955
July 1-12956
-12957
July 3
N. Y
50,000
Y
50,000
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auctio
n
in New York, Boston and Philadelphia on Wednesday of
this week:
By Adrian H. Muller & Sons, New York:
Name of Company.
175
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Community Power & Lt., 1st pref.(qu.) 41.75 Aug. 2 'Holders of rec. July 22
Second preferred (quar.)
"2
Sept. 1 *Holders of rec. Aug. 22
Eastern Massachusetts Street Ry., pf. B 3
Aug. 1 Holders of rec. July 16
First preferred
3
Aug. 15 Holders of rec. July 31
Sinking fund stock
3
Aug. 15 Holders of rec. July 31.
Edison Electric & Ilium., Boston (quar.) 3
Aug. 2 Holders
July
Edison Elec. Ill. of Brockton (quar.)_ _ _ '6234c Aug. 2 *Holders of rec. July 15
rec.
16
Green & Coates Sts.Pass.Ry.,Phila.(au.) $1.30 July 7 June 23 ofto
July 7
Interstate Railways, corn.(quar.)
*30c. Aug. 2 *July 16
Missouri Gas & Elec. Serv., pr. lien (qu.) $1.75 July 15 Holders of to Aug. 2
rec. June 30
Northern Ontario Lt.& Pow.,corn.(qu.) *31
July 25 *Holders of rec. June 30
.3
Preferred
July 25 *Holders of rec. June 30
Norwood Gas Co
50c. July 15 Holders of roe. June 30
Southern Colorado Power, corn. A (qu.) 50c. Aug. 25 Holders of
Standard Power & Light, pref.(quar.)_ *11.75 Aug. 2 *Holders of reo. July 31
reo. July 16
United Utilities, preferred
'$3.50 Sept. 1 *Holders of roe. Aug.
West Penn Electric Co.,7% pref.(quar.) 13( Aug. 16 Holders of roe. Aug. 20
2
West Penn Railways,6% pref.(quar.)
134 Sept. 15 Holders of tee. Sept.
Wisconsin Power & Light, pref. (quar.)_ .$1.75 Sept. 15 *Holders of rec. Aug. 1
31
Miscellaneous.
Aluminum Manufactures,Inc.,corn.(qu.) 50c. Sept.30 Holders of rec. Sept.154
Preferred (quay.)
1% Oct. 1 Holders of rec. Sept.20a
American Chain, common
.50c. July 7 *Holders of roe. July 3
Class A (quar.)
.50c. Sept.30 *Holders of rec. Sept.20
American Cigar, common (quar.)
Aug. 2 Holders of rec. July 15
2
American Machine & Foundry, pi. (qu.) .1M Aug. 1 *Holders of rec. July 15
American Railway Express (guar
.$1.50 Sept.30 *Holders of rec. Sept.15
)
.
American Seeding Machine, pref.(quar.) 134 July 15 Holders of rec. June 30a
Arizona Commercial Mining
50c. July 30 Holders of rec. July 16a
Belding-Corticelli, Ltd., common
Aug. 2 Holders of rec. July 15a
3
*1 3
Preferred (quar.)
Sept. 15 'Holders of rec. Aug. 31
Bemidji Electric & Manufacturing, pref_
234 July 1 Holders of rec. June 203
Bigelow-Hauf. Carpet, corn. & pf.(qu.) .$1.50 Aug. 2 *Holders of roe. July 15
.
By R. L. Day & Co., Boston:
Bird di Son, preferred (quar.)
134 July 2 Holders of recs. June 254
Shares. Stocks.
$ per sh. Shares. Stocks.
Borden Company,common (quar.)
$1
Sept. 1 Holders of tee. Aug. 16a
5 First National Bank
3401.4 20 Lowell Elec. Light Co., par $ per sh.
Common (extra)
25c. Sept. 1 Holders of tee. Aug. 16a
$25_ 581.4
3 Federal National Bank
112
5 United El. Lt. Co. of
Brown Shoe, preferred (quar.)
134 Aug. 2 Holders of roe. July 20
Springlield_390% Bunts
27 National Shawmut Bank
239
*15,‘ Aug. 2 *Holders of rec.
2 Bankers Security Co., pref., par
Brothers, preferred (quar.)
July 26
1 Second National Bank
389
$50
Canadian Explosives, Ltd., corn.(quar.) 2
July 31 Holders of rec. June 30a
1
io Exchange Trust Co
195
1 Bankers Security Corp., corn.,
Common (extra)
2
July 5 Holders of rec. June 19a
22 Bates Mfg. Co
14834
par $50
Chief Consolidated Mining
*10c. Aug. 1 *Holders of rec. July
21 Pepperell Mfg. Co
11434-115 2 Montpelier & Barre
Christie-Brown Co., Ltd., coin.(guar.). *30s. Aug. 1 'Holders of rec. July 10
Light &
15
29 Androscoggin Mills
5134
Power Co.. 6% pref
Preferred (quar.)
*154 Aug. 1 *Holders of rec. July 20
98
3 Nashua Mfg. Co., pref
8334 dr div I American Glue Co.. pref
Cluett, Peabody &
5 Naumkeag Steam Cotton Co_ _ _156% 1 unit First
11334 Columbian Carbon Co., corn. (quar.).... 41.25 Aug. 2 *Holders of rec. July 21
Peoples Trust
Aug. 2 *Holders of rec. Aug. 19
*El
(guar.)
10 Wauregan Co., corn
7234
40
9 special units First Peoples
.1% Aug. 2 *Holders of rec. July 10
Trust-- 51.4 Connecticut Mills, 1st pref. (quar.)41 Lawrence Mfg. Co., par $80_ _ _ _ 59
8 Lawrence G.&
Curtiss Aeroplane & Motor, preferred_ _
334 Sept. 1 Holders of rec. Aug. 16
10 Nashua Mfg. Co., pref _ _83% & div 10 New Bedford El. Co., par $25.. 5634 Cuyamel
Fruit (quar.)
Gas& Edison Light
SI
Aug. 1 Holders of rec. July 15
8 Wonalancet Co., pref
94 & div
Co., par $25
7734 ex-div De Beers Consol. Mines, Amer. shares.. n1.70 July 17 *Holders of rec. July 16
1 Walter Baker & Co., Ltd
122
10 Graton & Knight Mfg.Co.,
ElectricController & Mfg.(stock div.)_ _ *20
Aug. 1 *Holders of rec. July 20
4 North Boston mg. Preps., pref _ A02
pref. 83
25 Graton & Knight Mfg.
Electric Refrigeration (guar.)
*50c. Aug. 20 *Holders of rec. Aug. 2
Co.,
13 New Bedford Gas SE Edison Light
corn., par $10
Stock dividend
*1% Aug. 20 *Holders of rec. Aug. 2
10% Empire Bond Mortgage
Co., Par $25
77 ex-div
&
, preferred_ _ 3% July 10 Holders of rec. June 30
Exchange Buffet (quar.)
37)40. July 31 Holders of rec. July 17a
By Wise, Hobbs, & Arnold Boston:
Florida Dairies, Inc., 1st pref. (quar.)_
134
Holders of rec. July 1
Shares. Stocks.
$ per sh. Shares. Stocks.
Convertible preferred (quar.)
Holders of rec. July 1
134
$ per sh. Flour
2 Second National Bank
388
4 No. Bost. Ltg.
Mills of America, pref. A (guar.).
(p) July 10
10 Naumkeag Steam Cotton Co_ _156 Si 50 New Bedford Properties, pref._ _10234 General
Development
G. & Edison
25e. Aug. 20 Holders of rec. Aug.
7 Lancaster Mills, common
1534
Co.. full paid recta., par $25 Light
Globe Automatic Sprinkler, class A (qu.) 6234c Aug. 1 *Holders of rec. July 10
.
13 Ware River RR
21
7834 Gossard
12534 3 Laconia Car Co., 1st pref
(H. W.) Co., pref. (quar.)
.134 Aug. 1 *Holders of rec. July 21
13 Eastern Mfg. Co., pref
61% Hercules
3634 9 Amer. Soda Fountain Co., corn
Powder, preferred (quar.)
*134 Aug. 15 *Holders of rec. Aug. 5
10 Greenfield Tap & Die Corp., pre__ 5934
10 Draper Corp
Homestake Mining (monthly)
50c. July 26 Holders of rec. July 20
ferred
13134 Indiana Flooring, common
9534 & div. 15 Turners Falls
3734c. Aug. 16 Holders of rec. Aug. 6
(quar.)
10 George E. Keith Co., pref_993j & div. Notes of H. J. Power diC Elec. Co. 180
International Cigar Machinery
Frost & Co., ag*S1
Aug. 1 *Holders of rec. July 15
50 Charlestown G.& El. Co., corn.,
gregating $47,000, as follows:
International Paper, common
50c. Aug. 16 Holders of rcc. Aug. 4a
par $25
11434
Dated Aug. 18 1925,
Kelsey Wheel, preferred (quar.)
134 Aug. 2 Holders of rec. July 21
127,000,
2 units First Peoples Trust
Payable Nov. 18 1925;
7234
Kress (S. H')& Co., common (guar.). •$1
Aug. 2 *Holders of rec. July 20
14 Firestone Apsley Rubber Co.,Pf- 4/534
Sept. 18 1925, $3,000, dated $15,000 Lanston Monotype Machine (guar.)
payable
_ -- .134 Aug. 31 *Holders of rec. Aug.
7 Municipal Real Est. Tr
lot
11434
Dec. 18 1925; dated July
Loew's Boston Theatres, corn. (quar.).. *15c. July 31 'Holders of rec. July 21
20
5 Worcester Cons.St. Ry., lirt pref.,
17
1925, $17,000, payable
Melville Shoe, common (quar.)
*50c. Aug. 2 'Holders of rec. July 20
par $80
2031
20 1925, securing note of Oct.
Common (extra)
.
25c. Aug. 2 *Holders of rec. July 20
21 Fall River El. Lt. Co., par $25.. 4534
Paul
W. Monohon for
Preferred (quar.)
*2
Aug. 2 *Holders of rec. July
52 New Bedford G. & Edison Light
dated Nov. 19 1925 $10,000,
Mercurbank of Vienna, American shares *31%c July 20 'Holders of rec. July 20
Co.. par $25
13
7734 ex-div.
Metropolitan Casualty, Inc
8
July 15 July 9 to July 15
Miami Copper (guar.)
By Barnes & Lofland, Philadelphia:
25c. Aug. 16 Holders of rec. Aug. 23
Mullins Body Corporation, pref. (guar.) 2
Aug. 1 Holders of rec. July 170
Shares. Stocks.
$ per sh. Shares. Stocks.
3 Tenth Nat. Bank
$ per sh. National Department Stores, 1st pf.(qu.) *134 Aug. 2 *Holders of rec. July 15
33534 5 Sixty-Third Street Title &
$s 1.6234 tug. 1 *Holders of rec. July 20
National Tea, preferred (quar.)
19 Bank of No. Amer. & Tr. Co_ _ _345
Trust
Co., par $50
Outlet Company,common (quar.)
750. Aug. 2 Holders of rec. July 203
7 Integrity Trust Co., par 150_ _ _526
51
.
5 Provident Trust Co
First preferred (guar.)
$1.75 Aug. 2 Holders of rec. July 203
10 Camden Fire Ins. Assoc., par $5_ 15
69834
6 Pilgrim Title & Tr. Co.,
Second preferred (quar.)
$1.50 Aug. 2 Holders of rec. July 20a
par $50- 50
5 13th & 15th Ste. Passenger Ry_ _173
30 Delaware County
Packard Motor Car Co.(extra)
50c. July 31 Holders of rec. July 17a
Nat. Bk.,
10 Commonwealth Title Ins. AC Tr_51134
Chester, Pa
Stock dividend...
15
Aug. 31 Holders of rec. Aug. 14a
100 Quaker Lace Co
305
go
10 Delaware Co.Trust
Monthly
20c. Sept.30 Holders of rec. Sept. 15a
166 2-3 Chester Lace Co
go
8 Phila. Bourse, corn.,Co., Chester200
Monthly
20c. Oct. 30 Holders of rec. Oct. 15a
10 No. Amer. Lace Co., oar 11.000_850
30 American Dredging par $50_ _ _ _ 15
Monthly
200. Nov. 30 Holders of rec. Nov. 15a
Co
400 International Lace Co
125
36
100 Horn & Hardart Baking
Savannah Sugar Refining, corn. (quar.) 51.50 Aug. 2 Holders of rec. July 15
10 Bryn Mawr Ice Mfg. & Cold
Co.,
Philadelphia, no par
Preferred (quar.)
134 Aug. 2 Holders of rec. July 15
Storage Co., par $25
272
40
11 Germantown Passenge
Securities Company
r Ry
234 July 15 Holders of rec. June 30
9 Continental Passenger Ry
7434 Shell Transpor
7254 26 Frankford
&
t & Trading, Amer.shares $1.20 July 24 *Holders of rec. July 14
Southwark
.
37 Union Passenger Ry
11034
Passenger Ry
Simmons Company, Preferred(
150 Green & Coates Sts. Pass. Ry__ 6834 66 13th &
134 Aug. 2 Holders of rec. July 153
248
quar•)*50c. Sept.15 'Holders of rec. Aug.
6 Philadelphia City Passenger Ry_10634 100 E.G. 15th Sts. Passenger Ry_ A7034 Skelly Oil (quar.)
Budd Mfg. Co.,
Spalding (A.G.)& Bros., gen.stock(qu.) $1.25 July 15 Holders of rec. July 16
54 Fairmount Park & Haddington
8
Phila. Electric Co., par new corn. 6134
6
First preferred (guar.)
$25
Passenger Ry
134 Sept. 1 Holders of rec. Aug. 14
5234
4134 25 Hare & Chase, Inc., pref
Second preferred (quar.)
50 Phila. & Grays Ferry Pass. Ry_ 57
2
Sept. 1 Holders of rec. Aug. 14
9434
83 Hare & Chase, Inc., pref
Swift Internacional
6 Philadelphia, Germantown &
60c. Aug. 15 Holders of rec. July 15
93
50 Hare & Chase, Inc.,
Teck-Hughes Gold Mines, Ltd
Norristown RR
Sc. Aug. 2 Holders of rec. July 153
26
123
52 Hare & Chase, Inc., corn
corn
20 Phila. Rapid Transit, 7% pref_ _ 50
*50c. Aug. 10 'Holders of rec. July 17
25% Union Oil of California (quar.)
2 Corn Exchange National
Union Oil Associates (quar.)
Bank. 626
22 United Gas Impt. Co., Par $50_11631 10 Market
"50c. Aug. 10 *Holders of rec. July 17
St. Title & Trust
U. S. Playing Card coin. (quar.)
20 Peoples Bank & Tr. Co.. Par 550.18234 4 Broad
$1.75 July 1 Holders of rec. June 194
400
St. Trust Co
U.S. Printing & Litho., corn. & pf.(qu.) 134 July 1 Holders of roe. June 19a
10 Nat. Bk. of North Philadelphia_231
295
1200 Benevolent Protecti
'White Sewing Machine, pref. (quar.) .$1 Aug. 1 *Holders of
20 Drovers & Merchants Nat. Bk_216
rec. July 19
of Elks, gen. 65, 1942 re Order
Wilcox Oil & Gas(quar.)
14 Jefferson Title & Tr., par $50.. 7034 $15,000
;&k. Aug. 5 *Holders of rec. July 15
70
The Costilla Trust, 3d
5 Metropolitan Tr. Co., par $50_ _1181.4
lien
of beneficial interest
$5 lot
Shares. Stocks.
$ per sh.
25 Peerless Scale Corp., corn., no
par
$500
50 Peerless Scale Corp., pref
lot
6 Albany Journal Bldg. Corp., 1stj
preferred
$3 lot
250 Amer.
-British Impt. Corp., A
stock, no par
$75
250 Amer.
-British Impt. Corp., B lot
stock, no par
100 Commercial Research Co.,
corn., par $5
$2 lot
Shares. Stocks.
$ per sh.
76% Star Shirt Mfg. Co., corn
_ __
77% Star Shirt Mfg. Co., corn._ _ .. 10c.
_ 10c.
77% Star Shirt Mfg. Co., com__
25 Internat. Postal Supply Co. _ _ be.
of
New York
$27 lot
1,450 Marion Copper, oar Si
12,000 Champion 011 Co., corn. $1 lot
,
par $1
$5 lot
7,000 Champion Oil Co., pref.,
par
11
$15 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh.
7 Buff. Niag. & East. Power, preferred, par $25
2434
1,000 Night Hawk, par $1
6c.
20 Keller Qualitol, par $20
$4 lot
Shares. Stocks.
$ per sh.
1 Buff. Niag. & East.
Pow., no
par
30
1,000 Kirkland Ilunton,
par $1_ _-- 90.
3 Niag. Falls Power,
pfd., par $25... 28
DIVIDENDS.
Dividends are grouped in two separate
first we bring together all the dividends tables. In the
current week. Then we follow with a secondannounced the
we show the dividends previously announ table, in which
ced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Houston & Texas Central
Hudson & Manhattan, preferred
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
234 July 10 Holders
.234 Aug. 16 *Holders of rec. July la
of rec. Aug. 2
Public Utilities.
American Light & Traction, corn.(guar.) 2
Aug. 2 July 17 .to
Preferred (guar.)July 29
134 Aug.
Amer. Water Works & Elec., corn. (qu.) 30o. Aug. 2 July 17 to July 29
Common (payable In nommon stock)._ .1134 Aug. 16 Holders of rec. Aug. 2a
17 Holders of roe. Aug.
Seven per cent first preferred (quar.) _
2a
1
Aug. 15 Holders of rec.
Brazilian Traction. Light & Pow.(quar.) 1
Sept. 1 Holders of rec. Aim. 2a
July 31
Below we give the dividends announced in, previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Alabama Great Southern, pref.(quar.)_ _
Preferred (extra)
Atchison Topeka & Santa Fe, corn. (qu.)
Preferred
Atlantic Coast Line RR.,common
Common (extra)
Baltimore & Ohio, corn.(quar.)
Preferred (quar.)
Canada Southern (guar.)
Carolina Clincht.& Ohio,common (qu.).
Convertible stamped stock (quar.)_- Common stamped stock (extra)
Central RR.of New Jersey (quar.)...
Extra
Chicago Indianapolis& Louisville, corn..
Common (extra)
Preferred
Cincinnati Northern
Clev. Cinc.Chic.& St. L., corn.(quar.)
Preferred (quay.)
Cuba RR., preferred
Preferred
Delaware & Hudson Co. (quar.)
Delaware Lackawanna & Western (qu.)
Detroit River Tunnel
Georgia RR.& Banking (quar.)
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
$1.75 Aug. 16
$2.50 Aug. 16
1% Sept. 1
234 Aug. 2
334 July 10
134 July 10
1M Sept. 1
1
Sept. 1
134 Aug. 2
75e. July 10
75e. July 10
50c. July 10
July 15
2
2
Aug. 16
234 July 10
1
July 10
July 10
2
July 20
5
134 July 20
134 July 20
Aug. 2
3
Feb1'27
3
234 Sept.20
$1.50 July 20
3. July. _15
234 July 15
Holders of rec. July 12
Holders of rec. July 12
Holders of rec. July 254
Holders of rec. June 25a
Holders of rec. June 15a
Holders of rec. June 15a
Holders of rec. July 174
Holders of rec. July 17a
Holders of rec. June 25a
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rec. June 30a
Holders of rec. July 6a
Holders of rec. Aug. 6a
Holders of rec. June 26
Holders of rec. June 26
Holders of rec. June 28a
Holders of rec. July 138
Holders of rec. June 254
Holders of rec. June 254
Holders of rec. July 15a
Hold. of rec. Jan. 15'27a
Holders of rec. Aug. 28a,
Holders of rec. July 3a
Holders of rec. July .8a'
July 2 to July 14
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Railroads (Steam) (Concluded).
214 Aug. 2 Holders of rec. June 25a
Great Northern, preferred
Sept. 1 Holders of rec. Aug. 3a
Illinois Central, corn. (quar.)
Sept. 1 Holders of rec. Aug. 3a
3
Preferred
July 15 Holders of rec. June 30a
1
pref. (quer _ _ _
Kansas City Southern,
$1.25 July 15 June 19 to July 15
Little Schuylkill Nay.,RR.& Coal
Aug. 10 Holders of rec. July 15a
3
Louisville & Nashville
55 Aug. 10 Holders of rec. July 15a
Extra
$12.50 Aug. 2 Holders of rec. July 15a
Mahoning Coal RR.,corn.(quar.)
July 29 Holders of rec. June 25a
10
Michigan Central
73.1 July 29 Holders of rec. June 25a
Extra
13.1 Aug. 2 Holders of rec. July 15a
Missouri-Kansas-Texas, pref. A (quar.)_
1% Aug. 2 Holders of rec. June 25a
New York Central RR.(quar.)
Norfolk & Western, common (guar.).
- 1% Sept.18 Holders of rec. Aug. 31a
Aug. 19 Holders of rec. July 31s
1
Adjustment preferred (Qum.)
$2 July 15 Holders of rec. June 30a
Northern Central
15.4 Aug. 2 Holders of rec. June 30a
Northern Pacific (quar.)
4
July 10 June 24 to July 11
Northern Securities Co
75c. Aug. 31 Holders of rec. Aug. 2a
Pennsylvania RR.(quar.)
1% Aug. 2 Holders of rec. July 15a
Pere Marquette, prior pref.(quar.)
13.1 Aug. 2 Holders of rec. July 15a
Preferred (quar.)
234 July 20 Holders of rec. July 10a
Pitts. Cin. Chic. de St. Louis
$2.50 Aug. 2 Holders of rec. July 16a
Pittsburgh & Lake Erie
154 July 31 Holders of rec. July 15a
Pitts. & West Virginia, corn.(quer _ _ _
154 Oct. 30 Holders of rec. Oct. 15a
Common (quar.)
154 Jan. 31 Holdersof rec.Jan.15'27a
Common (quar.)
*$1
Aug 12 *Holders of rec. July 15
Reading Company, corn.(quar.)
.50c. Sept. 9 *Holders of rec. Aug. 23
First preferred (quar.)
.50c. Oct. 14 *Holders of rec. Sept.21
Second preferred (quar.)
154 Aug. 2 Holders of rec. July 153
St. Louis
-San Fran., pref. (quar.)
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (quar.)
1% Aug. 2 Holders of rec. July 10a
Southern Railway, common (quar.)_ _ _ _
1% July 15 Holders of rec. June 25a
Preferred (quar.)
254 July 10 June 22 to June 30
United N.J.RR.& Canal Cos.(quar.) _
1
•
Aug. 25 *Holders of rec. July 24
Wabash By., Preferred A (quar.)
.)_
.)_
Name of Company.
.)_
.)_
134
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
134 Sept. 1 Holders of rec. Aug. 16
Ohio Edison Co., 6% pref. (quar.)
1 .65 Sept. 1 Holders of rec. Aug. 16
6.6% preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 16
7% preferred (quar.)
55c. Aug. 2 Ilolders of rec. July 15
6.6% preferred (monthly)
55e. Sept. 1 Holders of rec. Aug. 16
6.6% preferred (monthly)
July 25 *Holders of rec. June 30
*1
Ontario Light & Power, corn.(qu.)
l
ec.
July 25 *Holders of roe. June 30
*3
Preferred
July
,
134 July 15
Ottawa-Montreal Power, pref. (quar.)
July 15 Holders of rec. June 30a
Pacifit Gas & Electric, common (quar.) _ 2
134 July 15 Holders of rec. June 30a
Pacific Telep. & Teleg., pref. (quar.)_ _ _
Penn-Ohio Edison Co.,7% prior pf.(qu.) 134 Sept. 1 Holders of rec. Aug. 21
Penn-Ohio Secur. Corp., $6 prof. (qu.) _ $1.50 July 15 Holders of rec. June 30
July 17 Holders of rec. July 33
2
Peoples Gas Light dr Coke (guar.)
July 31 Holders of rec. July la
Philadelphia Company, common (quar.) SI
July 31 Holders of rec. July 15
Si
Phila. Rapid Transit, corn. (quar.)
ul
of eci
6254c. July 15 Holders j ry June 300
Phila. & Western By., pref. (quar.)
1% July 15
Power Corp. of Canada (quar.)
- 500. Aug. 1 Holders of rec. June 25
Power & Light Securities Trust (No. 1)
Sept. 30
Pub.Serv. Corp.of N.J., corn.(q trar.)_ _ $1.25 Sept.30 Holders of rec.
Sept.30 Holders of rec. Sept. 30
2
Eight per cent preferred (quar.)
Sept.30 Holders of rec. Sept. 30
134
Seven per cent preferred (quar.)
154 Sept.30 Holders of rec. Sept. 3a
Six per cent preferred (quar.)
Public Service Co. of Nor. Illinois-Aug. 2 *Holders of rec. July 15
*2
Common (quar.)
.
13.4 Aug. 2 *Holders of rec. July 15
Seven per cent pref. (quar.)
*114 Aug. 2 'Holders of rec. July 15
Six pr cent pref.(quar.)
July I5a
Public Service Elec. Power, prof. (quar.) $1.75 Aug. 2 Holders of rec. June 30a
Puget Sound Pr.& Lt., prior pref.(qu.). $1.75 July 15 Holders of rec. June 30a
July 15 Holders of rec.
$1.50
Preferred (quar.)
30a
194 July 15 Holders of rec. June 30a
Quebec Power, common (quar.)
June
134 July 15 Holders of rec. July 150
Preferred (quar.)
Holders of rec.
Aug. 2
Railway & Light Secur., corn.(no par)_ _ El
Aug. 2 Holders of rec. July 15a
3
Preferred
13-1 July 15 Holders of rec. June 30
Republic Ry.dr Light,6% pref.(quar.) _
300
San Diego Cons. Gas dr El.,7% Pf• (qu.) 134 July 15 Holders of rec. June 21
July 10 Holders of rec. June
2
Shawinigan Water & Power (quar.)
2 *Holders of rec. July 14
Sierra Pacific Electric Co., corn.(quar.)_ *50c. Aug.
"134 Aug. 2 'Holders of rec. July 14
Preferred (quar.)
134 July 20 Holders of rec. July 100
South Pittsburgh Water, corn. (quar.)
214 Aug. 19 Holders of rec. Aug. 5a
Five per cent preferred
la
134 July 15 Holders of rec. July
Seven per cent preferred (quar.)
July 15 Holders of rec. June 20
Southern Calif. Edison, orig. pref.(qu.)_ 2
June 25
114 July 15 Holders of rec.
Southern Canada Power, pref. (quar.)- 75e. July 10 Holders of rec. July la
Southern Cities Utilities, corn
58 1-3c July 10 Holders of rec. June 150
Preferred
July 15 Holders of rec. June 300
2
Southern N.E. Telephone (quar.)
June 302
Southern Wisconsin Elec. Co., pref.(qu.) '134 July 15 *Holders of rec. June 303
Standard Gas dr Electric, corn.(quar.)_ - 75c. July 2r, Holders of rec. June 30a
Common (payable in common stock)_ _ j1-100 July 25 Holders of rec.
Sept.300
Common (payable in common stock)_ f1-200 Oct. 25 Holders of rec. Dec. 31a
Common (payable in common stock)_ _ 11-200 Jan25 27 Holders of rec. June 30
1% July 26 Holders of rec. Aug. 20
7% preferred (quar.)
Tennessee East. El. Co.$7 prof.(quar.)_ $1.75 Sept. 1 Holders of rec. Aug. 2a
134 Sept. 1 Holders of rec.
6% preferred (quar.)
Tennessee Elec.Pow.,6% first pref.(qu.) 134 Oct. 1 Holders of rec. Sept.15
rec. Sept.15
Seven per cent first pref. (quar.)
154 Oct. 1 Holders of rec. Sept.15
1.80 Oct. 1 Holders of
7.2% first preferred (quar.)
2 Holders of rec. July 15
Six per cent first preferred (monthly)_ 50c. Aug.
Six per cent, first preferred (monthly) 50c. Sept. 1 Holders of rec. Aug. 16
Six per cent, first preferred (monthly) 50c. Oct. 1 Holders of rec. Sept. 15
July 15
7.2% first preferred (monthly)
60e. Aug. 2 Holders of rec. Aug. 16
7.2% first preferred (monthly)
60c. Sept. 1 Holders of rec. Sept.15
Oct. 1 Holders of rec.
7.2% first preferred (monthly)
60c.
$1.50 Aug. 2 Holders of rec. July 9
Second preferred
July 10
Trinidad Electric Co.(guar.)
134 July 10 July 1 to
United Gas & Elec. Co. 5% pref
234 July 15 Holders of rec. June 30
July 15 Ilolders of rec. June 300
United Gas Improvement (quar.)
El
150
United Lt.& Pow.,old corn. A dc B (qtr.) 60e. Aug. 2 Holders of rec. July 15a
New common A dr B (quar.)
12e. Aug. 2 Holders of rec. July 25
July 15 Holders of rec. June
Washington Water Power, Spokane(qu.) 2
22
West Chester Street By., pref.(guar.)-134 Sept. 1 Holders of rec. Aug. 21
Nov.
Preferred (quar.)
134 Dec. 1 Holders of rec. July 150
West Penn Power Co.,7% prof.(quar.)134 Aug. 2 Holders of rec.
Six per cent preferred (quar.)
154 Aug. 2 Holders of rec. July 153
300
Western Power Corp., prof.(quar.)
13.4 July 15 Holders of rec. June 30
Western States Gas & El., prof.(quar.)_
134 July 15 Holders of rec. June 250
Holders of rec. June
July 15
Western Union Teleg.(quar.)
2
Aug. 1 Holders of rec. July 10
Winnipeg Electric Co. (quar.)
1
131 Aug. 20 Aug. 1 to Aug. 20
Wisconsin River Power. pref. (quar.)_
Worcester Electric Light (extra)
*S7.50 July 12 *Holders of rec. June 30
York Railways, corn. (quar.)
75c. July 16 July 7 to July 15
623-Ic. July 30 July 21 to July 29
Preferred (quar.)
Public Utilities.
1% July 14 Holders of rec. June 30a
All-America Cables (quar.)
American Electric Power, pref.(quar.)_ _ $1.75 Aug. 2 Holders of rec. July 22a
July 13 Holders of rec. June 30a
2
American Gas (quar.)
$1.50 Aug. 2 Holders of rec. July 10
Amer. Gas dr Elec., pref. (quar.)
23.4 July 15 Holders of rec. June 19a
American Telep. & Teleg. (quar.)
2% Oct. 15 Holders of rec. Sept. 203
Quarterly_
234J an 1527 Holders of rec. Dec. 20a
Quarterly
2% A pr 1527 Holders of rec. Mar.15a
Quarterly."'
Associated Gas & Elec., Class A (quar.) _ (o) Aug. 2 Holders of rec. June 30
114 Aug. 2 Holders of rec. July 10
Bangor Hydro-Elec. CO., corn.((War.)
July 15 Holders of rec. June 23
2
Bell Telephone of Canada (quar.)
July 15 Holders of rec. June 19a
Bell Telephone of Pa.,654% pref.(qu.)351 Aug. 2 Holders of rec. July 15
Boston Congo]. Gas,654% pref
2% Aug. 2 Holders of rec. July 15
554% preferred
Brooklyn Borough Gas, common (quar.) 50c. July 10 Holders of rec. June 30a
July 15 Holders of rec. July 1
Brooklyn-Manhattan Transit,corn.(qu.) $1
1% July 15 Holders of rec. July 1
Preferred series A (quar.)
134 Oct. 15 Holders of rec. Oct. 1
Preferred series A (quar.)
154 Jan15'27 Holders of rec. Dec. 31
Preferred series A (quar.)
154A pr 1527 Holders of rec. Apr. 1
Preferred series A (quar.)
Central Illinois Pub. Serv., pref.(qu - $1.50 July 15 Holders of rec. June 300
1% Aug. 2 Holders of rec. July 15a
Central Power & Light, pref.(quar _ _ _
Central Power (Nebraska), prof.(quar.) 1% July 15 Holders of rec. June 30a
Ches.& Potomac Tel. of Bait.,pref.(qu.) 1% July 15 Holders of rec. June 30
Chicago Rapid Tran., prior pref.(mthlY.) 65c. Aug. 1 Holders of rec. July 20a
65c. Sept. 1 Holders of rec. Aug. 17a
Prior preferred (monthly)
Cin. Newp.& Coy. L.dr Tr.,coin.(qu.)_ 1% July 15 July 1 to July 15
114 July 15 July 1 to July 15
Preferred (quar.)
254 July 15 Holders of rec. July la
Cleveland Elec. Ilium.. coat. (quer.)_ _ _
Columbia Gas& Electric, corn.(quar.)_ _ $1.25 Aug. 16 Holders of rec. July 310
Seven per cent preferred, series A (qu.) 1% Aug. 16 Holders of rec. July 31a
2
Aug. 2 Holders of rec. July 15a
Commonwealth Edison Co.(quar.)
Commonwealth Gas dr El. Cos., Pf.(q11.) $1.50 July 15 Holders of rec. July la
Corp., corn.(qu.) 500. Aug. 2 Holders of rec. July 14a
Commonwealth Power
134 Aug. 2 Holders of rec. July 14a
Preferred (quar.)
Consolidated Gas, N.Y.. pref.(quar.)..- 87%c. Aug. 2 Holders of rec. June 15a
July 15 Holders of rec. June 30a
Consolidated Traction of New Jersey-- - 2
Consumers Power,6% pref. (quar.)_ --- 13-4 Oct. 1 Holders of rec. Sept. 15
1.65 Oct. 1 Holders of rec. Sept. 15
(quar.)
6.6% preferred
1% Oct. I Holders of rec. Sept. 15
7% preferred (quar.)
50c. Aug. 2 Holders of rec. July 15
6% preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 16
8% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
55e. Aug. 2 Holders of rec. July 15
6.6% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 16
6.6% preferred (monthly)
55c. Oct. 2 Holders of rec. Sept. 15
6.6% preferred (monthly)
July 15 Holders of rec. June 21a
2
Detroit Edison (quar.)
1% July 15 Holders of rec. June 19a
Diamond State Telco.,6 54% Pf.(qu.)
1;1 July 15 June 24 to July 1
Transm., pref.(qu.)_
Dominion Power &
154 July 15 Holders of rec. June 30
East Bay Water, pref.A (quar.)
1% July 15 Holders of rec. June 30
Preferred B (quar.)
154 Aug. 2 Holders of rec. July 10
(quar.) _ _ _ _
Electric Bond & Share, pref.
15
Electric Bond dr Share Securities(quar.) _ 25c. July 15 Holders of rec. June 23
(1) Aug. 2 Holders of rec. July
Electric Finance Corporation, pref
1% July 15 Holders of rec. July la
El Paso Elec. Co.(Del.), prof. A ((RI.)-,
135 July 15 Holders of rec. July la
Preferred B (quar.)
July 15 Holders of rec. July la
El Paso Elec. Co.of Texas, pf. A (qu.)_ _
154 July 15 Holders of rec. July in
Preferred B (quar.)
Empire Gas &Fuel,8% pf.(mthlY --* 662-3c Aug. 2 *Holders of rec. July 15
58 1-3c Aug. 2 *Holders of rec. July 1
7% preferred(monthly)
Empire Power Corp., participating stock 40c. July 10 Holders of rec. June 30
Foshay (W. B.) Co., Inc.
2-3 July 10 Holders of rec. June 30
Common and special stock (monthly)_
2-3 July 10 Holders of rec. June 30
Preferred A (monthly)
7-12 July 10 Holders of rec. June 30
7% preferred (monthly)
of me. July 9
General Public Service. $6 prof. (quar.) _ $1.50 Aug. 2 Holders of rec. July 9
$1.75 Aug. 2 Holders
Convertible preferred (quar.)
1% Aug. 2 Holders of rec. July 15a
pref. (quar.)_
Illinois Northern Utilities,
1% July 15 Holders of rec. June 28a
International Telep. & Teleg.(quar.)- - _
87540. July 15 Holders of rec. July 6
International Utilities, class A (quar.)
$1.75 Aug. 1 Holders of reo. July 20
Preferred (quar.)
134 July 15 Holders of rec. June 21a
Kentucky Securities, preferred (quar.)_ _
July 15 Holders of rec. June 25a
(quar.)
Kentucky Utilities, pref.
1% July 15 Holders of rec. June 30
Laurentide Power (quar.)
6254c Aug. 2 Holders of rec. July 15a
Lawrence Gas & Elec. (quar.)
Louisville Gas & Elec., 7% pref. (quar.) 1% July 15
13.1 July 15
Six per cent pref. (quar.)
Manila Elec. Corp., common (quer.)-- - 50c. Oct. 1 Holders of rec. Sept. 15a
50e. Dec. 31 Holders of rec. Dec. 15a
Common (quar.)
July 10 Holders of rec. June 30a
Manufacturers Light & Heat(quar.)_ _ _ _ 2
15a
Massachusetts Gas Cos., corn. (quar.)_ _ $1.25 Aug. 2 Holders of rec. July 25
June
Massachusetts Ltg. Cos.,6% pref. (Qtr.) 1;4 July 15 Holders of rec. June 25
July 15 Holders of rec.
2
preferred (quar.)
8%
$3.50 July 15 Holders of rec. June 30
Mexican Utilities, preferred
131 July 15 Holders of rec. June 304
Middle West Utilities. prof. (quar.)_ _ _ _
Ry. dr Lt.6% Pf. (qu.) 114 July 31 Holders of rec. July 20a
Milwaukee Elec.
July 15 Holders of rec. June 30a
2
Montreal Telegraph (quar.)
214 July 15 Holders of rec. June 30
Montreal Tramways(quar.)
1% July 20 Holders of rec. June 30
__
Mountain States Power, pref.(quar.)_
July 10
of
National Electric Power, class A (quar.) k45c. Aug. 2 Holders of rec. June 30
rec.
Nevada-Calif. El. Corp., pref. (quar.)_.. 1% Aug. 2 Holders of rec. June 30
July 15 *Holders
*2
New York Telephone, corn,(quar.)
1% July 15 Holders of rec. June 19
Preferred (quar.)
30a
Niagara Falls Power, preferred (quar.)-- 4351c. July 15 Holders of rec. June 3a
Holders of rec. July
North Boston Ltg.Properties, corn.(qu.) $1.12 July 15 Holders of rec. July 3a
$1.50 July 15
(quar.)
Preferred
July 10 *Holders of ree. June 30
Northern Canada Power (guar.)
June 30
Northern Indiana Gas & Elec., pref.(qu.) $1.75 July 14 Holders of rec. June 30
Aug. 2 Holders of rec.
Power,class Acorn.(qu.) $2
Northern States
151 July 20 Holders of rec. June 30
Seven per cent preferred (quar.)
1% July 20 Holders of rec. June 30
Six per cent preferred (quar.)
July 15
Northwest. Bell Telep.. Pf.(No. 1)(qu.)
500. July 15 Holders of ree. June ?Ds
Ohio Fuel Corp. (quar.)
*50c. July 20 *Holders of rec. June ID
Gas (quar.)
Oklahoma Natural
[VOL. 123.
THE CHRONICLE
176
Banks.
Commonwealth
5
West New Brighton (Staten Island)___ - 3
Fire Insurance,
Continental
$3
Fidelity-Phenix
$3
July 15 Holders of rec. June 303
July 10 Holders of rec. June 303
July 10 Holders of rec. June 303
July 10 Holders of rec. June 300
Miscellaneous,
July 20 Holders of rec. July 10
Abitibi Power & Paper, corn. (quar.)
$1
15
olti Aug. 1 *Holders of rec. July 303
Abraham dr Stratur, Inc., pref. (quar.)
July 15 Holders of rec. June
Air Reduction Co. (guar.)
$1
July 21 Holders of rec. July 12a
Alliance Realty (quar.)
50c.
Aug. 2 Holders of rec. July 15a
Allied Chemical & Dye Corp., com.(qu.) $1
July 240
$1.50 Aug. 16 Holders of rec. June 24a
Allis-Chalmers Mfg., corn. (quar.)
utly 15 Holders of rec.
Preferred (quar.)
Aug. 1 Holders of rec. July 170
Amalgamated Sugar, 1st pref. (quar.)
2
Amerada Corp. (quar.)
500. July 30 Holders of rec. July 15a
American Art Works, corn.& pref.(qu.) 134 July 15 Holders of rec. June 300
Amer. Brown Boyer' Elec. Corp.
50c. July 20 Holders of rec. July 105
Participating stock
American Can, corn. (quar.)
50c. Aug. 16 Holders of rec. July 310
Aug. 1 July 12 to Aug. 1
American Coal
$1
Aug. 2 Holders of rec. July 170
American Glue, pref. (quar.)
2
Oct. 1 Holders of net. Sept. 160
American Hardware Corp.(guar.).- _ $1
Quarterly._
Jan 127 Holders of rec. Dec. 160
$1
Amer. Home Products Corp.(monthly)_ *20c. Aug. 2 *Holders of rec. July 15
American Ice, com.(quar.)
July 26 Holders of ree. July 90
2
90
Preferred (guar.)
13-4 July 26 Holders of rec. July
Amer.La France Fire Eng., corn.(qu.)- - 25e. Aug. 16 Holders of rec. Aug. 20
Amer.Laundry Machinery. corn.(quar.) 75c. July 15 July 6 to July 14
170
American Linseed, pref. (quar.)
131 Oct. 1 Holders of rec. Sept.170
Preferred (quar.)
134 Jan 3'27 Holders of rec. Dec.
Hold.of rec.Mar.18 '270
Preferred (quar.)
13.4 Aprl'27
American Manufacturing
Common (quar.)
154 Oct• 1 Holders of rec. Sept.17
13-4 Dec. 31 Holders of rec. Dec. 17
Common (quar.)
Preferred (quar.)
13-4 Oct. 1 Holders of rec. Sept.17
Preferred (quar.)
134 Dec. 31 Holders of rec. Dec. 17
Amer. Rolling Mill, corn. (quar.)
50c. July 15 Holders of rec. June 300
July 15 Holders of rec. July la
Common (pay. in corn, stock)
j5
Aug. 2 IIolders of rec. July 15a
American Shipbuilding, corn. (quar.)_ _ _ 2
Preferred
14 Aug. 2 Holders of rec. July 150
Amer. Smelt. & Refg., corn.(quar.)---134 Aug. 2 July 10 to Aug.
Preferred (quar.)
13-i Sept. 1 Aug. 7 to Aug. 31
75c. July 15 Holders of rec. July la
Amer.Steel & Foundries, corn.(quer.)
50c. Oct. 1 Sept. 16 to Oct. 1
American Stores Corp.(quar.)
July 15 Holders of rec. July 30
Amer. Typefounders, corn. (quar.)
2
Preferred (quar.)
134 July 15 Holders of rec. July 30
July 15 Holders of rec. JulY 5a
Amer. Vitrified Products,corn.(quar.)
$1
Preferred (guar.)
134 Aug. 1 Holders of rec. July 20a
American Woolen, pref.(quar.)
134 July 15 June 16 to June 24
75c. Aug. 23 Holders of rec. July 17
Anaconda Copper Mining (quar.)
July 10 Holders of rec. June 193
Apco Manufacturing, pref. (attar )
2
Archer-Daniels-Mid. Co., pref. (guar.). .134 Aug. 1 *Holders of rec. Jul, 21
63c. Aug. 2 Holders of rec. JULY .10
Associated Dry Goods, corn.(quar.)
1
Sept. 1 Holder$ of rec. Aug: 14
First preferred (quar.)
134 Sept. 1 Holdere•of nte. Aug. 14
Second preferred (quar.)
JULY 10 1926.1
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
15i July 15 Holders of rec. July 1
Asbestos Corp.of Canada, pref.(quar.)
July 15 Holders of rec. July 15a
Associated rndustrials. first pref.(quar.) 2
Associated Oil (extra)
40c. July 24 Holders of rec. June 30a
1% Aug. 2 Holders of reo. July 156
Atlantic Refining, lard. (quay.)
$1
July 15 Holders of rec. July la
Atlas Plywood (quar.)
154 Aug. 2 Holders of rec. July 20a
Atlas Powder, preferred (quar.)
e5
Auburn Automobile, stock dividend__
Aug. 2 Hblders of rec. July 20a
e5
Nov. 2 Holders of rec. Oct. 20a
Stock dividend
Austin Nichols & Co., pref. (quar.)
Aug. 1 Holders of rec. July 15a
13
Auto Finance Co.(Pittsburgh), pref.. _ .$1
July 15 *Holders of rec. June 30
15i Oct. 1 Holders of rec. Sept.20a
Babcock & Wilcox (quar.)
Quarterly
1% Jan2'27 Holders of rec. Dec. 20a
Quarterly
13 A pr1'27 Hold.of rec. Mar.2027a
25c. Aug. 2 Holders of rec. July 20
Balaban & Katz. corn. (monthly)
25e. Sept 1 Holders of rec. Aug. 20
Common (monthly)
.
Common (monthly)
25e. Oct. 1 Holders of rec. Sept.20
Barnhart Bros.& Spind.. lst&2d pf.(qu.) 1% July 31 Holders of rec. July 24a
1% July 15 Holders of rec. June 30a
Bayuk Cigars, first preferred (quar.)
Convertible second preferred (quar.)_ _
13( July 15 Holders of rec. June 30a
Eight per cent second pref.(quar.)_ 2
July 15 Holders of rec. June 300
Beech-Nut Packing, common (quar.)__ 60e. July 10 Holders of rec. June 25a
Preferred B (quar.)
13 July 15 Holders of rec. July la
Beigo-Canadian Paper, corn. (guar.)-- 14 July 10 Holders of rec. June 30
*20
Big Lake Oil
July 30 *Holders of rec. July 22
2
Slaw-Knox Co., corn. (quar.)
Aug. 2 July 23 to Aug.
14 Aug. 2 July 23 to Aug. 1
Preferred (quar.)
1
Bloomingdale Bros., Inc., 7% pf. (qu.)
13( Aug. 1 Holders of rec. July 20a
'$2 .5(.. Aug 16 'Holders of rec. Aug. 2
Boss Manufacturing(No.1)
•1% Aug. 16 'Holders of rec. Aug. 2
Preferred (quar.) (No. 1)
Briggs Manufacturing Co.(quar.)
75c. July 26 Holders of rec. July 100
British Columbia Fish & Packing (quar.
134 iept. lb Holders of rec. Aug. 31
Quarterly..
14 Dec. 10 Holders of rec. Nov.30
13g. Aug. 2 Holders of rec. July
Burns Bros., prior pref.(quar.)
15a
3
Bush Terminal, pref
July 15 Holders of rec. June 300
Debenture stock (quar.)
July It Holders of rec. June 30a
13
Butler Bros.(quar.)
6234c Aug. 11 Holders of rec. July 310
Byers (A. M.) Co., pref. (quar.)
131 Aug 2 Holders of rec. July 150
California Packing (stock dividend)--- 100
Aug. 2 Holders of rec. Junet300
Canada Cement, preferred (quar.)
131 Aug. lt Holders of rec. July 31a
Ordinary (quar.)
134 July 16 Holders of rec. June 30a
Canada Dry Ginger Ale (quar.)
50c. July 15 Holders of rec. July la
el% July 15 Holders of rec. July 1
Stock dividend (quar.)
el% Oct. 15 Holders of
Stock dividend (quar.)
Oct. 1
el% Jan15'27 Holders of rec. Jan 1
Stock dividend (quar.)..__
rec.
'27
Canadian Car dr Fdry., pref. (quar.). 131 July 10 Holders of rec. June 25
Canadian Converters (quar.)
131 Aug. 11 Holders of rec. July 31
*154 July 15 *Holders of rec. June 30
Canadian Explosives, pref. (quar.)
Canadian Industrial Alcohol (guar.).--. 32c. July 15 Holders of rec. June 30a
Cartier, Inc., preferred (guar.)
134 July 31 Holders of rec. July 150
$I
Central Steel, corn.(quar.)
July 10 Holders of rec. June 25
Si
Cerro de Pasco Copper Corp.(guar.)
Aug. 2 Holders of rec. July 15
13( July 24 Holders of rec. July Ito
Chicago Pneumatic Tool (quar.)
Chic. Wilm. dc Franklin Coal, pf.(qu.). $1.50 Aug. 2 Holders of rec. July
15a
33 1-3( Aug. k Holders of rec. July 20a
Chicago Yellow Cab Co. (monthly)._
33 1-3t Sept. 1 Holders of rec. Aug. 20a
Monthly
4ept.30 Holders of rec. Sept.15a
Chrysler Corporation, pref. (quar.)_-- $2
Preferred (quar.)
Jan 3'27 Holders of rec. Dec. 15a
$2
Cities Service, common (monthly)
34 Aug. 1 Holders of rec. July 15
Common (payable in common stock). fyi Aug. 1 Holders of rec. July 15
4 tug. 1 Holders of rec. July
Preferred and preferred B (monthly)_ _
15
Collins & Alkman, pref. (quar.)
Aug. 2 Holders of rec.
.131 July 31 'Holders of rec. July 122
Conlon Corpora/ion. pref. (guar.)
July 22
154 July 15 Holders of rec. June
Consolidated Car Heating (quar.)
300
Extra
1
July 15 Holders of rec. June 300
Consolidated Cigar Corp., pref. (qu.)..
$1.75 Sept. 1 Holders of rec. Aug. 160
Consol. Mining ee Smelting of Canada.._ 75c. July It Holders of rec. June
30a
53
Bonus
July 15 Holders of rec.
24 July 25 July 16 to June 30a
Consolidated Royalty Oil (quar.)
July 25
Continental Can. coin. (quar.)
$1.23 Aug. 1. Holders of rec. Aug. 5a
Continental Motors (quar.)
20c. July 30 Holders of rec.
July
Corn Products, corn. (quar.)
50c. July 20 Holders of rec. July 151
2a
Common (extra)
25c. July 20 Holders of rec. July 2s
Preferred (quar.)
131 July 15 Holders of rec. July 2/
Creamery Package Mfg., corn.(quar.)_ _ 50c. July lb July 1 to
July
Preferred (quar.)
July 10 July 1 to July 10
Credit Alliance Corp., corn.& cl. A (qu.) 500. July 15 Holders of rec. June 10
Common and class A (extra)
500. July 15 Holders of roe. June 30
Preferred (quar.)
1% July 15 Holders of rec. June 30
30
Cresson Consol. Gold M. dr M
10
Jt111 10 Holders of
,
June
Crucible Steel, corn.(quar.)
1 34 July 31 Holders of roe. July 300
rec.
15a
Cuba Co., preferred
*334 Aug. 2 *Holders of rec.
Cudahy Packing, corn.(quar.)
134 July 15 Holders of rec. July 15
July 5a
53
Davis Coal dv Coke
July 20 Holders of rec
Del. Lackawanna & West. Coal. (quar.) $1.25 July 15 Holders of rec. July 10
July la
Diamond Match (quar.)
2
Sept.15 Holders of rec. Aug. 3I0
Dictograph Products Corp., prof.(qu.)_ - 2
July It Holders of rec.
134 July 11 Holders of rec. June 30
Dodge Bros., pref. (quar.)
50c. July 20 Holders of rec. June 28a
Dome Mines, Ltd.(quar.)
June 30a
Dominion Textile, pref.(quar.)
134 July It Holders of rec. June 30
duPont(E.1.) de Nem.& Co.
14 July 21 Holders of
Debenture stock (quar.)
40c. Sept. 1 Holders of rec. July 10a
Eagle-Picher Lead, common (quar.)_
rec.
40c. Dec. 1 Holders of rec. Aug• 15
Common (quar.)
Nov. 15
14 July If Holders of
Preferred (guar.)
rec.
Eastern Steamship Lines prof.(quar.)- - 8740. July 1f Holders of rec. June 30n
Eastern Theatres, Ltd.(Toronto), pref. 34 July 31 Holders of rec. July 8a
June 30
50c. Aug. 1 Holders of
Eaton Axle & Spring (quar.)
Econmr y Grocery Stores. corn.(quar.)- - 25c. July 1! Holders of rec. July 15a
rec June 25
250. July 17 Holders of
Electric Household Utilities(quar.)
n 25c. July 17 Holders of rec. July 10
Stock dividend
Elgin National Watch (quar.)
6254c Aug. 2 Holders of rec. July 10
rec.
334 July 15 July 4 to July 15,
Ely-Walker Dry Goods, first preferred
Second preferred
3
July 15 July 4 to July 14
July 14
$1
Eureka Pipe Line (guar.)
Aug. 2 Holders of
200. Aug. 1 Holders of rec. July 15m
Fair (The) corn. (monthly)
1% Aug. 1 Holders of rec. July 20a
Preferred (quar.)
rec.
Fairbanks-Morse & Co., corn. (quar.)... 750. Sept.30 Holders of roe. July 20a
Sept.15a
Common (quar.)
750. Dec. 31 Holders of
Preferred (quar.)
1% Sept. 1 Holders of rec. Oct. 15a
rec. Aug. 140
1% Dee. 1 Holders of
Preferred (quar.)
24 Aug. 2 Holders of rec. Nov. 15a
Fajardo Sugar (quar.)
rec.
Famous Players
-Lasky Corp., com.(qu.) $2
Oct. 1 Holders of rec. July 20
42
Common (extra)
Aug. 10 Holders of rec. Sept. 15a
2
Preferred (quar.)
Aug. 2 Holders of roe. June 30a
2
Federal Terra Cotta (quar.)
July 15 July 4 to July 15a
160. July 16 Holders of rec. July 15
Fifth Avenue Bus Securities (quar.)*500. July 15 *Holders of rec. July 2a
Fifth Avenue Coach Co.(quar.)
Finance Co. of Amer.(Bait.), com.(qu.) 124c. July 15 July 6 to July 1
4334c. July 15 July 6 to July 14
Preferred (quar.)
$1.50 July 20 Holders of rec. July 14
Firestone Tire eic Rubber, corn.(quar.)
4154 July 15 Holders of rec. July 10a
d Bix per cent preferred (quar.)
July
42.50 Aug. 1 *Holders of rec. July la
Fisher Body Corporation (quar.)
Fisk Rubber, 1st pf. dr cony. pf.(quar.)- 15( Aug. 2 Holders of rec. July 20
Second preferred
154 Sept. 1 Holders of rec. Aug. 152
15
Foote Bros. Gear & Mach., pref.(quar.) _ 1% Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
134 Jan 1'27 Holders of rec. Deo. 20
July 15 Holders of rec. June 30a
Fox Film Corp., corn. A and B (quar.)-- $1
$1 Aug. 2 Holders of rec. July 20a
General Cigar, common (guar.)
1% Sept. 1 Holders of rec. Aug 24a
Preferred (quar.)
I% Oct. 1 Holders of rec. Sept. 24a
Debenture preferred (quar.)
General Electric, new no par com.(quar.) 750. July. 15 Holders of rec. June 70
July 15 Holders of rm. June 70
New no par corn. (in special stock). 41
15c. July 15 Holders of tea. June 70
Special stock (quar.)
General Motors Corp. 7 pref. (quar.). 1% Aug. 2 Holders of rec. July 5a
SIX per cent debenture, pref.(quar.).. 14 Aug. 2 Holders of rec. July 5a
14 Aug. 2 Holders of rec. July 50
Six per cent pref. (quar.)
Gen'l Outdoor Advertising, corn.(No. 1) 50c. July 15 Holders of rec. July 3a
75c. July 15 Holders of rec. July 70
General Refractories (quar,)
75c. July 31 Holders of rec. July 15
Gilchrist Co. (quar.)
I% Aug. d2 Holders of rec. July 17a
Olmbel Brothers. pre/. (quar.)
131
Name of Company.
177
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
C. G. Spring dr Bumper Co.
Common (in corn. stk. on each 10 shs.) f3-10 Aug. 15 Holders of rec. Aug. 7
Common (In corn. stk. on each 10 shs.) f2-10 Nov. 15 Holders of rec. Nov. 8
Common (in corn. stk. on each 10 shs.) f3-10 Feb1527 Holders of me. Feb .8'27
14 July 15 Holders of rec. June 300
Globe Wernicke Co.. pref.(quar.)
Gossard(H.W.)Co.,corn.(monthly)... 33 1-3c Aug. 1 *Holders of rec. July 21
-3c Sept. 1 *Holders of rec. Aug. 21
33 I
Common (monthly)
Gotham Silk Hosiery, 1st & 2d pref.(Qu.) 134 Aug. 2 Holders of rec. July 15
$250 July 10 Holders of rec. July 1
Group No. 1 Oil Corp
$750 Oct. 15 Holders of rec. Oct la
Group No. 1(111 Corp
Guenther Publishing, preferred (quar.).. 234 Aug. 16 Holders of rec. July 16
Preferred (acct. accumulated diva.)... h24 Aug. 16 Holders of roe. July 16
234 Nov. 16 Holders of rec. Oct. 16
Preferred (guar.)
h24 Nov. 16 Holders of rec. Oct. 16
Preferred (acct. accumulated divs.)
Gulf States Steel, pref. (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
154 Jan 2'27 Holders of rec. Dec. 15a
Preferred (quar.)
Hall(W. F.) Print. Co.(Chic.) (quar.)_ 250. July 31 Holders of rec. July 21
1% July 31 July 25 to July 31
Halle Bros.. pref. (guar.)
25c. July 15 Holders of rec. June 30
Happiness Candy Stores
Harbison-Walker Refrac., pref. (quar.)- 1% July 20 Holders of roe. July 100
Harris Bros., pref.(quar.)
154 Aug. 1 Holders of rec. July 10
30c. Aug. 1 Holders of rec. July 200
Hatfield Reliance Coal, co.n
Hellman (Richard), Inc., partic. pf.(qu.) 6234c Aug. 1 Holders of rec. July 21
Hibbard, Spencer, Bartiett&Co.(mthly.) 350. July 30 Holders of rec. July 23
35c, Aug. 27 Holders of rec. Aug. 20
Monthly
35c. Sept.24 Holders of rec. Sept.17
Monthly
20c. Sept.24 Holders of rec. Sept.17
Extra
154 July 15 Holders of rec. June 30a
Hillcrest Collieries, corn.(guar.)
1% July 15 Holders of rec. June 30a
Preferred (quar.)
*10c. July 15 Holders of rec. June 29
Hollinger Consol. Gold Mines
15( Aug. 2 Holders of rec. July 15
Holly Sugar Corporation, pref.(quar.)
$1.75 Aug. 1 July 21 to Aug. 2
Hood Rubber, pref. (quar.)
$1.87 Aug. 1 July 2 to Aug. 2
Preference stock (quar.)
374c Aug. 2 *Holders of rec. July 12
Horn & Hardart of N.Y.,corn.(quar.).-.
.
1240 Aug. 2 *Holders of rec. July 12
Common (special)
75c. Sept. 1 Holders of rec. Aug. 16a
Household Products (guar.)
75c. July lh Holders of rec. July la
Howe sound Co.(quar.)
25c. Aug. 1 Holders of rec. July 150
Hupp Motor Car (quar.)
2.4 July 15 Holders of rec. July 3
Illinois Brick (quar.)
2.4 Oct. 15 Holders of rec. Oct. 4
Quarterly
..
25c. July 19 Holders of rec. June 284
Independent 011 & Gas (quay.)
$1 Aug. 14 Holders of rec. July 18a
Indiana Pipe Line (quar.)
Si Aug. 14 Holders of rec. July 16a
Extra
Internat. Business Machines (guar.)._ _ _ 75e. July 10 Holders of rec. June 220
Internat. Business Machines (guar.)---- 75e. Oct. 11 Holders of rec. Sept. 24a
134 July 15 Holders of rec. June 254
International Harvester, corn.(quar.)_
Internat. Match Corp., partic. pref.(qu) 80c. July 15 Holders of rec. June 250
134 Aug. 2 Holders of rec. July 120
Internat. Nickel Preferred (quar.)
154 July 15 Holders of rec. July 20
Internat. Paper. 6% pref. (quar.)
151 July 15 Holders of rec. July 2a
Seven per cent prof.(quar.)
$1.50 Oct. 1 Holders of rec. June 15a
International Shoe, coin. (quar.)
July 28 Holders of rec. July 20
Kaufman Dent. Stores, corn. (quar.).... $2
1% Oct. 1 Holders of rec. Sept. 200
Preferred (quar.)
13 Jan 2'27 Holders of rec. Dee. 200
4
Preferred (quar.)
62340. July 15 Holders of rec. June 300
Kawneer Company (guar.)
Kayser (Julius) & Co.. corn.(quay.).... 750. Aug. 2 Holders of rec. July 19a
Kellogg switchboard & Supply
324c July 31 Holders of rec. July 3
New common ($10 par)(No. 1)
$1.75 July 31 Holders of me. July 3
New preferred (No. 1)
1% Sept.10 Sept. 1 to Sept.10
Kirby Lumber (quar.)
1% Dee. 10 Dec. 1 to Dec. 10
Quarterly
Knox Hat Co., Inc., common (quar.).-- $1 Aug. 1 Holders of rec. July 15
$1 Aug. 1 Holders of rec. July 15
Class A panic. pref. (quar.)
151 Aug. 1 Holders of rec. July 15
Second preferred (quar.)
$1.50 July 15 Holders of rec. July $a
Lakewood Engineering (quar.)
Aug. 31 Holders of rec. July 31a
Si
Lehigh Coal & Navigation (quar.)
E1.25 Aug. 2 'Holders of rec. July 10
Lehigh Valley Coal
.50c. July 27 'Holders of rec. June 30
Lion Oil Refining (quar.)
Loew's London Theatres(Canada). Prof- 3% July 15 Holders of rec. June 306
Loew's (Marcus) Theatres(Canada), pt. 3% July 15 Holders of rec. June 300
Loose-A lies Biscuit. 2d pref. (quar.)--- 1% Aug. 1 Holders of rec. July 190
Aug. 1 Holders of rec. July 170
2
Lord & Taylor,2d oref.(quar.)
MacAndrews& Forbes, corn.(quar.)_ _ _ _ Soc. July 15 Holders of rec. June 300
134 July 15 Holders of rec. June 300
Preferred (quar.)
134 Aug. 1 Holders of rec. July 170
Macy(R. H.)Co.. pref.(quar.)
75c. July 15 Holders of rec. June 300
Magma Copper Co.(quar.)
July 10 Holders of rec. June 300
3
Manufactured Rubber, preferred
154 July 19 Hokiers of rec. July 30
Maple Leaf Milling. pref.(guar.)
25c. July 10 Holders of rec. June 19
Margay Oil Corp.(No. 1)
May Department Stores, corn. (quar.).... 51.25 Sept. 1 Holders of rec. Aug. 160
1% Oct. 1 Holders of rec. Sept. 156
Preferred (guar.)
50c. Sept. 1 Holders of rec. Aug. 150
Maytag Co.(guar.)
50c. Dec. 1 Holders of rec. Nov. 15a
Quarterly.
..
50c. Aug. 1 Holders of rec. July 200
McCall Corp. (quar.)
1% Aug. 1 Holders of rec. July 200
McCrory Stores, preferred (quar.)
134 Nov. 1 Holders of rec. Oct. 20a
Preferred (a/Jar.)
July 20 Holders of rec. June 300
Mexican Petroleum, common (quar.)...
July 20 Holders of rec. June 30a
2
Preferred (quar.)
Michigan Limestone & Chem.. pref.(qu.) 1% July 15 Holders of rec. June 30a
50c. July 26 Holders of rec. July 43
Miller Rubber. corn.(quar.)
1234e July 15 June 30 to July 13
Mining Corp.of Canada (interim)
July 15 Holders of rec. June 30
Minos Chemical Corp., pref. (quar.)--- 2
July 15 Holders of rec. June 30
Preferred (payable in common stock). 10
750. Aug. 2 Holders of rec. July 15
Moon Motor Car (quar.)
Motion Picture Capital Corp., pref.(cm.) 50c. July 15 Holders of rec. July 1
2e. July 15 Holders of rec. Jul., la
Mountain & Gulf Oil (quar.)
lc. July 15 Holders of rec. Jab' la
Extra
15c. July 15 Holders of rec. July la
Munyon Remedy Co.(quar.)
Nashua Gum.& Coat. Pap.,com.(mthly) 12-3 July 15 Holders of rec. June 10
$1
National Biscuit, common (quar.)
July 15 Holders of rec. June 30a
Oct. 15 Holders of rec. Sept.300
Common (quar.)
$1
Common (extra)
50c. July 15 Holders of rec. June 30a
Preferred (quar.)
15( Aug. 31 Holders of rec. Aug. 174
National Carbon, Pref.(quar.)
2
Aug. 2 Holders of rec. July 20a
National Cash Register, coin. cl. A (qu.) 75e. July 15 Holders of rec. June 300
National Fireproofing. pref. (quar.)
1.4 July 15 Holders of rec. July la
National Grocer, preferred
Jan 1'27 Dec. 21 to Dec. 31
National Licorice, common
254 July 9 Holders of rec. June 23
Neptune Meter. con:. A & B (quar.)_
.50c. ,ept. 15 *11.„olders of rec. Sept. 1
New Bradford Oil (guar.)
124c July 15 ifolders of rec. July 1a
New Jersey Zinc (extra)
July 10 Holders of rec. June 19
2
New York Air Brake, common (quar.). 500. Aug. 1 Holders of rec. July 124
New York Dock. preferred
234 tuty 15 Holders of rec. July 50
New York Transit
$1.25 July 15 Holders of rec. June 18
New York Transportation (quar.)
50c. July 15 Holders of rec. July 11
Newmont Mining Corporation
60c. July 15 Holders of rec. June 30
Niagara Share Co.(No. 1)
.20c. July 15 *Holders of rec. June 30
NIotssing MinesCo.(guar.)
'15c
July 20 'Holders of rec. June 30
Ogilvie Flour Mills (quar.)
$1.25 July 25 Holders of rec. June 21a
Ohio Brass, corn.(quar.)
July 15 Holders of rec. June 30
$1
Preferred (guar.)
134 July 15 Holders of rec. June 306
Oil Well Supply, preferred (quar.)
131 Aug. 2 Holders of rec. July 13
Olympia Theatres (Boston) coin
45c. July 15 Holders of rec. July la
Preferred (quar.)
1% July 15 Holders of rec. July la
Oppenheimer (S.) dt Co., pref. (qu.)
Aug. 2 July 27 to July 30
2
Orpheum Circuit, corn.(monthly)
162-3c Aug. 2 Holders of rec. July 20s
Common (monthly)
162-3c Sept. 1 Holders of rec. Aug. 20a
Common (monthly)
182-3c Oct. 1 Holders of rec. Sept.20/
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 15a
Otis Elevator, common (quar.)
$1.50 July 15 Holders of rec. June 300
Preferred (guar.)
154 July 15 Holders of rec. June 300
Preferred (quar.)
154 Oct. 15 Holders of rec. Sept.300
Preferred (quar.)
154 Jan1517 Holders of rec. Dec. 310
Pacific Coast Co.. 1st pref. (quar.)
154 Aug. 2 Holders of rec. July 23s
Second preferred (quar.)
Aug. 2 Holders of rec. July 23s
1
Packard Motor Car, corn. (quar.)
50o. July 31 Holders of rec. July 15a
Pan American Petroleum & Transp'nCommon and common B (quar.)
$1.50 July 20 Holders of rec. June 300
Pan Amer. Western Petrol, cl.A&B(qu.) 50c. July 30 Holders of roe. July 103
Pathe Exchange, Corn. A & B (quar.)
75e. Aug. 2 Holders of roe. July 10a
3
THE CHRONICLE
178
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
[Vol, 123.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following how the condition of the New York City
Clearing Hou e member for the week ending July 3. The
figure for the eparate bank are the averages of the daily
re ult,s. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
Aug. 16 Holders of rec. Aug. 5
2
Penman% Limited, COM. (guar.)
1;6 Aug. 2 Holders of rec. July 21
Preferred (quar.)
50c. Sept.25 Holders of reo. Sept. 15a
Pennok 011 Corporation (quar.)
Pennsylvania salt Mfg.(guar.)
$1.25 July 15 Holders of rec. June 30a
Penn Traffic Co
Aug. 2 Holders of rec. July 15a
3
Philadelphia Insulated Wire
Aug. 2 Holders of rec. July 15a
$2
Aug. 2 Holders of rec. July 21)
Phillips-Jones Corp., pref. (guar.)
Pick (Albert) & Co., common (quar.)__ _ .40c. Aug. 2 *Holders of rec. July 26
Pierce.Butl.& Pierce M fg.,
($25 par)
(qu.) 50c. July 15 Holders of rec. July 5a
$100 par value stock (quar.)
2
July 15 Holders of rec. July 5a
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Pittsb. Term. Whse.& Transfer (quar.)_ 'Si
July 10 *Holders of rec. July 3
(Staled in thousands of dollars-that is, three ciphers (000) omitted.)
Plymouth Cordage, corn. (quar.)
$1.50 July 20 Holders of rec. July in
Employees special stock
150. July 20 Holders of rec. July in
Plymouth 011 (monthly)
.50c. July 31 *Holders of rec. July 22
New
Portland Gold Mining
2c. July 15 July 7 to July 15
Capital Profits. Loans,
Reserve
Posture Cereal (quar.)
$1.25 Aug. I Holders of rec. July 21a
Week Ending
Discount, Cash
scith
Time Bann
Net
Prairie Pipe Line (guar.)
July 31 Holders of rec. June 30a'
2
July 3 1926 Nat'l, Apr. 12 Investin
De- CircuLegal Demand
Procter & Gamble, 8% pref. (quar.)..
July 15 Holders of rec. June 25a
2
State, Mar.25 ments, Vault. Deposi- Deposits, posits. lotion.
Producers Oil Corp.. pref. (quar.)
to Aug. 15
Aug. 15 Aug. 1
2
(000 omitted.) Tr.Cos.Mar.25
ctc.
tortes.
Holders of rec. July in
Pro-phy-lac-tic Brush, common (quar.). 50c. July 15
Quaker Oats, common (guar.)
75c. July 15 Holders of me. July la Members of Fed, Res. Bank. Average. Average Average Average. Average 'type.
Preferred (quar.)
Aug. 31 Holders of roe. Aug. 20 Bank of N Y &
$
a
$
s
s
a
$
a
Rand-Kardex Bureau, coin
75e. July 10 Holders of rec. June 25(1
Trust Co..___ 4,000 12,905
75,664
500 7,611
56,378 7,914
Rand Mines, Ltd., Am. shares (interim) (f) Aug. 11
Bk of Manhat'n 10,000 14,965 167,186 3,157 17,929
130,577 25,626 ___ Realty Associates. 1st pref
July 15 Holders of rec. July 6a Bank of America 6,500 5,258
3
78,705 1,716 11,897
87,530 5,262 __- Remington-Noiseless Typewr., pf. (qu.) 1)1 July 15 Holders of rec. July 1
National City__ 50,000 65,624 682,991 6,211 74,763 *719,727 94,428
86
Holders of rec. July 15
Rice-Stlx Dry coods, corn. (guar.) _
37lic. Aug.
Chemical Nat__ 4,50() 18,310 138,148 1,220 15,716
345
118,330 3,741
Holders of rec. June 30a Am Ex-Pac Nat 7,500 12,963 156,135 1,932 18,904
Richmond Radiator. pref. (guar.)
75e. July 15
142,407 9,884 4,952
Royal Typewriter, common
July 17 Holders of rec. July 10
$1
Nat Bk of Com_ 25,601 41,528 374,540
917 43,645
332,575 11,788
Preferred
3; July 17 Holders of rec. July 16
ChatPh NB&T 13,500 12,834 220,443 2,063 25,156
171,955 41,484 5,916
Safety Cable (quar.)
July 15 Holders of rec. June 30a Hanover Nat__ 5,000 25,677 121,257
$I
516 14,655
105,578
St. Joseph Lead (guar.)
50e. Sept. 20 Sept. 10 to Sept. 20
Corn Exchange_ 10,000 14,799 201,402 7,160 24,437
174,070 32,618 _-- Extra
Sept. 10 to Sept. 20
25e. Sept. 20
National Park__ 10,000 24,114 167,978
758 17,716
134,494 8,082 3,487
Quarterly
50c. Dec. 20 Dec. 10 to Dec. 20
Bowery & E.R
3,000 3,151
54,861 1,513 5,372
36,748 16,306 1,234
Extra
25e. Dec. 20 Dec. 10 to Dec. 20
First National__ 10,000 72,737 294,664
490 27,011
204,553 13,416 5,891
Salt Creek Producers Assn. (guar.)
62A c Aug. 02 Holders of rec. July 157 Irving Bk-ColTr 17,500 14,017 295,327 2,751 36,588
274,367 29,243 _--Extra
Aug. 02 Holders of rec. July 157 Continental_ _ _ _ 1,000 1,198
$1
7,912
112
430
5,900
911
Savage Arms, second preferred (quar.)... 41% Aug. 16 *Holders of rec. Aug. 2
ChaseNational_ 40,000 39,152 554,839 6,968 67,418 *522,255 31,251 1,526
Seagrave Corporation (quar.)
(1) July 20 Holders of roe. June 300 First Avenue Bk
500 3,031
24,459
797 3,149
23,877
-- - - - -- Sears, Roebucx & Co. (quar.)
625e. Aug. 1 Holders of rec. July 15a Commonwealth.
800 1,320
541 1,383
14,000
9,488 4,895 --- Securities Management Corp. cl. A.(qu.) 13 July 15 Holders of roe. July 1
Garfield Nat'l__ 1,000 1,788
214 _-- 16,322
465 2,480
16,242
Shaffer Oil & Refining, preferred
July 26 Holders of rec. June 30
Seaboard Nat'l_ 6,000 10,104 123,865 1,068 14,917
48
113,699 2,352
Shattuck (Frank G.) Co.(quar.)
50c. July 10 Holders of roe. June 210 BankersTrust__ 20,000 31.707 369,942
980 39,567 .314,267 53,607 -Shreveport-El Dorado Pipe Line (quar.) _ 25e. Oct. 1 Holders of rec. Sept. 20a U S Mtge & Tr_ 3,000 4.915
845 7,775
57.543 5,650 - --63,002
Silver (Isaac) & Bro. Co., pref.(quar.)- _ *1,1 Aug. 2 *Holders of rec. July 20
5
Guaranty Trust 25,000 22,588 432,636 1,398 45,991 .398,024 55,949 --- Silversmiths Mines ((mar.)
2c. July 11 Itolders of rec. June 31)
Fidelity Trust__ 4,000 3,174
39,703 4,113 --- 813 5,326
43,383
Simmons Co, preferred (guar.)
*$1.75 Aug. 2 *Holders of rec. July 15
New York Trust 10,000 20,312 173,123
147,402 18,244 - -.646 19,955
Smith (Howard) Paper Mills. pref. (qu.) 2
July 12 Holders of rec. June 30a Farmers L & Tr 10.000 18,963 141,435
536 14,144 *105,685 20,900 --*Holders of rec. July 15
Southern Dairies, class A (quar.)
July 31
.$1
Equitable Trust 23,000 14,439 284,350 1,616 31,836 *305,346 28,783 --_Spanish River Pulp & Paper Mills
July 15 Holders of rec. June 30a Total of averages 320,800511,583 5,278,569 47,689 596,252c4,420,930 526,180 23,485
Common and preferred (quar.)
Steel Co. of Canada, corn. & pref. (qu.)_
1-ti Aug. 2 Holders of rec. July 7a
Sterling Products (quar.)
$1.25 Aug. 2 Holders of roe. July 15a Totals, actual condition July
35,370,568 45,710 599,830 c4,446,491 529,029 23,643
Stetson (John B.) Co., common
$2.50 July 15 Holders of rec. July 1
Totals, actual condition June 26 5,150,242 45,265 595,417 c4,293,547 514,836 23,623
Preferred
July 15 Holders of rec. July 1
$1
Totals, actual co ndition June 195,124,727 44,412 587,838 c4,258,928 505,87C 23,471
Sullivan Machinery (guar.)
to July 13
July 15 July 1
$1
Superheater Co. (quar.)
$1.50 July 15 Holders of rec. July
State Banks Not Me mbers of Fed'I Res've Bank.
Extra
July 15 Holders of rec. July 6
Si
Greenwich Bank 1,000 2.600
22.286 2,617 _ --24,083 1,968 1,991
Telautograph Co., preferred (quar.)___ _
I% July 10 Holders of rec. June 30
State Bank.... 5,001 5,324 107,811 4,783 2,064
38,399 64,897 -- Texon Oil & Land
July 21 Holders of rec. July 10a
20
Thompson (John R.) (monthly)
30e. Aug. 1 Holders of rec. July 230 Total of averages 6.000 7,925 131,894 6,751 4,055
60,685 67,514 _-- Monthly
30c. Sept. 1 Holders of rec. Aug. 230
Tide Water Associated Oil, corn.(No. 1) 30e. Aug. 2 Holders of rec. Juno 10a Totals, actual co ndition
July 2 131,447 6,585 3,903
60,235 67,380 --- Tide Water Oil. pref. (guar.)
1 5i Aug. 16 Holders of rec. July 31a Totals, actual condition June 26
131,290 6,589 4,155
59 900 ".
Tobacco Products Corp., corn. (quar.). _
July 15 Holders of rec. Juno 25a Totals, actual co edition June
61,334 67.
67,223
19 131,970 6,785 4,549
Tran.sue & Williams Steel Forg. (guar.) 50e. July 15 Holders of rec. July 3a
Tuckett Tobacco, common (guar.)
July 15 Holders of rec. June 30a
1
Trust Comp. nies Niot Mem rs of Fed 'I Res' ve Ban k.
Preferred (quar.)
July 15 Holders of rec. June 30a Title Guar & Tr 10,000
41.273 1,93
-- 65,304 1,831 4,447
18,105
Underwood Computing Mach., pr. (qu.)
Oct. 1 Holders of rec. Sept. 15
Lawyers Trust
3,000 3,231
17,652
883 1,793
8C0 ---22,191
Underwood Typewriter, corn. (quar.).. Oct. 1 Holders of rec. Sept. 4a
Oct. 1 Holders of me. Sept. 4a Total of average 13,000
Preferred (quar.)
1
,
58,925 2,739 --- 87,495 2,714 6,240
21,330
Union Storage
2 55 Aug. 10 Holders of rec. Aug. in
United Alloy Steel Corp., corn.(quar.)_ _ 50c. July 10 Holders of rec. June 26a Totals, actual or ndition
57,949 2,779 _- - July 3
86,868 2,896 6,256
United Drug. corn. (quar.)
Sept. 1 Holders of roe:Aug. 16a Totals, actual or edition
$2
57,913 2.77C --- June 26
87,859 2,597 6,213
First preferred (quar.)
8755c. Aug. 2 Holders of roe. July 15a Totals, actual cc edition June 19
56,135 2,822 - -- 86,775 2,424 6,460
United Paperboard, common (quar.)_ _ _ 50e. July 15 Holders of rec. July la
United Profit Sharing, common (par $1) /5
July 15 Holders of me. June 15a ('rd aggr., crops 339,800540.845
5,497 955. .57,154 606,547 4,540,540 596,92)23,485
Corn., no par (pay, in no par corn.stk .) (0 July 15 Holders of rec. June 15
Comparison wii ti prey. week,.. +159227 +2,546 +21507 +168,265 +16516 +27
United Verde Extension Mining (quar.)_ 75e. Aug. 2 Holders of rec. July fia
U. S. Can, pref. (quar.)
July 15 Holders of rec. June 30
(led aggr., act', cond'n July 35,588.883 55,191 609,989 4,564.675599,184 23,643
U.S. Cast Iron Pipe & Fdy.,corn.(qu.). 255 Sept. 15 Holders of roe. Sept. in Comparison wii 11 prey.
week,_ +219492 +740 +4,204 +153,315 +14270 +10
Common (quar.)
235 Dec. 15 Holders of rec. Dec. la
Holders of rec. Sept. la ('.rd aggr., act' cond'n
Sept. 15
Preferred (guar.)
,
June 265,369391 54.451605,785 4,411,360584,914 23,633
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. In Ord aggr., act' :,ond'n June 19 5 343472 53,621 598,847 4,376,397 575,91523,471
U. S. Industrial Alcohol, pref. (quar.). _
July 15 Holders of rec. June 30a Gr'd aggr., act', 3ond'n June 12 5
: :
368 651 55 971 572,136 4,381.783 565,435 23,456
U. S. Radiator, corn. (quar.)
Ord agrr., act', cond'n June
35e. July 15 Holders of rec. July 1
57,336596.676 4 424,189 570,27223,231
:
::
Gr'd aggr., act'i cond'n May 55,374280
July 15 Holders of rec. July 1
Preferred (Quar.)
6
52 589,986 4,416.009 575,867 23,916
U.S. Rubber, first preferred (quar.)_.._
Aug. 14 Holders of rec. July 20a Gr'd agrr., act' cond'n May 295413989 54
2
,
225.328.512 55,807638,070 4,395,534 565,97722,630
IJ.S. Smelt., Refg.& Mining, corn.(qu.) 8755e. July 15 Holders of rec. July 70
Preferred (guar.)
8755c. July 15 Holders of rec. July 7a
Note.
-U. S.
deposits in the general totals
Universal Pipe & Radiator. Pref. (qu.)
1% Aug. 1 Holders of roe. July 15a above were as deposits deducted from net demand
follows: Average totals July 3, $25,920.000. Actual totals July 3,
4,1% Nov. 1 *Holders of rec. Oct. 15
Preferred(quar.)
$24,585,000; June 26, $27,867,000; June 19, $27,868,000; June 12, $27,967,000;
Universal Utilities, common
July 15 June 25 to June 30
June 5, $27,969,000. Bills payable, rediscounts, acceptances and other liabilities
Preferred
July 15 June 25 to June 30
3
average for week July 3, 5581,178,000; June 26, $567,561,000; June 19, $575,450,Utah Apex Mining (quar.)
25c. July 15 Holders of rec. July 3
000; June 12, 5594,927,000;
$628,923,000. Actual totals July 3, $645,June
Vick Chemical (guar.)
Aug. 1 Holders of rec. July 15
87:5c
765,000; June 26, $573,363,000; June 19, $593,749,000; June 12, $623,985,000; Juno
5:
Vivaudou (V.), Inc., common
75c. July 15 Holders of me. July in 5, $615,424,000.
Preferred (quar.)
$1.75 Aug. 2 Holders of rec. July 15
* Includes deposits in foreign branches not included in total footings as follows:
Preferred (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
National City Bank, $161,865,000; Chase National Bank, $13,577,000; Bankers
Vulcan Detinning, preferred (quar.). _
July 20 Holders of rec. July 9a Trust
Co., $23,723,000; Guaranty Trust Co., 557,808,000; Farmers' Loan & Trust
Preferred (account accum. dividends).. h2
July 20 Holders of me. July (1a
Preferred A (quar.)
July 20 Holders of rec. July 9a Co., $2,963.000; Equitable Trust Co., $67,854,000. Balances carried in bank In
Warner (Chas.) Co. of Del., corn (quar.) 50c. July 12 Holders of rec. June 30a foreign countries DA reserve for such deposits were: National City Bank, $25,497,000;
First and second preferred (quar.)_ _ _ _
July 22 Holders of rec. June 30a Chase National Bank, $2,442,000; Bankers Trust Co., $1,046,000; Guaranty Trust
Co., $3,235,000; Farmers' Loan & Trust Co., $2,963,000; Equitable Trust CO.,
Western Grocers, Ltd., pref. (quar.).
July 25 Holders of rec. July 10
Westinghouse Air Brake (guar.)
$1.50 July 31 Holders of rec. June 300 $7,334,000.
30a
c Deposits in foreign branches not included.
Extra
25c. July 31 Holders of rec. June
Westinghouse Elec. & Mfg., corn.(guar.) $1
July 31 Holders of rec. June 30a
Preferred (quar.)
Holders of rec. June 30a
July 15
The reserve position of the different groups of institutions
$1
White Eagle 011 & Refining (guar.)
50c. July 20 Holders of rec. June 30a on the
basis of both the averages for the week and the
Williams Tool Corp., pref. (quar.)
Holders of rec. Sept.20a
2
Oct.
Wrigley (Wm.) Jr. & Co.(monthly)--- 250. Aug. 2 Holders of rec. July 20
actual condition at the end of the week is shown in the
Monthly
250. Sept. 1 Holders of me. Aug. 20
following two tables:
Monthly
25e. Oct. 1 Holders of rec. Sept.20
Monthly
25e. Nov. 1 Holders of rec. Oct. 20
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Monthly
25c. Dec. 1 Holders of rec. Nov. 20
AND TRUST COMPANIES.
Yale & Towne Manufacturing (quar.) _ _ $1
Oct. 1 Holders of rec. Sept. 10
* From unofficial sources. t The New York Stock Exchange has ruled that stock
Averages.
will not be quo ed ex-dividend on this date and not until further notice. x The
New York Curb Market Association has ruled that stock will not be quo'ed ex
Cash
Reserve
dividend on this date and not until further notice.
Total
Reserve
Surplus
Reserve
In
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Required.
In Vault. Depositaries Reserve.
Reserre.
IPayable in common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
Members Federal
Dividend is 8% per annum on paid-in amount of no par preferred stock for two
Reserve banks..
596,252,000 596,252,000 590,506,300 5,745,700
Quarters from Aug. 1 1925 to Feb. 1 1926.
State banks.
6,751,000 4,055,000 10,806,000 10,923,300 -117,300
Trust companies._ _ _
2,714,000 6,240,000 8,954,000 8,838,750
115,250
sterling per "American share."
Dividend is six and one-quarter shillings
It Stockholders have option to take either cash or stock at rate of one-fiftieth of a
Total July 3_ _ _ _
9,465,000 606,547,000 616,012.000 610.268.350 5,743.650
share of Class A stock.
Total June 26_ _ _
9,367,000 585,040,000 594.407,000 587.859.950 6,547,050
1Payable either 30 cents in cash or 23i% in common stock.
Total Juno 19_ ___
9,331,000 587,490.000 596,821,000 592.850.210 3,970,790
Total June 12_ _ _
n On basis of $20 a share.
9,485,000 587,219,000 596,704,000 593,309,380 3,394,620
o Payable either in cash or in class A stock at rate of one-fortieth of a share for
'Not members of Federal Reserve Bank.
each share held.
b This is the reserve required on net demand deposits in the case of State bankS
p At rate of $8 per annum from May 12 to July 1 1926.
s To be paid in common stock or in the event of the failure of the stockholders and trust companies, but in the case of members of the Federal Reserve Bank
at a meeting to be held Juno 25 to approve the increase in the common stock, then Includes also amount of reserve required on net time deposits, which was as follows:
July 3, $15,785,400; June 26, $15,295,230; June 19, $15,028,290; Juno 12, $14,942,the dividend is to be paid in cash.
t Dividend is one new share of no par common stock for each 20 shares outstanding. 310: June 5, $15,138,180.
JuLy 101926.]
THE CHRONICLE
Actual Figures.
Reserve
in
Depositaries
Cash
Reserve
in Vault.
Members Federal
Reserve banks
State banks*
Trust companies*
Total
Total
Total
Total
July
June 26
June 19
June 12__ _ _
a
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
179
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING
6,585,000
2,896,000
599,830,000 599,830,000 593,914,550
3,903,000 10,448,000 10,842,300
6,256,000 9,152,000 8,692,350
5,915,450
-354,300
459,650
9,481,000 609,989,000 619,470,000 613,449,2001 6,020,800
9,186,000 605,785.000 614,971,000 593,075,1401 21,895,860
9,209,000 598,847,000 608,056,000 588,297,110 19,758,890
9,155,000 572,136,000581,291.000 588,702,520 -7,411,520
*Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
July 3, $15,870,720; June 26, $15,445,080; June 19, $15,176,100; June 12, $14,864,790; June 5, $15,008,130.
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by Stale Banking Department.)
Difference!? from
July 3.
Previous Week.
Loans and investments_
$1,182,168,900 Inc. $7,665,200
Gold
5,630,900 Inc. 1,164,000
Currency notes
22,966,200 Inc.
541,700
Deposits with Federal Reserve Bank of New York_
100,173,600 Inc. 9,486,100
Time deposits
1,239,944,900 Inc. 35,744,600
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust coinpanics in N.Y. City, exchange &
S. deposits_ 1,1 v 6 : 00
1 6:5 7
28
July 7
1926.
HOUSE MEMBERS.
Changes from
previous week.
June 30
1926.
June 23
1926.
$
$
$
S
Unchanged
69,500,000
Capital
69,500.000
69.500,000
93,605,000 Dec.
163.000
Surplus and profits
93.768.000
93,768,000
Loans, disc'ts & invest_ 1,063,699,000 Inc. 6,374,000 1,057,325.000 1,050.558,000
706,685.000 Inc. 1,167,000 705,518.000 700,366,000
Individual deposits_
144,206,000 Inc. 9,011,000 135,195,000 134,358,000
Due to banks
237,088,000 Inc. 3,066,000 234,022.000 237.229,000
Timedeposits
25,692,000 Dee. 2,969,000
United States deposits_
28.661.000
29,652,000
38,352,000 Inc. 2,262,000
Exch's for Cl'g house..
36.090.000
31.411,000
85.958.000 Inc. 4,528,000
Due from other banks
81.430.000
90.907,000
84,246,000 Inc. 2,554.000
Res've in legal depos
81,692,000
80,485,000
10,238,000 Dec.
248,000
10,486.000
Cash in bank
11,057.000
11.....rnnv...nooln F is mu
1 R:17 000 Inc. 1.481.000
356.000
14.000
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending J tly 3, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits,and includes "Reserve with legal
depositaries" and "Cash in vaults."
T,UM:6 2
4
Week Ended July
Percentage of reserve, 21.4%.
RESERVE.
-State Rinks
*$40,053.900 16.33%
Cash in vault
Deposits in banks and trust cos____ 11,440,300 04.66%
-Trust Compmies$88,716,800 15.31%
36,449,800 06.29%
$51,494,200 20.99%
Total
$125,166,600 21.60%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies on July 3 was $100,173,600.
w Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Loans and
Darestments.
Demand
Deposits.
$
6.574,532,600
6.501,882.000
6,559,263,300
6,528,460,200
8,582,817,200
6,551 614,500
8.477.226.100
6,461.079.100
6.593,194,700
6,641,815,800
6,581.019.200
6,582.432,800
6,521.167,600
6.587,304,700
6,523,491,400
6,526,804,700
6.513.234,700
neozn 190 am
$
5,621,468,900
5,562,180,300
5,624,406.300
5.539.714.200
5,616,040,800
5,532,964.000
5.494.548.600
5,513,745,200
5,576.964,600
5,586,188,700
5,578.175.700
5,589.923,100
5.540,622.800
1.585,988,300
5.560,053,300
5.557,458,800
5.508.258.100
A 701 04(3 700
*Total Cash
in Vaults.
Reserve in
Depositaries
I
us ,ri Inn
COOCOC DC000
.
,
000''
1"..(0 ..h, I
g
.
nONA4N00.7
.
C;M.RiViNON000.". NMOOCC
:
Wtr.O.7.05.00WN..V
., .1,111,-..
CA
tsts010.v.NOOF,.000,i0V.MC,C
$
84,322.400
85.376.300
83,752.000
82,310,600
79,710,300
87,360,600
85.630.000
83.366,600
83,980.500
84,575.100
87,041.300
84,136,900
84,670.600
83 233.000
85.162,900
81,127,1CO
81.499,400
.$.061.:ISN. 0 .Me
.,.
00
,.
-4
MNONNNMMMMNMNN....,
t...t'.[.......-..t.ht".ht
Week EndedMar. 6
Mar.13
Mar.20
Mar.27
Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 28
New York City Non-Member Banks and Trust Companies.
-The following are the yeturns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers [0001
omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
July 3 1926
Members of
Fedi Res've Bank.
Grace Nat Bank_ __
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash.Hts_
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech Tr, Bayonne_
1.000
1.000
Loans,
Di.
Net
counts.
Profits. Investmc rz ,
e ct
t
Cash
in
Vault.
Reserve
with
Net
Net
Legal Demand Time
Deposi- Deposit,. DeposUs.
tories.
Average. Average. Average. Average.
Average.
$
12,894
1,010
6,667
3,861
1,867 12,894
54
1,010
6,667
3,861
1,867
300
1,200
1,060
2,967
9,250
31,400
809
3,195
371
1,571
6,193
26,189
2,842
5,108
1,500
4,027
40.650
4,004
1,942
32,382
7,950
4,187
6,037
500
610
9,769
412
188
500
610
9,769
412
188
Grand aggregate_ -3,000
Comparison with prey. week
6.505
63,313
+343
4,470
-56
Gr'd aggr., June
Gr'd aggr., June
Gr'd aggr., Juno
Gr'd aggr., June
6.040
6,040
6.040,
6.040
82.970
63.398
63,478
64.193
4.526
4,616
4,765
4,503
Total
26
19
12
5
2.900
2,900
2,900
2,900
4,187
3,140 a43,236
+142
+283
-2.998 a42.953
3,137 a43,759
3,054 844,115
3.137 a44,307
a United States deposits deducted, $94,000.
Bills payable, rediscounts, acceptances, and other liabilities. $1,931,000.
Excess reserve $58,040 increase.
6,037
17,848
+93
17.755
17,778
17.753
17,774
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans. disets & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal depos__
Reserve with F. R. Bank
Cash in vault •
Total reserve & cash held _ _
Reserve required
Excess res. & cash in vault_
Trust
Members of
F.R.System Companies
$44,775,0
132,217,0
864,129,0
43.559,0
119,180,0
142,344,0
612,140,0
131,510,0
885,994,0
$5,000,0
17,405.0
50,275,0
1,174,0
19,0
826,0
32.666,0
2,050,0
35,542,0
4,892,0
65,203,0
9,416,0
74,619,0
65,973,0
8,646,0
1,527,0
6,419,0
4,946,0
1,473,0
3 1926.
June 26
1926.
1926
Total.
$49,775,0
149,622,0
914,404,0
44,733,0
119,199,0
143,170,0
644,806,0
133.560,0
921,536,0
4,892,0
65,203.0
10,943,0
81,038,0
70,919.0
10,119,0
June 19
1926.
$49,775,0
149,017,0
913,048,0
38,370.0
104,902,0
134,341,0
631.178,0
131.818.0
897,337,0
4,254,0
64,304.0
11.314.0
79.872,0
69,997.0
9,875,0
$49,775,0
149.017,0
909,817,0
36,769,0
117,172,0
140,852,0
633,400.0
134,098,0
908,350,0
4,309.0
64,679,0
11,337,0
80.325,0
70.068.0
10,257,0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 7, 1926 in
comparison with the previous week and the corresponding
date last year:
July 7 1926. June 30 1926. July 8 1925.
$
$
$
247,945,000 387,946,000 356.047,000
14,056,000
10,161,000
7.974,000
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Gold held exclusively agst. F.R. notes_ 262,001,000
Gold settlement fund with F. R. Board_ 282,565,000
Gold and gold certificates held by bank_ 401,980,000
398.107,000
256,452,000
399.408,000
364,021,000
223,098,000
336,059,000
Total gold reserves..
Reserves other than gold
946,546,000 1,053,967,000
36,040,000
38.253,000
923,178,000
36,189,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obllgatlons
Other bills discounted
982,586,000 1,092,220,000
9,955,000
11,242,000
959,367,000
17,179,000
174,441,000
63,562,000
75,581,000
26.908.000
91,634,000
32,149,000
Total bills discounted
Bills bought in open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
238.003,000
52,420,000
102,489,000
55,553,000
123,783,000
38,453,000
5,391.000
59,225,000
11,266,000
9,391,000
59,868.000
13,310,000
4,912,000
64.054,000
2,256,000
75,832,000
1,343,000
82.569,000
1.507,000
71,222,000
2,835,000
Total bills and securities (See Note)
367,648,000
242,118,000
236,293,000
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
646,000
165,750,000
16,728,000
5,410,000
645,000
158,675,000
16,715,000
4,796,000
637,000
161,244,000
16,981,000
5,446,000
Total U. S. Government securities__
Foreign loans on gold
Total resources
1,548,723,000 1,526,411,000 1,397,147,000
Liabilities
Fell Reserve notes in actual circulation_ 411.903,000
Deposits
-Member bank, reserve acc't__ 889,981,000
Government
2,063,000
Foreign bank (See Note)
2,521,000
Other deposits
11,375,000
408,673,000
867,421,000
6,629.000
1,519,000
7,527,000
332,978,000
826,458,000
3,416,000
3,498,000
12,746,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
883.096,000
136.785,000
35.385.000
59,964.000
2.508.000
846,118,000
124,890,000
31,604,000
58,749,000
2,808,000
Total liabilities
905.940.000
132,879,000
35,400,000
59,964,000
2,637,000
1,548,723,000 1,526,411,000 1,397,147,000
Ratio of total reserves to deposit and
74.6%
84.6%
Fell Res've note liabilities combined_
81.4%
Contingent liability on blils purchased
14,803,000
10,731,000
14,924,000
for foreign correspondents
-Beginning with the statement of Oct. 7 two new items were added in
NOTE.
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earnings assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and se
curities." The latter term has been adopted as a snore accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Elections 13 and 14 of the Federal Reserve Act, which are the only items included
herein.
[VOL. 123.
THE CHRONICLE
180
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Ji.07 8 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 147, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 7. 1926.
July -7 1926. June 30 1926. June 23 1926. June 16 1926. June 9 1926. June 2 1926. May 26 1926. May 19 1926. July 8 1925.
$
s
$
3
$
$
RESOURCES.
$
s
s
1,322,166,000 1,462,159,000 1,467,699,000 1,530,551,000 1,472,698,000 1,450,150,000 1,455,119,000 1,475,479,000 1,461,028,000
Gold with Federal Reserve agents
47,706,000
48,330,000
54,655,000
56,277,000
14.189,000
45,
459,000
56,536,000
52,511,000
52,701,000
Gold redemption fund with U. S. Tress_
Gold held exclusively agst. F. R.notes 1,376,821,000 1,518,436,000 1,511,888,000 1,576,010,000 1,529,234,000 1,502,661,000 1,507,820,000 1,523.809,000 1,508,734,000
Gold settlement fund with F.R.Board_ - 785,731,000 656,073,000 662,190,000 604,820,000 649.124,000 662.400,000 659,899,000 644,552,000 678,327,000
Gold and gold certificates held by banks_ 644,265,000 660,419,000 672,563,000 655,795,000 654,830,000 632.169,000 648.347,000 646,301,000 597,200,000
Total gold reserves
2,806,817,000 2,834,928,000 2,846,641,000 2,836,625,000 2,833,188,000 2,797,230,000 2,816,066,000 2,814,662,000 2,784,261,000
135,177.000 144,711,000 148,892,000 147,737,000 149,341,000 149.250.000 159,375,000 162,251,000 139,493,000
Reserves other than gold
Total reserves
2,941,994,000 2,979,639,000 2,995,533,000 2,984,362,000 2.982,529,000 2.946,480,000 2,975,441,000 2,976,913,000 2,923,754,000
56,301,000
48,522,000
56.169,000
49,699,000
43,240,000
Non-reserve cash
57,227,000
47.134,000
57,851,000
53,234,000
Bills discounted:
Secured by U. S. Govt. obligations_ _ - 319,052,000 .252,879,000 225,848,000 179,301,000 213,484,000 284,841,000 233,530,000 260,670,000 230,270,000
.
293,515,000 .262,152,000 253,310,000 214,029,000 234.679,000 240.116,000 240.413,000 229,191,000 220,061,000
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
612,567,000
237,569,000
515,031,000
249.394,000
479,158,000
247,236,000
393,330.000
233,159,000
448,163,000
249,821,000
524.957,000
244,143,000
473,943,000
238,828,000
489.861,000
226,492,000
450,331,000
240,711,000
77,001,000
233,676,000
64,640,000
81,893.000
232,195,000
71,191,000
108,620,000
205,401,000
69,077,000
109,183,000
166,945.000
206,107,000
103,049,000
180,117,000
135,112,000
103,106,000
169,846,000
131,200,000
97,123.000
167.364,000
130,578,000
102.529,000
164,988,000
131,108,000
68,556,000
241,683,000
28,722,000
Total U. S. Government securities
Other securities (see note)
Foreign loans on gold
375,317,000
3,200,000
4,900,000
385,279,000
3,200,000
5,502,000
383,098,
000
3,200,000
6,700,000
182
.235,000
3,200,000
7,502,000
418,308,000
3,885,000
8,401,000
404,152,000
3,885,000
8,900,000
395,065,000
3,885.000
7,401,000
398,625,000
3,885,000
7,401,000
338,961,000
2,250,000
10,500,000
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
.
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign bunk (see note)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of gold reserves to deposits and
F. R. note liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foregin correspondents
1,233,553,000 1,158,406,000 1,119,392,000 1,119,426,000 1,128,578,000 1,186,037,000 1,119,122,000 1,126.264.000 1,042,753,000
645,000
645,000
637,000
646,000
645,000
767,000
709,000
679,000
691,000
701,324,000 641,109,000 654,976.000 882,869,000 654,385,000 693,424,000 628,953,000 720.133,000 683,492,000
59,739,000
60,326,000
59,749,000
59,735,000
59,788.000
59.657.000
59,665.000
59,661,000
59,665,000
16,272,000
20,981,000
16,288,000
16,142,000
17,966,000
16,997,000
18,691,000
17,392,000
17,828,000
4,998,511,000 4,904,353,000 4,902,858,000 5,119,348,000 4,901,784.000 4,951,259,000 4,854,482.000 4,958,582,000 4,781,642,000
1,737,500,000 1,697,279,000 1,682,769,000 1,688,150,000 1,692,939,000 1.704,136.000 1,672,817,000 1,665,240,000 1,652,290,000
2,239,886,000 2,228,839,000 2,225,306,000 2,260,827,000 2,224,486,000 2,225,270,000 2,195,200,000 2.236,640,000 2,147,100,000
11,835,000
13,282,000
10,713,000
6,136,000
12,842,000
19,750,000
4,113,000
15,792.000
24,269,000
5,910,000
4,756,000
5,728,000
5,756,000
6,307,000
4,950,000
6,200,000
4,295,000
4,798,000
15,528,000
15,173,000
20,694,000
21,610,000
17,616,000
19,303,000
16,464,000
15,833.000
18,870,000
2,279,150,000 2,259,836,000 2,258,224,000 2,290,888,000 2,251,263,000 2,261,190,000 2,243,137.000 2,280,643,000 2,187,748,000
623,289,000 589,333,000 600,319,000 779,434,000 596,619.000 625,602,000 578,476,000 653,606,000 596,963,000
122,750,000 122,770,000 122.785,000 122,804,000 122,713,000 122,670.000 122,557,000 122,464,000 115,617,000
220,310,000 220,310.000 220,310,000 220,310,000 220,310,000 220,310,000 220.310,000 220,310,000 217,837,000
14,830,000
18,451,000
15,512,000
11,187,000
17,764,000
16,319,000
17,940,000
17,185,000
17,351,000
4,998,511.000 4,904,358,000 4,902,858,000 5,119,348,000 4,901,784,000 4,951,259,000 4,854.482.000 4,958,582,000 4,787,642,000
69.8%
72.2%
71.3%
71.8%
70.5%
71.9%
71.3%
72.5%
75.3%
76.0%
75.0%
75.6%
74.3%
76.0%
75.4%
76.1%
54,338,000
54,459,000
53,583.000
55,088,000
60,219,000
62,647.000
61,347,000
61.974.000
37,829,000
$
103,690,000
466,008,000
$
113,053,000
364,981,000
725,000
$
113,420,000
329,474,000
820.000
$
98,033,000
259,881,000
141,500,000
$
105,399,000
313,665,000
61,345,000
$
100.917,000
389,101.000
57,469,000
$
108.875.000
323,614,000
650,000
$
123,897,000
352,257,000
600,000
$
82,609,000
322,798,000
1,860,000
38,395,000
29,520,000
45,322,000
29,457,000
50,908,000
33,388.000
52,537,000
32,207,000
53,419,000
33,502,000
58,109.000
32,089,000
49,157.000
30,644,000
57.835,000
38,335,000
34,552,000
58.330,000
25,661,000
54,451,000
49,794.000
49,877,000
51,826,000
49,528,000
51,812,000
49,928,000
48.717,000
41,357,000
53,373,000
43.770,000
52,318,000
46,761,000
60,064,000
62.144,000
54,232.000
49,407,000
62,894,000
41,464,000
42,534,000
40,814,000
36,326,000
38,286,000
28,393,000
33,207,000
30,827,000
27,393,000
34.524,000
28,237,000
32,431,000
25,801,000
19,490,000
27,698.000
8,341.000
25,574,000
32,453,000
33,204,000
19,210,000
3,156,000
26,348,000
64,640,000
Distribution by Maturities-1-15 days bills bought in open market_
1-15 days bills discounted
1-15 days U. S. certif. of indebtedness1-15 days municipal warrants
16-30 days bills bought in open market_
18-30 days bills discounted
16-30 days U. S. certif. of indebtedness16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness31-60 days municipal warrants
61-90 days bills bought in open market61-90 days bills discounted
61-90 days U. S. certif. of indebtedness_
61-90 days municipal warrants
Over 90 days bills boughtlin open market
Over 90 days bills discounted
Over 90 days certif. of indebtedness__
Over 90 days municipal warrants
71.6%
73.2%
2,867,000
32,779,000
70,466,000
2,703,000
33.161,000
68,257,000
3,040,000
32,492,000
64,607,000
3,106,000
30,989,000
73,767,000
2.368.000
31.205.000
73.731,000
1,242.000
29,843.000
72,093,000
1,687,000
28,071,000
72.178,000
8,304,000
27,204,000
7,652,000
F. R. notes received from Comptroller
F. R. notes held by F. R. Agent
2,858,546,000 2,870,295,000 2,860,535,000 2,879,994.000 2,872,284,000 2,850.398,000 2,848.922,000 2.842,659.000 2,937,365,000
000 869,526.000 874,057,000 859,878,000 860,303,000 861.737,000 857,338.000 1,001,026,000
835,676,000 875.091.
Issued to Federal Reserve Banks
2,022,870,000 1,995,204,000 1,991,009,000 2,005,937,000 2,012,406,000 1,990,095,000 1,987,185.000 1,985.321,000 1,936,339,000
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund Federal Reserve Board
By eligible paper
304,483,000 304,584,000 303,153,000 303,153,000 304,240,000 304,153,000 304,152.000 304,653.000 287,191,000
98,971,000
96,302,000
91,601,000 104,928,000 104.847.000 105,823.000
93,00.1,000
96,442,000 100,560,000
924.682,000 1,061,273,000 1,065,575,000 1,135,797,000 1.063,530.000 1,041.150,000 1,045.144,000 1,074,384.000 1,073,277,000
830,213,000 734,247,000 699,216,000 608,169,000 672.959,000 740,276,000 877,848,000 694.851.000 656,210,000
2.152.379.000 2.196.406,000 2,166,915.000 2.138,720.000 2.145.657 Ann 9 Ion AOa nnn n inn nein nnn n 1,1 nnn nnn,
11'7 /is Ann
-Beginning with the statement of Oct. 7 1925 two new items were added in order to show separately the amount of balances held abroad and amounts duo
NOTE.
caption, "All other earning assets", now made up of Federal Intermediate Credit Bank debentures, has been changed to
SO foreign correspondents. In addition, the
'Other securities." and the caption, "Total earning assets" to "Tots, ibille and securities." The latter term has been adopted as a more accurate description of the total
Of the discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Aot, which are the only items included therein.
*Revised figures.
Total
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 7. 1926
Two ciphers (00) omitted.
' Federal Reserve Bank of
Boston.
RESOURCES.
I
Gold with Federal Reserve Agents 129,011,0
Gold red'n fund with U.8.Tress- 3,807,0
Gold held excl. agst. F.R. notes 132,818,0
Gold settle't fund with F.R.Board 51,569,0
30,979,0
Gold and gold certificates
Total gold reserves
Reserves other than gold
215,366,0
13,583,0
228,949,0
Total reserves
2,584,0
Non-reserve cash
Bills discounted:
obligations 12,231,0
Sec. by U. B. Govt.
23,021,0
Other bills discounted
35,252,0
Total bills discounted
25,676,0
Bills bought in open market
Government securities:
U. S.
1,221,0
Bonds
9,729,0
Treasury notes
Certificates of indebtedness- 1,871,0
Total U.S. Govt.securities
12,821,0
New York.
Phila.
$
$
Cleveland Richmond Atlanta. Chicago. St. Louis. lifintseay. Kan. City
$
s
$
$
$
$
Dallas. San Fran.
Total.
$
$
$
247,945,0 103,836,0 170,693,0 38,232,0 159,643,0 143,987,0 17,513,0 60,300,0 45,797,0 20,890,0 184,319,0 1,322,166,0
14,056,0 14,125,0 3,290,0 2,835,0 3,159,0 4,236,0
813,0 1,764,0 2,001,0 1,436,0 3,133,0
54,655,0
262,001,0 117,961,0 173,983,0 41,067,0 162,802,0 148,223,0 18,326,0 62,064,0 47,798,0 22,326,0 187,452,0 1,376,821,0
282,565,0 62,062,0 64,589,0 31,403,0 28,936,0 150,846,0 16,023,0 13,311,0 35,885,0 10,606,0 37,936,0 785,731,0
401,980,0 20,021,0 41,162,0 10,921,0 3,257,0 64,534,0 18,618,0 6,874,0 4,937,0 11,155,0 29,827,0 644,265,0
946,546,0 200,044,0 279,734,0 83,391,0 194,995,0 363,603,0 52,967,0 82,249,0 88,620,0 44,087,0 255,215,0 2,806,817,0
36,040,0 5,975,0 7,445,0 5,700,0 7,876,0 18,553,0 17,832,0 2,583,0 4,946,0 7,081,0 7,563,0 135,177,0
982,586,0 206,019,0 287,179,0 89,091,0 202,871,0 382,156,0 70,799,0 84,832,0 93,566,0 51,168,0 262,778,0 2,941,994,0
9,955,0 1,037,0 2,219,0 3,194,0 4,024,0 8,261,0 4,212.0
833,0 2,144,0 1,960,0 2,817,0
43,240.0
174,441,0 26,624,0 24,142,0 13,241,0 1,838,0 30,885,0 7,560.0 2,748,0 3,833,0 2,460,0 19,049.0 319,052,0
63,562,0 17.499,0 16,129,0 30,867,0 35,339,0 31,522,0 18,442,0 3,519,0 14,188,0 12,301,0 27,128,0 293,515,0
238,003.0 44,123,0 40,271,0 44,108,0 37,177,0 62,407,0 26,002,0
52,420,0 14,457,0 23,587,0 9,941,0 20,595.0 31,151,0 8,004,0
6,267,0 18,021,0 14,761,0 46,175,0
8,908,0 11,108,0 9,181,0 22,541,0
612,567,0
237,569,0
8,246,0 9,927,0 2,693,0 2,329,0
9,599,0 20,270,0 19,863,0 32,892,0
1,905,0 4,763,0 3,943,0 14,330,0
77,001,0
233,876,0
64,640,0
2,384.0 58.889,0 26,331.0 '19,750.0 34.960.0 26,499.0 49,551.0
375,317,0
5,392,0 4,964,0 9,194,0
59,225,0 6.292,0 25,239,0
11,265,0 10,424,0 2,866,0
1,640,0
6,409,0
1,242,0
828,0 24,126,0 6,441,0
276,0 29,082,0 14,820,0
1,280,0 5,681,0 5,070,0
75,882,0 21,680,0 37,299,0
9.291,0
RESOURCES (Concluded)
Two Ciphers (00) omitted).
New York.
Boston.
$
Other securities
• Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
181
THE CHRONICLE
JULY .10 1926.]
$
372,0
74,121,0
65,327,0
4,068,0
46,0
1,343,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Phila.
$
2,000,0
405,0
$
$
524,0
$
$
700,0
196,0
260,0
$
671,0
211,0
$
$
500,0
157,0
$
191,0
172,0
Total.
3
338,0
$
3,200,0
4,900,0
367,648,0 82,725,0 101,681,0 63,600,0 61,052,0 153,098,0 60,548,0 35,582,0 64,280,0 ,50,613,0 118,605,0 1,233,553,0
646,0
646,0
165,750,0 62,190,0 67,175,0 55,403,0 31,577,0 85,637,0 36,152,0 14,106,0 49,468,0 26,693,0 41,846,0 701,324,0
59,788,0
16,728,0 1,581,0 7,409,0 2,364,0
2,872,0 7,933,0 4,111,0 2,943,0 4,654,0 1,793,0 3,332,0
517,0
647,0 3,435,0
258,0 2,948,0
5,410,0
17,966,0
317,0 1,091,0
353,0 1,061,0 1,883,0
375,095,0 1,548,723,0 353,869,0 466,754,0 214,005,0 303,457,0 638,968,0 176,469,0 141,731,0 214,629,0 132,485,0 432,326,0 4,998,511,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 143,436,0 411,903,0 128,041,0 194,552,0 71,483,0 186,849,0 192,585,0 42,743,0 64,356,0 63,781,0 37,716,0 200,055,0 1,737,500,0
Deposits:
Member bank-reserve acc't_ _ 142,291,0 889,981,0 135,652,0 170,654,0 73,183,0 70,565,0 316,804,0 83,174,0 51,104,0 92,007,0 54,185,0 160,286,0 2,239,886,0
994,0
701,0
346,0
12,842,0
115,0
891,0 1,056,0
Government
2,063,0
444,0
809,0 2,284,0 1,802,0 1,337,0
141,0
172,0
155,0
305,0
5,728,0
336,0
190,0
Foreign bank
2,521,0
420,0
605,0
473,0
176,0
234,0
124,0
56,0 5,890,0
20,694,0
197,0
243,0
158,0
Other deposits
11,375,0
247,0 1,389,0
840,0
78,0
97,0
-Total deposits
142,900,0 905,940,0 136,763,0 173,325,0 75,798,0 72,621,0 319,586,0 84,498,0 52,498,0 93,297,0 55,097,0 166,827,0 2,279,150,0
Deferred availability items
62,318,0 132,879,0 55,807,0 61,126,0 47,650,0 29,345,0 77,264,0 33,472,0 13,177,0 43,449,0 27,039,0 39,763,0 623,289,0
4,289,0 8,409,0 122,750,0
8,736,0
35,400,0 12,179,0 13,508,0 6,072,0 4,959,0 16,620,0 5,261,0 3,129,0 4,188,0
Capital paid in
17,020,0
Surplus
59,964,0 20,464,0 22,894,0 11,919,0 8,700,0 30,613,0 9,570,0 7,501,0 8,979,0 7,615,0 15,071,0 220,310.0
15,512,0
935,0
729,0 2,201,0
685,0
All other liabilities
2,637,0
925,0 1,070,0
615,0 1.349,0 1,083,0
983,0 2,300,0
Total liabilities
375,095,0 1,548,723,0 353,869,0 466,754,0 214,005,0 303,457,0 638,968,0 176,469,0 141,731,0 214,629,0 132,485,0 432,326,0 4,998,511,0
Memoranda.
73.2
59.6
72.6
55.1
71.6
Reserve ratio (per cent)
80.0
74.6
55.6
77.8
74.6
78.1
78.2
60.5
Contingent liability on bills pur
54,338,0
4,139,0
chased for foreign correspond't
14,803,0 5,173,0 5,827,0 2,886,0 2,178,0 7,460,0 2,342,0 1,743,0 2,124,0 1,906,0 3,757,0
F. R. notes on hand (notes rec'
from F. R. Agent less notes I
21.0120
93_507 () 27 A(1 n 17 112 n 1.1 19') II ,- '791 A , RAA n .c 4290 7158.0 6.852.0 3.555.0 30_348_0 285.370.6
.1
151
circulation)
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JULY 1 1936
Federal Reserve Agent al
-
Beaton.
(Two Ciphers (00) omitted.)
F.11. notes rec'd from Comptroller 221,098,0
F.R.notes held by F.R.Agent_ _ 56,650,0
F.R.notes issued to F.It. Bank 164,448,0
Collateral held as security for
F. R.notes issued to F. It. Bk.:
Gold and gold certificates_ _ _ 35,300,0
9,711,0
Gold redemption fund
Gold fund-F.R.Board_ __ _ 84,000,0
60,928,0
Eligible paper
189.939,0
Total collateral
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
New York.
Total.
785,860,0 195,076,0 261,585,0 116,565,0 278,525,0 402,670,0 67,692,0 84,841,0 111,373,0 55,258,0 278,003,0 2,858,546,0
280,360,0 39,440,0 49,920,0 30,960,0 61,955,0 181,217,0 19,520,0 13,327,0 40,740,0 13,987,0 47,600,0 835,676,0
505,500,0 155,636,0 221,665,0 85,605,0 216,570,0 221,453,0 48,172,0 71,514,0 70,633,0 41,271,0 230,403,0 2,022,870,0
17,656,0
172,697,0
7,945,0 13,212,0
8,780,0 25,655,0 14,238,0
25,248,0 11,339,0 11,913,0 3,577,0 5,405,0 3,343,0 1,068,0 3,088,0 2,937,0 2,234,0
51,000,0 92,497,0 150,000,0 9,000,0 140,000,0 140,644,0 8,500,0 44,000,0 42,860,0 1,000,0
280,393,0 52,513,0 60,736,0 53,909,0 57,722,0 93,437,0 33,988,0 15,141,0 28,939,0 23,920,0
304,483,0
93,001,0
924,682,0
830,213,0
10,000,0
13,138,0
161,181,0
68,587,0
528,338,0 156,349,0 231,429,0 92,141,0 217,365,0 237,424,0 51,501,0 75,441,0 74,736,0 44,810,0 252,906,0 2.152.379,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 147 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statemen t
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 147
1. Data for all reporting member banks in each Federal Reserve District at close of business June 30 1926. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts
38
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
96
52
75
8,414
48,661
343,031 2,488,460
644,810 2,640,750
$
13,763
416,329
372,269
$
19,000
546,102
793,883
996,255 5,177,871
802,361 1,358,985
137,218 1,031,097
250,736 1,218,475
81,171
263,524
280,609
362,202
387,954 2,249,572
344,695
642,811
Total loans and investments_ --. 1,384,209 7,427,443 1,147,056 2,001,796
98,065 766.138
Reserve balances with F. It. Bank_ _
80,315 122,831
20,827
Cash in vault
79,753
14,918
30,059
913,097 5,869,390 774,728 1,040,622
Net demand deposits
417,004 1,262,809 229,289 826,992
Time deposits
26,058
32,149
Government deposits
19,693
19,781
Billsjpay. & redisc. with F. R. Bk.:
6,900
Secured by U.S.Gov't obligations
57,048
6,401
22,918
16,404
All other
13,023
11,308
6,172
Total loans and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
Totalinvestments
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. It. Bank cities:
Due to banks
Due from banks
23,304
70,071
131,451 1,192,923
48,771 109,639
Total.
68
$
5,384
136,326
367,144
99
33
24
67
48
21,479
5,663
102,690 824,924
386,509 1,277,240
7,420
194,031
304,910
$
2,663
67,404
164,524
3,886
107,012
327,561
$
4,034
68,979
227,994
508,854
494,862 2,123,643
506,361
234,591
438,459
301,007 1,192,249 14,135,498
42,459
58,105
325,963
459,444
62,285
115,412
69,296
46,031
103.060
90,159
133,885
100,564
785,407
177,697
115,327
193,219
642,739
39,755
13,311
370,652
215,221
6,232
595,426 2,909,050
35,824 258,611
50,284
11,603
330,396 1,803,108
226,611 1,052,337
14,519
8,068
684,058
43,755
7,807
402,155
213,682
5,468
349,918
21,570
5,704
221,238
110,090
2,796
631,678
56,976
11,964
501,927
147,301
5,563
66,651
67,234
36
66
702
$
148,415
8,048
279,578 5,574,866
904,623 8,412,217
54,368
22,971
257,403 2,511,580
214,893 3,169,186
77,339
472,296 5,680,766
378,346 1,664,545 19,816,264
28,573 108,271 1,660,684
10,436
277,274
20,608
261,206 763,587 13,252,16
99,349 849,140 5,649,825
6,814
163,864
16,723
5,135
10,673
2,047
17,228
44,954
20,464
4,616
11,544
80
160
524
5,354
485
2,730
9,325
13,003
160,433
128,063
22,328
288,496
17,70
29,090
15,808
19,275
65,418
16,160
240
5,878
3,215
182,677
68,719
46,272
35,313
26,843
14,309
14,143
10,614
391,953
164,011
79,104
26,765
46,692
19,476
93,855
40,135
26,388
24,404
98,416 2,330,717
614,325
52,169
3. Data of reporting member banks In New York City, Chicago, and for the whole country.
Ail Reporting Member Banks.
Reporting Member Banks in Chicago.
Reporting Member.Banks in N. Y. City.
June 30 1926. June 30 1926. July 1 1925. June 30 1926. June 23 1926. July 1 1925. June 30 1926. June 23 1926. July 1 1925.
Number of reporting banks
702
703
59
62
58
733
Loans and discounts, gross:
$
$
$
$
$
$
Secured by U. S. Gov't obligations
148,415,000
44,927,000
142,936,000
57,898,000
44,553,000
178,572,000
Secured by stocks and bonds
5,574,866,000 5,419.602,000 5,167,857,000 2,209,125,000 2,063,443,000 2,156,973,000
All other loans and discounts
8,412,217,000 8,382,980,000 8,029,008,000 2,296,513,000 2,275,736,000 2,152,715,000
46
$
15,537,000
618,294,000
701,069,000
46
$
13,009,000
617,855,000
701,476,000
46
$
22,973,000
560,653,000
683,255,000
Total loans and discounts
14,135,498,000 13,945,518,000 13,375,437,000 4,550,191,000 4,384,106,000 4,367.586,000 1,334,900,000 1,332,340,000 1,266,881,000
Inveatments•
U. S. Government securities
2,511,580,000 *2,508,115,000 2,549,105,000 913,337,000 911,446,000 933,987,000 184,099,000 163,743,000 179,867,000
Other bonds,stocks and securities_ 3.169,186,000 *3,147,387,000 2,967,457,000 907,079,000 892,942,000 876,783,000 219,459,000 204,995,000 206,788,000
Totalinvestments
5,680,766,000 5,655,502,000 5,516,562,000 1,820,416,000 1,804,388,000 1,810,770,000 403,558,000 368,738,000 386,655,000
Total loans and investments
19,816,261,000 19,601,020.000 18,891,999,000 6,370,607,000 6,188,494,000 6,178,356,000 1,738,458,000 1,701,078,000 1,653,536,000
Reserve balances with F. R. Banks
1,660,684,000 *1,664,507,000 1,662,066,000 . 709,170,000 701,535,000 702,711,000 170,611,000 179,299,000 181,013,000
Cash in vault
277,274,000
274,779,000
62,787,000
63,198,000
64,273,000
278,125,000
21,424,000
23,973,000
21,781,000
Net demand deposits
13,252,106,000 12,900,556,000 13,053,739,000 5,262,451,000 5,036,073,000 5,215,561,000 1,184,987,000 1,164,137,000 1,173,348,000
Time deposits
5,649,825,000 5,607,618,000 5,172,152,000 846,914,000 834,568,000 796,780,000 514,041,000 506,788,000 478,422,000
Government deposits
163,864,000
187,822,000
32,812,000
28,710,000
14,966,000
112,855,000
6,229,000
11,625,000
10,057,000
Rills payable and rediscounts with
Federal Reserve Banks'
160,433,000
Secured by U. S. Govt. obligations
136,254,000
24,200,000
185,714,000
40,425,000
68,595,000
9,962,000
28,229,000
18,972,000
All other
128,063,000
119.733,000
11,435,000
121,395,000
9,540,000
28,066,000
4,075,000
5,208,000
2,552,000
Total borrowings from F. R. bk8.-
288,496,000
255,987,000
307,109,000
49,965,000
Loans to brokers and dealers (secured by stocks and bonds) made by 58 reporting
member banks in New York City:
For own account
____ - _ ----------------------------------------- 1,102,844,000
For account of out-of-town banks
883,587,000
For account of others
578,746,000
Total
On demand
On time
$ Revised figures.
35,635,000
96,661,000
33,437,000
•
974,700,000
942,764,000
615,434,000
2,565,177,000 2,532,898,000
1,889,762,000 1,859,579,000
675.415.000 673.319.000
21,524,000
14,037.000
182
THE CHRONICLE
[VOL. 123.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
-Below
we furnish a daily record of the transactions in Liberty Loan
Wall Street, Friday Night, July 9 1926.
bonds and Treasury certificates on the New York Stock
Railroad and Miscellaneous Stocks.
-The review of the Exchange. The transactions in registered bonds are given
m a footnote at the end of the tabulation.
Stock Market is given this week on page 169.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the Daily Record of U. S. Bond Prices. July 3. July 5. July 6. July 7. July 8. Jul,/ 9,
--pages which follow:
First Liberty Loan
High
10112,2 10112,2 1011°s2
fl3aniter5' Mazettt
1011
.6
3)4% bonds of 1932-47_ _{Low_
10110st 1011232 101932 1012s2
(First 3)45)
Close
1011932 101'n 1019n 1012as
Total sales in $1,000 units__
55
153
57
71
Converted 4% bonds of {High
1011932
Lowest.
Highest.
Highest.
Lowest.
1932-47 (First 48)
Low..
--__ 1011932
____
---.
Total__Close
---Par.Share $ per share. $ per share. $ per share.$ per share.
sales in $1,000 units...---- 1011032 - ____
Railroads.
Converted 434% bonds {High
1
0212n 1021932 102123s 10212m
Nat Rys Mex. 1st pf _100 60
6% July 8 6% July 8 4% Ap 8% Jan
of 1932-47 (First 4%s) Low_
N Y & Harlem
102%, 1021432 102",, 10214s1
20 187
50
July 6 187
Jan
AP 205
July 6 175
Close
1021,32 10216st 102ust 1021S1
N Y Rys,2d stamped _
11 112
July 112
July
July 9 112
July 9 112
Total sales in $1.000 units__ _
25
Reading rights
71
1
1,000 17% July 9 18
July 6 16% Mar 22% Feb
54
Second Converted 4)4/High
----------bonds of 1932-47 (First Low_
Industrial &
-----------Second 4%s
Close
Amerada Corporation_ _* 18,600 29% July 8 30% July 6 24% May 31% June
-----------Total
Amer Home Products. _* 1,200 25% July 6 25% July 7 24% May 26% Apr Second sales in $1,000 units...
------------Liberty Loan
High
Amer Power & Light _ __* 4,30 60% July 6 61% July 6 5031 May 61% July
--------4% bonds 011927-42 _ _ Low_ HOLI- HOLI- 1002132
DAY DAY 100"32
Amer Sumatra Tobacco
---------(Second 4s)
tClose
Opt A ctfs
1002132
100 1,300 25% July 9 27% July 6 14% Apr 28% June
------Total sales in 31.000 units__ _
---Amer Tel & Tel rights __ 74,8956 1-16 July 6 634 July 9 5% May 634 July
Converted 434% bonds {High
Am Wholesale, pref _ _100
100",,io•i23i., 1obi'I., 100-213;
July 100
200 99 July 699 July 6 99
Jan
011927-42 (second
Low_
Auto Sales, preferred_50
10021,2 101329,2 100u:1 100"si
Jan 28
100 28
July
July 628 July 6 18
454s)
Close
Bloomingdale Bros_ _ __*
10021.2 100"32 10029 1002231
July
500 29% July 830 July 9 28 Jun 30
.1
Total sales in $1,000 units_ __
By-Products Coke
120
134
* 2,00 54% July 6 59% July 7 53 June 59% July Third Liberty
202
64
Loan
{High
Collins & Aikman
1011532 10112s2 1011233 101123;
* 5,500 41
July
July 643 July 9 34% May 43
434% bonds of 1928_ __ _ Low_
Preferred
1011232 1011232 10112
100 600 103% July 7105% July 9 98% May 105% July
.2 101110
(Third 434s)
Close
Corn Cred Pr (630_100
' 101",, 1011331 101113I 1011231
1
92
July 992 July 9 90 June 9934 Feb
Total sales in
Com Inv Tr Pr(6%)_100
148
May 100
312
114
71
Jan Fourth Liberty $1,000 units.._
100 91
July 991
Jull 9 89
Loan
{High
Congress Cigar
103.00 102
032 1021932 102"s;
* 7,700 42% July 6 44% July 7 40% May 44% June
434,, bonds of 1933-38_ _ Low_
Cushman's, pref 7%_100 200 104
1023032 10229
May
.2 102213, 10222s;
July 8 £9% Feb 106
July 8 104
(Fourth 4;(s)
Close
Devoe;Rayn 1st pf 100
1021932 1022232 10222
Mar 109
Jan
.2 10229s;
July 8 99
100100 July 8 100
Total
383
Eisenlohr Bros
298
71
25
100 14
July 7 11% Jun 20% Feb Treasury sales in $1,000 anUs___
93
July 714
(High
Electric Boat
1081232 1081222
Mar 8% Feb
____ 108113;
* 2,50
1 5% July 9 5% July 6 4
4%s, 1947-52
Low_
103932 108232
Electric Refrigeration_ _* 12,300 72% July 9 7534 July 6 62% May 78% June
-___ 1083;
Close
108932 1082n
Equit Off Bldg, pref _100 1.000107 July 7110
July
--__ 108111;
July 6 99% June 110
Total sales in $1,000 units..
Famous players rights__ 14,800 4
43
17
July 9 4% July 6 4 June 5% June
4s, 1944-1954
{High
1041032 104123s 10416n 10412s;
May 107
First Nat Pic, 1st 91_100 400104
Feb
July 710434 July 9 96
Low_
104232 10412n 1041132 104232
Fisk Rub,1st pf cony 100
Mar
200 98
July 698 July 6 94 June 107
Close
General Electric, new _ _*33,20 85% July 687 July 6 79 June 87% June
1041932 10411,2 10411
.2 104232
Total sales in $1,000 units_ __
Gotham Silk Hoa'y,new * 1,500 47% July 8 48% July 7 47% July 49% June
I
111
2
1
(High
Gen Motors, pf6% _ _100
1012232 10121.2 10124n 101"31
Feb 103% May
100 1,132
July 8102 July 8 99
3%s, 1946-1956
Low_
Intercont'l Rubber _ _ _ _* 1,700 15% July 8 46% July 8 13% May .
.2
10122 10121.2 1011432 101113;
21% Feb
Close
Internat Tel & Tel rts_ _ _ 1,200 7% July 6 7% July 7 7 June 8 June
101223s 1012432 10111s2 101213;
Total sales in $1,000 units_ _ Kinney Co, pref
31
100 500 94
38
5
30
July 695 July 8 93% Mar 9934 Jan
Lago Oil & Transport. *37,600 21% July 8 22% July 6 19% May 24% June
Lambert Co
*25,800 51% July 6 55% July 8 39% May 55% July
Note.
-The above table includes only sales of coupon
Life Savers
* 600 21
July 6 21% July 7 17% May 22 June bonds.
Transactions in registered bonds were:
Louisiana Oil Ref, p1-100 400 95 July 897 July 9 95
July 97
July
Manila Electric rights_ _ _ 1,100
% July 6
% July 9
36 June 1% June 18 1st 4%,
1021032 to 102
031 25 3d 434s
101232 to 10111n
1 2d 4s
Miller Rubber ctfs
May 44% Feb
300 33 July 633 July 6 30
100. to 100431 59 4th 4%s
1.2
1022132 to 10222s2
N Y Air Brake rights... 11,700 1% July 7 234, July 6
July 2% July 14 2d 4%s
1002132 to 10021n 6 Treasury 4%s
108132 to 108132
N Y Canners, 1st pref *
Apr
84% July 9 83 June 85
100 84% July 9
Omnibus Corporation..* 90 16% JulY
16% July 8 14% Mar 22% Feb
Pacific Tel & TeL
July
Jan 125
July 6 117
100125
July 6 125
Foreign Exchange.
--Sterling exchange was a shade easier
Panhandle P & R,pf_100
Jan 99% June on
100 79% July 9 79% July 9 51
free offerings; trading was generally quiet. In the
Penick & Ford, pref_100
July 104 June
100 99 July 799 July 7 99
Phillips Jones, pref. _100
Mar Continental exchanges violent fluctuations
July 83
100 80 July 780 July 7 80
accompanied by
P13 of N J,6% pref _ _100
300 99 July 6100% July 8 96% Apr 100% Jan the
establishment of new low records for francs and lire
Southern Calif Edison_25 2,200 31
July 6 31% July 9 30% June 32 June
Southern Dairies, cl A.* 1,500 51% July 8 52% July 6 43
Mar 53% June occurred as a result of heavy selling by foreign speculative
Class B
Mar 35% June interests.
*15,800 3234 July 7 33% July 7 22
Spalding Bros, 1st p1.100
Jan 105% June
100 105
July 6 105 . July 6 101
To-day's (Friday's) actual
Thompson (J R) Co__25 1,100 4536 July 747 July 6 42% May 48 June
rates for sterling exchange were* 4 85 13-16
Union Carb & Carbon_ _* 13,000 84
85% July 8 7734 Mar 86% Mar 04 86 7-32 for checks and 4 86 5-1604 86 23-32 for cables. Commercial
July
United Dyewood, p1_100
Jan on banks sight, 4 85 19-3204 86, sixty days, 481 15-3204 8134; ninety
50W July 7 50% June 58
1
50% July
days, 4 79 19-3204 80, and documents for payment
Vicksburg Chemical_ _ _* 1,600 454 July 6 46% July 9 44% May 51% Feb
(60 days). 4 81 19-32
Virginia C & C, pref _100
Jan 04 82; cotton for payment, 4 85 19-3204 86, and grain for payment,
July 75
July 972 July 9 72
100 72
Vivaudou, pref
100
98% July 8 94% Jan um% Feb 4 85 19-3204 86.
200 98 July
To-day's (Friday's) actual
July
West Penn Pow,p1(6)100
Mar 101
July 6 95
1 101
rates for Paris bankers' francs were 2.510
July 6 101
Wilson & Co, pf, new_l
May 51% July 2.61% for long and 2.5402.64% for short. German bankers' marks are
July 8 51% July 9 42
50
7
July 134 July not yet quoted for long and short bills. Amsterdam bankers' guilders
Yellow Trk & Coach, rte 4,200 1
1% July 8 1
July
were not quoted for long,
and 40.0936 for short.
•No par value.
* Sixty days withdrawn.
...
franaaha ggeandP8 is onra :a lan 187.10 francs; week's range,
E nc hin h at 1ar so f L n do w
9
n
180.05
,.
New York City Banks and Trust Companies.
The range for foreign exchange for the week follows:
AU prices dollars per Woe
Sterling Actual
Cables.
Sixty Days. Checks.
High for the week..
Banks-N.Y. Bid. Ask.
(Quotation
4 85 13-16 4 86 23-32
Banks.
Bid. Ask. Trust Cos. Bid. Ask,
Low for the week
Americas.... 340
withdrawn) 4 86 7-16
York.
4 86 5-16
New
Hamilton_
195 205
Paris Bankers' FrancsAmer Ex Pee_ 445 450 Hanover
-_
1045 1055 AmericanHigh for the week
Amer Union*. 210 220 Harriman__ _ _ 575 590 Bank of N Y
2..73
251%
27
.4
.%
5
2.69%
2
Low for the week_
Bowery EastR 400 410 Manhattan*
2.47
& Trust Co 623 630
225 229
Germany Bankers' Marks
Broadway Cen 345 365 Mutual*
Bankers Trust 630 635
500
High for the week_
7
23: 1
3 89
Bronx Boro... 1350 1450 Nat America 180 195 Bronx Co Tr_ 315 330
23.81
Low for the week
Bronx Nat_ _ _ 430 460 National Cit 610 615 Central Union 8 5 868
23.79
2 8
5
Amsterdam Bankers' Guilders- --Bryant Park* 200 225 New Neth*
265
265 275 County
High for the week_
(Quotation 40.14
Butch & Drov 175 182 Park
40.16
340 350
485 490 Empire
Low for the week
awn L
st. LO. .
13
s
)
Capitol Nat__ 205 220 Penn Exch_ _ _ 124 134 Equitable Tr_ 268 271
40.15
Domestic Exchange,-Chicago, ithdr
Cent Mercan_ 270 280 Port Morris__ 225
Farm L & Tr_ 558 564
15@25c. _per $1,000
wpar
.
discount. Boston, _par. San Francisco, par. Montreal, $1 0934 per
Chase
422 425 Public
90 288
83
2
540 560 Fidelity Trust 3
Chath Phenix
$1,000 premium. Cincinnati, par.
Seaboard
410
640 650 Fulton
Nat Bk &Tr 360 364 Seventh
Guaranty Tr_ 383 390
170 180
Chelsea Exch* 245 255 Standard
600 650 Irving BankThe Curb Market.
Chemical._ _ 795 805 State*
-The review of the Curb Market is
322 326
Columbia
595 605
Colonials_
600
.
Trade*
157 162 Lawyers Tr ....
given this week on page 169.
Commerce... 381 385 United
215 230 Manufacturer 524 528
A complete record of Curb Market transactions for the
Com'nwealth* 300 308 UnitedStates* 315 320 Mutual
(Wes
Continental_ _ 270 290 Wash'n Hts*_ 800 900
cheater) ___ 185 200
week will be found on page 197.
Corn Exch_ _ _ 590 595
Brooklyn
N Y Trust___ 535 540
Cosmop'tans_ 225 250 Coney Island* 375 -_ Title Gu & Tr 692 697
Fifth Avenue*2200 2400 First
1375 400 U S Mtg dr Tr 400 410
CURRENT NOTICES.
First
2550 2580 Mechanics'.. 310 320 United Stat 1735 1755
Franklin
170 190 Montauk... 305
-National Bank of Commerce in New York has been appointed transfer
Westches Tr_ 500
Garfield
365 375 Municipal* __ 295 505
Brooklyn.
agent of the 8% cumulative convertible preferred stock and common stock
Globe Exch.* 220 240 Nassau
355 370 Brooklyn ____ 780 790
of the Leonard, Fitzpatrick, Mueller Stores Company.
Grace
350
People's
600 650 Kings County 2100 2300
Greenwich• __ 530 550 Queensboro* _ 200 215 Midwood____ 265 275
-R.M. Grant & Co. are issuing a special booklet containing a thorough
description of the Moffat Tunnel in Colorado which is nearing completion.
•Banks marked () are State banks
9
(s) Ex-dividend
)
( New stock.
Ex-rights
-Schoellkopf, Hutton & Pomeroy, Inc., Buffalo, N. Y., announce that
Frederick A.Terry has been appointed manager of their trading department.
-Watson & White, New York City, announce that A. M. Thompson
New York City Realty and Surety Companies.
has become associated with them in charge of their Trading Department.
AN prices dollars per share.
-Allan S. Noyes, formerly Western Manager of the National Quotation
Bid. Ask.
Bid. Ask.
I Bid. Ask.
Bureau, has become associated with the Chicago office of Noyes & Jackson.
47 Mtge Bond__ 147 153 Realty Assoc
Alliance R'lty, 42
(Bklyn)corn 225 230
Amer Surety.l 197 200 Nat Surety _ _ 221 224
-The Spear Securities Corporation of New York City announces the
1st pref _ _ _ _ 89
94
Bond & M Gk.! 333 338 N Y Title &
election of Louis J. Robertson as Vice-President of their organization.
89
Mortgage.. 476 481
2d pref_
85
Lawyers Mtge, 286 289
U S Casualty_ 310 330 Westchester
Lawyers Title:
-Investment offices have just been opened in San Francisco by
John
Title & Tr_ 500
dc Guarantee 297 302
C. Feys & Associates, Inc., investment bankers of Los Angeles.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. -Pearsons-Taft Company, San Francisco, announce the opening of
their new offices at 315 Standard Oil Building.
Int.
-Troy & Co., Chicago, announce that Edwin William Todd has become
Rate.
Bid. Asked.
Maturity.
Bid. Asked.
Rate.
Maturity.
associated with them as Vice-President.
32
Dec. 15 1927._ _ 434% 1013 10117,2
-C. Sewall Clark was on July 1 admitted to membership in the firm of
,
Sept. 15 1926... 434% 100 21 100731
Mar. 151927... 4%% 100,132 10031,1
,
% 100 16 10034
Dec. 15 1926 ___
E. W. Clark & Co.. Philadelphia.
STOCKS.
Week Ended July 9.
Sales
for
Week.
I
Range for Week.
Range Since Jan.1.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
183
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive,
see preceding page.
PER SHARE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Sites
STOCKS
Range Since Jan. 1 1926
Range for Previous
-- for
NEW YORK STOCK
On basis of 10(1-share lots
Monday,
Tuesday, I Wednesday, Thursday,
Year 1925.
Friday,
the
EXCHANGE
-------- ------July 5.
July 6. I July 7.
July 8.
July 9.
Week.
Lowest
Highest
Lowest
Htchest
Per share $ per share $ per share $ per share $ per share
$ p rshare
Shares.
$ per share
$ per share I per share I per Saar,
Railroads.
Par
*4412
_ _ *4412
*4412
*441
,
A Lib Arbor
. 100 44 Jan lv
45 Jan 6
22
Feb
*69 2 -- *6912
,
48
Dee
*6912
*6912
Do pref.....
_ 100 6412 Jan 21
693, Jan 27
40 Mar 67
13734 13812 137% 13814 1375 1383 137 13812
Dec
s
4
9,000 Atch Topeka & Santa Fe_ _ 100 122 Mar 30 1403
8May 28 11614 Jan 1404 Dec
98
9812 *977 98,2 98
8
98
9814 9814
800
Do pref.
100 944 Mar t. 100 June 12
9212 Feb
58
98 Dee
5
8
5
8
58
12
5s
1,000 Atlanta Blrm & Atlantic... 1110
5
8
5
8
12May 28
10 Jan 2
3
*220 222
Jan
221 22312 22212 22212 2221 226
11% Dec
,
5,300 Atlantic Coast Line RR_ _100 18112 Mar 30 2624 Jan
94% 9514 9412 9518 9412 957
Dee
8 9518 9612 56,100 Baltimore A Ohio..... _ 100 8312 Mar 3 9612.June 2 i4714 Jan 268
.
12
71 Mar
7118 7114
71
9412 Dee
71
8
713 7112 *715 717
8
8
500; Do prof
100 6712 Jan 6 711 June 24
,
62% Apr
4014 4014 *40
6734 Nov
41
*40
41
403 403
4
4
200 Bangor di Aroostook
50 33 Mar 2 46 Feb 1
3514 Mar 5612 Nov
*99% 101
*997 101
8
*99% 101
*9978 101
I Do prof_
100 977 Feb
8
10012 Apr 29
89 June 100
6212 623
63
4 63
Oct
62% 6312 631, 65
13,900 Akin Manh Tr v t e_.
.No par 514 Mar 31 (1914 Feb 5
3518 Jan
845 84% 848 848 847 85
8
64 Nov
8
847 8512
8
1,400 Do uref v t C
No par
78 Mar 31 8614 Jan 29
72% Jan 833 Dee
4
1112 1112 *1012 114 *1012 1114 *1012
100 Bruns,Ick Tern, & Ity See 100
1114
812 Mar 4
1438 Mar 18
3 Feb
174 Nov
*75
763 *75
78
4
80
80
*75
78
2 Buffalo Rochester & Pitts. 100 6934 Mar 26 84 Jan 4
48
Apr
92% May
55912 6614 *5912 66
*5912 66
*5912 66
Canada Southern
. 100 58 Jan 15 61 June 14
56
16412 1653 16412 165
Jan
59 May
4
16478 166
166 16614 6,900 Canadian Pacific_ _____
100 14612 Jan 9 16611July 9 13612 Mar 152% Jaa
*285 290
200 291
292 292 *280 292
600 Central RR of New Jersey. 100 240 Mar 30 305 iau 11 265 Mar 321
13712 138% 13718 13912 1393 1437 14114 14414
Jan
4
8
53,500 Chesapeake dr Ohio
100 112 Mar 2 14414 July 9
13814 13814 *138 141
8914 Mar 1304 Dec
142 142
143 143
300 Do pref
100 119 Jan 20 143 July 9 10514 Apr 130
*8
Dec
5,
2 *58 5 2
,
512 512
538 5 2
,
700 Chicago A Alton _
414Msv 18
100
11% Feb 20
834 83
3% Apr
4
812 81 2 *8 4
10% Feb
,
9
8%
878
400
Do prof
100
618Nisy 18 1814 Feb 13
*205 225 *205 225 *208 225
518 Apr
1912 Feb
225 225
100 C C C& St Louis
100 173/4 Mar 29 227 Apr 29 140 May 200 Dee
*33
35
*333 34
4
*333 34
4
33
33
100 Chic & East Illinois RR__ 100 3014May 10 37 Feb 10
4313 *423 4312 43
*43
2934 Mar
4
3814 Aug
43
42
43
500 Do pref..100 3(112 Mar 31
5134 Feb 10
40 Mar 5714 Jan
912 93
4
4
91 10
912 97
8
912 97
8 2,600( hiergo Great Western.. t011
,
4
73 Mar 31
12 Feb 20
25
9
25$8 243 2478 2414 245
Jan
8
15
Feb
8 2418 24%
,600 Do pref
100 1614 Mar 30 28 Jan 2
11
1134
1914 Mar 32% Feb
11
11
11
11
11
11
6.000 Chicago Nillw A St Paul..„ 100
9 Mar 29
1412 Jan 6
11
314 Apr
1134 *105 11
8
16% Jan
1034 11
1034 11
5,900 Certificates
100
818 Apr 20 14 Jan 8
1814 1812' 1812 183
7 Sept
4
1814 181. 18
11 Nov
1814 3,900 Do pref
100 141s Mar 31
2214 Jan 9
7
1814 1814 183 183
Apr
8
4 181s 184
2811 Jan
18
18
2,200 Preferred certificates._.100
14 Apr 20 217 Jan 5
8
12% Oct
723 733
8
8 72 8 723
,
22 Nov
4 723 7314
8
73
73 2 4,100 Chicago Ar North Western_ 100 (1514 Mar 30 81% Jan 2
,
47
*123 12512 *121 12512 125 125 *125
Apr 80% Deo
12512
100
Do pre:
.100 11812 Jan 4 12612 Apr 30 1013 Apr 120 Dee
5514 56
8
545 5514 5414 554 5418 5512
4
10,200 Chicago Rock Isl & Pacific_ 100 4012 Mar 3 603, Jan 15
4018 Mar 587 Dee
9812 9812 9812 9812 *981 99
8
,
99
9914
800 Do 77 preferred
100 9(1 Mar 4 1011,June 9
92
Jan 100
8712 *8714 8712 87% 87% 87
87
Deo
8712
800 Do 6% preferred
.100 8314 Mar 31
90 Jan 29
82 Mar 8912 Mar
*51
*50
54
54
*50
54
*50
54
Chic St Paul Minn dr Om. 100 48 Apr 5 63 Jan 26
3318 Apr 5912 Jan
*100 115 *100 115 *100 115 *100
115
Do pref
. 100 100 Mar 16 114 Jan 11
60
4
603 *60
73I4 Apr 12018 Dec
61
*60
61
61
61
1,0001Colorado & Southern
100 52 Mar 3 65 Jan 13
6712 6712 *6612 _ _ _ _ *66
4418 Jan
704 Sept
____ *66
_ __
100 Do 1st prof
62 Mar 2 6812June 7
69 Mar 6634 Dec
*64
____
6312 64
*6312
*6312
200 Do 2d pref _ _, _. ____ . 1%0 59 Jan 11
64 July 7
1°
6212 Aug
54
16412 16434 *163 165
Jan
164 1647 16412 16412
500'Delaware & Hudson__. _ 100 15014 Mar 30 17414 Mar 12 13312 Mar 155
14112 14112 14112 14112 14112 14'314 14012 14358
2,800 Delaware Lack & Western_ 50 129 Mar 30 15312 Jan 12 125 Mar 14734 Apr
4118 4118 42
42
42
June
42
42
1,500 Deny Rio Or de West prof 10
3712May 19 47 Jan 2
*312
41
, *312 41, *312 41 2 *312 43
345s Oct 60
Jan
41
,
D ucuth Sou Shore & Ad__ _10(
Er
3 May 20
54 Jan 23
23g Apr
*53
4 614
4 614
*53
512 Dec
*53
4 614
*53
4 614
Preferred10(
538May 19
814 Jan 18
37
373
3% Apr
s 3612 38
378 3834 373 3858
818 Dec
8
44,600
2212 Mar 29 40 Jan 2
4512 46
4514 463
26% May
39% Dec
4 4534 477
4614 477 47,500 Do let pref
8
Stock
0
1
1 3334 Mar 3(1 477g July 8
44
35 June 467 Jan
44% 44
44% 4414 4512 4414
8
45 2 23,000 Do 2d pref____
,
100 30 Mar 30 4512 July 8
735 74
8
34 June 4334 Jan
738 7414
74
74$8 737 7418 4,000 Great Northern prof
8
Stock
Exchange
100 6812 Mar 30 784 Jan 4
2118 2138 21
60
Apr 82% Der
21
21
2114 *21
2112 1,100 Iron Ore Properties_ .No par
19 June 2 2714 Feb 15
36% 36% 35
25 Dec 40% Jan
36
3512 36
*35
36
1,000 Gulf Mobile & Northern_ _100 2518 Apr 20 3914June 22
Exchange
106 106
Closed;
23 Mar 36% Sept
106 107
106 106 *10512 10714
400 Do pref
_100 95 Mar 29 10712June 22
3818 3858 3814 3858' 3812 3812 3812
8912 Mar 10914 Sept
3812 1,500H udson & Manhattan _ _ _ _100 3451 Jan 22 40 Apr 8
Closed;
Indepencl- *7712 7814' 7814 7814 *76
2134 Mar
3838 AuE
80
*75
80
100! Do pref
1(0 673 Mar 31
00
11
78(4 July 7
4
12134 12238 12112 122
6412 Feb 72 July
122 12212 12114
Extra
11312 Mar 3 124 Jan 2 111 Mar 12512 Dec
ence Day *12134 125 *1213 125 *12134 125 *12134 12218 2,7001 Illinois Central
4
128
Do pref..
100 11512 Mar 30 12312 Jan 2 11212 Apr 12514 Dec
*7418 75 I 748 75
7414 7414 *741s 74%
Holiday
Railroad Sec Series A..1000 714 Jan 6 77 June 23
Holiday
*27
6814 Aug
28
27
27
744 Dee
2612 263 *263 2712
4
4
200 Int Rye of Cent America_ 100 2514 Mar 30 31 Feb 13
18
Jan
3318 Sept
*64
66
*64
66
*6414 66
*6414 66
Do pref
62 Mar 3c 66 June 24
5911 Jan 6612 July
41
4314 4114 42% 4178 4314 41% 43
17,500 Interboro Rap Tram v t el:1001 2412 Jan 15 5214May 25
10(
- 1312 Mar
2 *_
2
3412 Feb
*-- -2
311 Jan 15
Iowa Central
114May 12
100
112 Jan
4512 46
4434 451 2 4412 45
312 Mar
44
4514
10(1 3414 Mar 3 49% Jan 13
285s Mar
*6614 68
663 66% 66% 663 *6638 6612 5,000 Kansas City Southern
51
8
Dec
8
500
Do prof.
661 ..June 30
,
100 60% Mar 31
57
Jan
8734 8734 8712 8712 873 883
6314 Dee
8
8 88
883
8 2,100 Lehigh Vallee
50 7512 Mar 3 8938June 22
69 Slur
135 136
8812 Dec
1354 136
13618 13714 13618 1383
4 2,900 Louisville & Nashville
100 118 Mar 30 143 Jan 4 106
Jan 148 Dec
8912 8912 *8914 90
*8914 90
*8914 90
100 Manhattan Elevated guar_100 84 Mar 3 9234 Apr 20
64 May 11912 Sept
535 5418 54
5312 54
8
5612 54
55% 15,100 Do modified
381s Jan 26 617
8May 28
3218 Mar 5114 Feb
guar
*6
7
*6
7
*512
*512 7
7
Mallet Street KY ---- ---10(3
°°
6 June 29
10 Feb 9
6 Nov
*25
30
12 Sept
*25
30
*25
30
*25
33
Do pref
100 2514 Jan 5 40 Feb 9
20
Jan
42
*4214 43
42
4614 Sept
4214 4214 4212 4212
400 Do prior pref
100 3918June 21
4214 Nov
51313 Feb 10
*15
6514 Sept
18
*15
17
15
15
15
15
200 Do 2d pref
1312 .T:til IS 2212 Feb 10
100
15 Dec 3514 Sept
*178
*178
2
2
*178
2
*13
4
2
Minneap & St Louis
3% Jan 11
134June 4
100
214 Oct
*37
40 • *3714 38
4 Mar
35
3514 *35
31
500 Minn Ct Paul & S S Marie_ 100 34 Apr 21
5212 Feb 3
30% Apr
*62
*62
66
57 Nov
66
*62
66
*60
66
Do pref...10
55 Mar 20 79 Feb 3
(
40 Mar 864 Nov
8
663 *65
*65
8
663 *65
66% *65
6638
Lea:ed lines
100 6212 Jan 4 667 Feb 24
8
57 2 June 63
,
38
4
388 373 38
3714 373
Feb
4 373 38
4
6,700 Mo-Kan-Texas RR_ _..No par 32 Mar 3 4718 Feb 9
2814 Jan
92
9214 92
91
4512 Sept
9214 9214
92
9258 2,100 Do pref
10(3 82 Mar 2 95 Jan 4
7434 Jan
373
3718 378 37
4 37
9212 Dec
38
3712 38
15,100 Missouri Pacific
. 1 00 27 Mar 3 4014 Jan 14
1 (3
,
305 Jan
4
873 8812 873 88% 8712 89
8
8
41% Dee
83
883 12,500
4
Do prat
10(1 7112 Mar 3 S912June 23
*165 178 *165 178 •165 178 *165
71 Mar
9112 Dee
178
Nashv Chatt & St Louis_ _ _ 100 150 Apr 3 188 Jan 14 143
Apr 192 Dee
314
318
318 314
3% 3%
3
314 2,100 Nat Rye of Mex 2d pref. .100
2 Mar 18
__
412 Jan 7
112 June
34 Dee
*120 135 *120 135 *120 135 *120 135
New On Tex dr M exico_ _ _ 100 120 Mar 30 13212 Jan 6 1134 June 1374 Dee
131 13214 131 13151 131 13134 13034
13134 13,200, New Yort Central
100 117 Mar 30 1355 Jan 2 11314 June 1374 Dec
4
8
183 1853 184 185
1813 18212 1813 185
4
4
3,300N Y Chic dr St Louie Co__ .10)) 130 Mar 3 18534July 8 118 June
104 105
104 104
10512 106 *10414 108
183 Dec
600' Do pref
100 93 Mar 11 106 July S
4514 4614 45
8812 Jan
4514 4458 4512 44% 451,
9878 Nov
24,900 N Y N H & Hartford
100 305 Mar 30 4)314 July 1
8
2412 241 2 2412 2412 *2414
28 Mar 47 Dee
*2413 25
243
4
300 N Y Ontario & Western__ _100 19% Mar 30 2Y-4 Feb 13
8
205 Apr 3434 Aug
_
N Y Railways part ctfs_ No par '296 Jan 4 385 May 8 262 Aug 316
-;614 If- *914 12 *914 12
15i4
-;
Oct
Preferred certificates_ N. par
*20
6 Jan 25 2114 Feb 5
*20
23
23
*20
5 Dec
12 June
23
*20
23
New York State Railways_ 100 21 June 29 2512 Jan 14
*36
37
*36
38
*36
21
Dec 36 July
3612 36
36
100 Norfolk Southern.
15514 15512 15412 15413 15412 1553 15478
100 277 Apr 15 371,June 8
8
21% Apr 45 Sept
4
156
4,700 Norfolk dr Western
*84
84
844 84
100 13914 Mar 30 I 5778June 28 12312 Mar 151
*8414 843 *8414
1)ec
4
200; Do pref
727 733
8
8 723 7314 723 7312 723 8434
.100 84 Jan 7 85 Jan 7
4
7512 Jan
4
86 Dec
4 7358 8,300' Northern Pacific
*22
26 I *22
.11.80(05,11))) 6534 Mar 30 7612 Jan 2
26
0(
*22
5814 Apr 7814 Dec
26
*22
26
Pacifle Coast
5314 5312 5312 533
2012June 26 48 Jan 6
5334 54
20 Aug
4012 Dec
53% 53% 28,400,Pennsylvanta
*23
24
485 Mar 30 554 Jan 2
8
233 233 *23
4212 Apr 55% Dec
4
4
233
4
100 Peoria & Eastern
953 9612 963 100
4
4
19 Mar 4
2634 Jan 14
99 10012 9712 9914
133, Apr 21% Dec
16,800 Pere Mariuette.
89
8912 90
.100 67 Mar 3 100:2 July 8
96
*94
61% June 854 Dee
96
*96
97
800
Do prior pref
8312 844' 85
100 79 Mar 3 96 July 7
91
8814 90 4 88
78 July 893 Dee
,
4
883
4 9,200 Do prof
*14458 ____ *14451
7034 Mar 29 91 July 7
*144%
_ _ *14458
6812 Apr
7958 Dee
Pitts Ft Wayne &Chic pit -10 14212 Jan 2 14614J une 1 139
1083 10912 *109 110
4
1
109 111
Jan 144 Nov
110 11078
900 Pittsburgh & West Va
10o 85 Mar 30 1 1951 Jan 11
9514 9578 9512 9612 9514 987
63 Mar 123 Dec
8 973
4
56,100 Reading
41
50 79 Mar 30 100 July 91
41
*4014 403 *4014 411, 41% 100
4
644 Mar 914 June
4
41%
400 Do 1st pref
50 40 Jan 5 42 Apr 261
35% Mar
41 Jure
*4134 42
42
42
42
423
8 4234 434
900 Do 2d pref
0 40 Mar 30 4178June 21
*49
*49
52
5212 *4814 51
3614 Mar 44% June
4912 5018
200 Rutland RR prof
100 42 Apr 8 57 Jan 7
9718 98
98
99
42
9718 9834 97
Apr 6278 Jan
9838 17,700 St Louis
-San Francisco_ _ _ 10(
) 85 Mar
1
9114 917
92
8 92
5712 Jar 10214 Aug
92
92
*90 92.100 8312 Apr 30 101 14 .ian 21
600 Do pref A
1 92 July 7
6714 67,
76
Jan
8 6751 683
4 67% 677
9214 July
4 68
6818 2,100 St Louis Southwestern__ _100 5712 Mar 19 74 1 et, 9
78
,
78
4334 June 6914 Dee
*77
78
*7714 7814
100 Do pref
3414 34 2 333 3412 337 3412 *7714 78100 72 Mar 19 7812June 12
4
7018 June 783 Dec
,
8
4
3414 353
8 8,200 Seaboard Air
Line
100 2712 Mar 31
51 Jan 2
3714 37% 3612 37 4
2038 Jan
5414 Nov
371 38
,
,
3712 3712
1,900 Do eref 100 3112 Mar 31 48% Feb 18
10453 105
35 Mar
104 10478 10438 105
51 12 Aug
1047 10612 64,300 Southern Pacific Co
100 9618 Mar 30 10612 July 9
118 11838 11712 120
96
Oct 10838 Jan
11918 1198 x11658
1183* 19,300 Southern Railway
1000000 1035 Mar 30 120 July 7
8
77% Jan 12012 Dec
9212 9212 9212 927
9258 923
4 9258 923
4 2,920 Do pref
8712 Apr 6 948 July7
83
Jan
5312 5418 5314 54
9512 Sept
5312 5414
5334 54, 2,500 Texas & Pacific_
1
4218 Mar 311 61% Jan 13
424 Jau 59
36
36
*3512 36
3534 3534 3512 3512
Dec
400 Third A venue.
S____ 71
1312 Jan 8 43 Apr 23
*7012 70% *703 7112 *7058 7112
712 Apr 15% Sept
4
w lt teCit y ile
ei , peeiRapid Transit_.1°1 68 May 4 78% Jan 4
r
:
'
10
00
58
Jan
7814 Dec
15514 15612 155 15512 155 15534 15453 155
12,500
14112 Mar 30 15612July 6 13314 Apr 15314 Jan
*7912 7934 7912 79% *7912 80
*79
80
200 Do prof.
100 7414 Jan 6 80 May 26
72 .ihn
774 July
*2414 30
*2414 30
*2411 30
*2414 30
United Railways Invest... 10(i
U
1934 Mar 3 2712 Apr 7
18 Aug
334 May
*7514 91
*7514 91
*7514 90
*7514 90
Do prof
4812 Mar 827 Dee
65 Mar 2 8634 Apr (1
8
47
4718 48
4712 47
4712 4618 47
12,700 Wabash
100 33* Mar 30 52 Jan 12
1912 Mar
4714 Aug
745 7514 748 7514
75
753
4 75
75
3,800
Do pref A
0
'
1')
5534 Jan
10
-1 01 : 68 Mar 30 7834 Jan 13
73% Dee
*63
*62
63
65
*60
65
*6214 6412
Do pref B
3812 Jan 604 Ain
57 Mar 29 72 Jan 2i,
1334 14
1312 1312 137 13%
137 14
100 11 Mar 3 165 Jan 4
11
8
Mar
8 4 A Ult
,
223
22
2214
s 22
2112 2112 22
2238 2,7
loo
701 we'D",ern2e1Mnar.71_1"4
IS Mnr
16-51 Mar 30 24 Jan 4
2.11, Jar
• ithl and asked price's.
Es envie end. b Ex-righte.
Saturday,
July 3.
1801
I
T
New York Stock Record-Continued-Page 2
184
For sales during the week of stocks usually inactive, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July 3.
Monday,
July 5.
Tuesday,
July 6.
Wednesday, Thursday,
July 8.
July 7,
$ per share $ per share $ Per share $ per share
3514 3514 3518 3514
82 i
82
*8112 82
8
2414 235 2414
24
4314 4314
45
45
Friday,
July 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Par
Railroads (Con.)
$ per share $ per share Shares.
100
1,800 Western Pacific new
4
363
4 36
3514 363
100
1,900 Do pref new
s
833 837
8
8214 83
_
8
8 243 26'., 25,400 Wheeling dr Lake Erie Ry._100
4
233 243
100
1,400 Do pref
8
*4312 4512 44 . 457
PER SHARE
Rance Since Jan. 1 1926.
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Preylo.s
Year 1925.
Lowest
Per share $ per share $ per share $
1934 July
3314 Mar 30 3914 Jan 2
72 July
7712 Jan 15 837 July 9
1034 Mar
18 Mar 30 32 Jan 2
Apr
22
37 Mar 30 5012 Jan 4
Highest
per share
3912 Dec
Dee
81
32 Dec
2
537 Dec
,
.
.
Indust ial & tliscellane os
7614 Dee
Jan
62
8112 Feb 1
300 Abitibi Power & Paper_No par 7034May 21
*75
7612
77
77
76
8 76
8
755 755
Jan 13334 Oat
100 131 Jan 6 142 Apr 20 119
All American Cables
*145 160
*145 155
*145
*143
Apr 11714 Oct
90
8
997 Mar 18 11614 July 1
100
700 Adams Express
114 11414 *114 11512 114 11414
*11212 114
Oct
Apr 20
13
4
100 10 Mar 19 183 Jan 29
1,000 Advance Rumely
1214 1212 1258 1258
8
115 1134
1158 1158
47 Feb 6214 Oct
100 4814May 11 6318 Jan 28
1,500 Do pref
4
513
50
4 50
513
51
*49
*4934 51
718 Oct
1258 May
918 Jan 4
758 Jan 23
1
1,600 Ahumada Lead
8 8
*77
778 8
8
8
8
8
4
853 Jan 11738 Dec
8 2,200 Air Reduction, Inc____No par 10714May 19 11914 Mar 1
4
8
8
8
11612 1167 1153 1153 11512 1163 11538 1153
8
16 Feb
712May 11
8
93 Dec 157 Jun
No par
914 5,600 Ajax Rubber. Inc
9
9 14
9
8
93
9
4 018
83
Jan
212 Oct
1
2 Jan 4
114June 28
114
900 Alaska Juneau Gold Min__ 10
114
*114
114
13
8
114
114
114
13
80 Mar 11658 Dec
13312 12812 13138 106,500 Allied Chemical & Dye_No par 106 Mar 30 142 Feb 14
4
12818 1303 128 13118 13118
117
Jan 12114 Nov
4
100 1183 Mar 20 12218June
Do pref
300
8
*121 12112 12112 12112 1213 12113 *12112 122
7112 Jan 9714 Dec
100 7814 Mar 26 9458 Jan 14
8958 7,400 Allis-Chalmers Mfg
89
4 8918 90
90
s 8978 903
913
100 105 Apr 7 11012Nlay 21 10314 Jan 109 Dec
200 Do pref
110
8
10853 1085 10914 10914 *109 110 *109
1312 Mar 297.8 Oct
Jan 14
1812 1,200 Amer Agricultural Cbern__100 15 May 20 3438
1814 18's 18
4
*19
1912 1812 183
3612 Mar 8212 Dec
100 51 May 20 9612 Jan 14
4 2,700 Do pref
64 12 6212 633
6518 64
6578 65
64
3912 Dec 443 Dec
8
10 3458 Mar 31 4378 Jan 8
200 Amer Bank Note, new
*4034 411.
41
41
41
41
*4034 41
5312 Jan
5812 Sept
50 55 Jan 15 5718May 6
Preferred
*57
*57
*57
*5614
2958 Oct 43
Jan
100 21 June 2 3834 Feb 5
200 American Beet Sugar
4
4
4
4 2412 233 233 *2314 233
8 24 8
243 - -3- *233
78 Dec 8778 June
100 65 May 27 83 Feb 24
Do pref
4
*663 70
4
*663 70
70
*67
4
'663 70
2618 Mar 5412 Jan
16 May 19 3438 Jan 4
3
1, 00 Amer Bosch Magneto_ _No par
4 2018 2012 2078 2178
8
205 205
8 2012 203
9014 Mar 156 Dec
300 Am Brake Shoe & F__ No par 110 May 19 180 Feb 2
8
4
4
4
4
*1223 1243 1233 1233 12312 1235 *12358 124
100 11014 Mar 24 12814 Feb 18 10712 Jan 11458 Dec
Do pref
*11218 115 *11218 115 *11218 11414 *11218 11414
4734 Dec 5378 Oct
8
4 4,100 Amer Brown Boveri El_No par 3014 Mar 29 487 Jan 9
4158 4012 4112 x4058 403
40
4014 413
4
9018 Nov 98 Dec
100 8612 Mar 31 9718 Jan 16
400 Preferred
4
4
,
*9412 9514 9514 95 4 9514 9514 943 943
4714 Dec 4934 Dec
58 Feb 20
25 387 Mar 30
8
8
567 150,400 American Can w 1
4 5612 5714 55
5518 563
4
543 56
Jan 12178 Sept
100 121 Jan 4 12614May 19 115
100 Do pref
*125 125 *125 12512 12518 12518 *125 12512
9712 Apr 11534 Sept
4
993 10112 2,700 American Car & Fdy__No par 9112 Mar 31 1147s Jan 12
9918 9912 9914 9914 99 100
100 12312 Apr 7 12914June 23 12034 Apr 128 July
Do pref
*127 129 *127 129 *127 129 *127 129
Feb
2212 Oct 27
_ 25 2314 Mar 30 26 June 17
1,400 American Chain, class
2518
2514 25
2514 25
*25
25
25
Apr
Jan 62
37
3718 Mar 31 51 Jan 4
100 American Chicle
4012
*39
40
4012 *3778 4019 40
*39
Jan 5812 Apr
37
A..No
Do certificates ____No par 3112 Mar 31 4714 Jan 7
*3712 38
*3712 38
*371.2 38
*3712 38
414 Dec
8June 10
614 Jan
83
414 Jan 5
9,100 Amer Druggists Syndicate_ 10
8 8
77
8 8
77
s 8
77
8 8
77
Jan
Apr 166
s
100 1057 Mar 31 140 Jan 6 125
12518 12518 2,600 American Express
1221z 12712 126 126
12212 123
2714 Apr 513s Sept
1514May 19 423s Jan 2
2078 213* 2058 2114 4,300 Amer & For'n Pow new _No par
22
8 21
2018 215
Jan 94 Feb
87
No par 8812June 22 98 Feb 13
100 Dopref
90
*8912
90
90
90
*8912 9112 89
s
108 Mar 30 131 Jan 2 1143 Apr 142 Sept
Do 25% paid
---.
1438 Dec
812 Mar
1712 Feb 9
7 May 10
• 400 American Hide & Leather_100
8
8
8
8
9
*8
814
814
5812 Sept 7578 Jan
100 3312May 7 6714 Feb 9
41
400 Do pref
4112 41
4212 41
*4112 4212 *41
83 Mar 139 Dec
136 June 8
100 109 Mar 31
2,700 American Ice
4
4
13278 13278 1323 1343 134 135 z130 131
7412 Mar 86 July
_100 8212 Jan 13 8634June 1
200 Do pref
4
8
8612 8612 8612 *853 8612 *843 86
*85
3218 Mar 4678 Nov
4
1,100 Amer International Corp 100 33 4MaY 20 463 Feb 16
4
8
353 353
3
8
353 36
36
36
36
36
20 Nov
1114 Jan
8 Jan 4
157
10 1212May 21
500 American La France F E
4
4
4 123 123
4
4 123 123
1234 123
1234 1278
20 Mar 5914 Nov
5278 Jan 4
100 2814 Apr 21
3512 3,000 American Linseed
4 35
3412 353
34
34
*3412 35
Oct
Jon 89
53
75 Mar 31 87 Jan 4
Do pref
100
100
80
7912 7912 *78
80
7912 *76
*76
8
11978 Jan 4 10412 Jan 1447 Mar
8
104 10478 104 10414 104 10538 10418 1063 10,400 American Locom new __No par 9014 Mar 31
12014 Feb 11 115 Aug 124 Feb
100 11614 July
600 Do pref
4
11634 11634 *1163 1171 t
11614 11614 11612 11612
4534 Mar 5758 Oct
par 47 Mar 30 573 Feb 16
8
5418 5312 5418 5312 541. 6,500 American Metals
53
5212 53
Preferred
No 10O 11312 Apr 15 120 Feb 6 111 Mar 119 Nov
500
*11713 12012 117 11712 *117 11713 117 117
8978 Jan 12212 Nov
4
25 10114May 19 1263 Feb 13
1,400 American Radiator
10978
10934 110 *109
4
1093 111
*10912 110
Stock
Jan
79 July 1 z76 Sept 84
Amer Hallway Express__ _ _ 100 7738 Mar 31
80
*78
80
*78
80
*78
80
*78
Jan 7934 Dec
48
70 American Republics___No Par 50 June 15 74 Jan 5
60
*56
60
*55
55
55
60
Exchange *50
Stock
7634 Nov
s
367 Jan
_100 42 Apr 14 63 Jan 8
4 4,900 American Safety Razor_
4918 4912 4918 5012 4918 493
4914 50
1412 Feb
51s Dec
8
,
5 2 Jan 2 117 Mar 12
.No
800 Amer Ship & Comm.. - par
8
8 912 *914 95
93
Closed;
8
4 97
93
8
958 97
Exchange
8
903 Mar 14412 Dec
8
43,700 Amer Smelting & Refining _100 1095 Apr 21 14434 Jan 7
13338 13473 13318 13414 13214 13518 213012 133
s Mar 31 119 June 17 10512 Jan 11514 Oct
100 1127
Do pref
700
4
4
118 118 *11714 11734 1173 1173
Independ- *11734 118
Closed;
100 122 June 28 165 Feb 9 13814 Apr 154 Nov
800 American Snaff
12718 12714 127 12714 127 12712 128 123
3758 June 4712 Dec
s
2,900 Amer Steel Foundries_ _No par 40 May 11 467 Feb 1
4212 4178 42
4238 42
4212 4212 42
once Day
Extra
Jan 1131s Oct
100 111 Apr 9 115 Feb 23 108
300 Do pref
'114.. 114 114 *114 115 *114 115
7758 Deo
4752 Jan
4
.
.
1,300 American Sugar Refining_ 100 6514 Apr 14 823 Feb 5
6938 6978
70
*68
70
*69
76
70 - 12
Holiday
Holiday
9114 Jar 10414 Nov
100 100 June 19 105 Feb 26
400 Do pref
101 101 *101 10212 10118 10118
*100 104
2412 Ftb
6 May
1738June 14
818May 1
14
Amer Sumatra Tobacco__ _100
*7
14
*7
*613 14
*612 14
Apr 12018 Oct
29
100
Do pref
*95 130
*95 129
*95 130
3734 June 47 Feb
4118 Feb 10
400 Amer Telegraph At Cable_ _ 100 2512July
;25 13912
96
28
2512 253
4
2512 2512 *2512 27
100 13958June 18 15(.34 Feb 15 13058 Jan 145 Dee
8
8
8
14018 1405 1405 14138 14118 14158 14112 1417 23,400 Amer Telep & Teleg
85 Feb 12112 Oct
8
50 11138 Mar 31 1215 Feb 6
4
4
12014 12158 12014 1203 119 12034 1183 12012 5,300 American Tobacco
100 10618 Jan 4 113 May 26 10412 Jan 110 Nov
pref
300 Do
4
4
4
1103 1103 1103 11034 *110 11112
110 110
8412 Feb 11912 Oct
50 11018 Mar 31 12012 Feb 6
7,200 Do common class B
118 11914
11834 119
119 120
120
11814
Apr 13538 Nov
300 American Type Founders_ _100 114 Jan 22 135 Feb 13 103
119 119
119 119
*115 120 *116 120
8
343 Jan 7614 Dec
21
4334 Apr 13 74 Jan 4
9,600 Am Water Works & Elea
61
4 60
603
8 59
4
8
583 5914 583 593
9714 Aug 103 Feb
100 10112 Mar 3 10814 Jan 27
200 Do 1st pref (7%)4
*10612 1113 *10612 10714
10714 10714
107 107
343 May 6434 Jan
8
4
100 19 June 9 427 Jan 13
2,200 American Woolen
8
2334 2418 237 2414
8 2314 24
243
21
6912 May 9618 Jan
4
100 66 Apr 30 893 Jan 4
800 Do prat
7212 7212 7212 721.
112 Dec
8
712 Jan
725 7258 7212 73
558 Jan 13
134 Jan 4
1,100 Amer Writing Paper prof..100
2
*178
2
178
178
178
178
Jan
4
134
412 Jan 13
12 Dec
1 Jan 4
Preferred certificates.-..100
113
*1
112
*1
2
112 *1
1212 Jan
*I
7 May
1218 Feb 4
518MaY 19
300 Amer Zinc, Lead & Smelt.. 25
8
*7
4 8
712 *63
7
8
*7
24g May 4478 Dec
25 20 May 19 4818 Feb 4
1,400 Do pref
33
3318 33
8 33
337
3312 33
3514 Apr 5314 Nov
*32
4112 Mar 30 51 Feb 9
4 8,600 Anaconda Copper Mining_ 5
473
8 47
473
47
4678 47
Jan 4612 Dec
4658 47
26
4434 Jan 2
700 Archer, Dan'ls Midl'd_No par 3478June 11
4
393
4
Oct
3812 3812 3812 3812 383 3914 *39
9012 Jan 105
100 100 Mar 4 105 Jan 4
pref
100 De
Oct
102 102 *10112 105 *10112 105
*10112 102
9018 Mar 100
s
977 Jan 13
1,300 Armour & Co (Del) pref.._ _100 9014May 21
8
941s 943
94
94
8
20 Mar 2712 Oct
9312 9312 935 94
25 1318May 22 2512 Feb 13
4,600 Armour of Illinois class A
1578 16
4
153 16
4
8
155 153
4
16 Dec 203 Oct
1512 1578
25
4May 20 17 Jan 4
3
5
6,300 Class B
8
8
814
8
4 8
73
8
77
718
90 Dec 9314 Nov
100 80 Apr 30 93 Feb 11
300 Preferred
8 8514 8514
8
1758 Oct
Jan
8
*8412 8512 8514 8514 857 857
4
18 Apr 12 313 Jan 6
4,1011Arnold,Consle&Co new No par
24
24
25
23
2514 *2414 2412 2414
27 Dec 30 Dec
1534 Jan 6
14 Jan 5
No par
Certificates
3
Jan
203 Nov
15
2312 Jan 26
1918 Jan 2
_10
2618 -- 100 Art Metal Construction_ 7 _ par 48 May 17 6312 Jan 21 39 June 6034 Dec
1
; ;i:i- - 2
20 20 - *20- 261- *20 26
No
8 5,200 Artloom
4 5714 577
4 573s 573
5614 5712 5714 573
4
Mar 18 1113 Feb 1 10112 Aug 110 Dec
100 108
Do peel
*10714 11014 *10714 11014 *10714 11014 *10714 11014
61331 Nov
4612 Aug
s
100 3714 Mar 30 547 Jan 9
4114 4114 4114 4178 4118 4112 24034 4113 2,500 Associated Dry Goods_
Oct
Jan 102
94
100 96 Mar 25 10212 Jan 6
*98 101Do 1st pref
*98 101
*98 101
*98 101
Jan 10814 Feb
Jan 28 101
100 102 May 19 108
Do 2d prof
*102 104 *102 104 *102 104 *102 104
32 Mar 4714 Dec
25 4434 Jan 6 60 Mar 4
500 Associated Oil
5212 5212 *5212 57
53
53
54
*53
Jan 77 Sept
6838 Jan 6
20
1,800 At Gulf & W 188 Line__ ..100 3318 Mar 31
44
45
45
4234 4312 42 8 4414 43
,
Jan 60 Sent
31
100 3514 Apr 16 5614 Jan 30
700 Do pref
43
43
43
4258 425
8 43
4212 43
9513 Jan 11712 Feb
100 97 Mar 3 12838May 24
114 11612 7,200 Atlantic Refining
11758 11958 117 11814 11612 118
120 June 22 113 Sept 11734 June
100 11514 Apr21
Do pref
8
*11712 11814 *11712 1183 *11712 11812 *11712 1183
4
45 June 65 Dec
No par 54 Mar 4 59 Jan 6
100 Atlas Powder
5712
*55
57
57
57
57
*55
*55
Jan
9012 Oct 94
100 94 Jan 8 97 Apr 13
100 Preferred
98
9612 9612 *95
97
*96
97
*96
Dee
918 Feb
21
30
1712 Jan
9 July 1
No par
1,300 Atlas Tack
10
*912 10
1014
8
107 1112 1134 12
3212 Jaa
22 July
11 May 22 28 Jan 29
Austln,Nichols&Co vtc No par
300
*14
15
15
*1434 1512 143 1434 *14
4
8738 Jan 95 Aug
100 75 May 25 93 Jan 6
Do pref
4
4
*743 7614 *7412 7614 *7412 7712
*763 77
414 May
12 Dee
21s Feb 11
12 Apr 30
Auto Knitter Hosiery_ No par
Feb
4
3
4
3
8
*5
*58
*13
8
5
*12
4
3
107 Mar 146
8
Wks_100 927 Mar 31 13012 Jan 4
8
11612 1197 22,000 Baldwin Locomotive
8
11514 1167 11558 11613 11513 118
8
114 Feb 6 107 Aug 1165 Jan
100 105 Mar 31
200 Do pref
*10912 11134 *110 112
11012 11114 *110 112
4
183 Aug 3312 Dee
3312 Jan 2
Barnsdall Corp class A... 25 2312May 11
4 263 265
4 2614 2614 4,400
8
8
263 263
8 2614 263
16 Aug 30 Dec
2
2' 2314 Apr 15 2912 Jan 4
1,100 Do class B
24
2478 24
24
2438 24
24
24
3814 Sept 5314 Feb
39 Mar 31 4918 Jan
No par
100 Bayuk Cigars, Inc
*4012 41
*4012 41
41
41
*4012 41
4
60 Mar 773 Aug
Feb 4
5318 Apr 13 717g
8 2,300 Beech Nut Packing
603
5912 6012 59
59
8 58
5714 583
4
37 Sept 4158 Dec
4
Nu par 30 May 19 393 Jan
900 Belding Bros
3012 3012
8 307 307
8
8 3012 31
*3018 307
37 June 5312 Jan
5014 Jan 7
100 3714May 20
4714 4512 4678 79,900 Bethlehem Steel Corp
4214 4314 4338 453
4 46
Jan 26 109 Mar 1161, Feb
Do cum cony 8% pref _100 114 Mar 8 120 Feb 2
Jan
9314 June 102
100 99 June 1 105
102 10212 10212 10312 103 10314 10212 10312 2,700 Do pref 7%
87s Oct
418 May
934 Jan 11
418 Mar 24
0
pa
No 10 r
c
Both Fisheries
618 61
*618
612 *2 *618 612 *61s 612
Oct
25 June 52
3513 Apr 15 5112 Jae 7
First preferred
46
*40
46
*40
46
41
*40
*40
4058 Aug 46 July
411s Jan 4
200 Botany Cons Mills class A. 50 20 May 25 3712 Jan 4
8
253
2518 *25
2512 *25
2512 *25
25
Oct 4412 May
27
25 May 10
3038 22812 2978 13,000,Briggs Manufacturing__No par
4 30
2914 3038 3014 303
5
Oct
s
15 May
3 Jan 18
100
t2MaY 5
*12
200 British Empire Steel
114
*1. 114
13
13
114
*12
22 July 36
Oct
29 27 Jan 28
4June
100
93
First preferred
*934, ---4
*93 -- -- -----4
14
*93 --- - *94
Oct
8
63 July
101s Jan 11
112June 21
100
2d preferred
4
13
1--34 *112
*112
*112 212 *112 2
1 12058 Jan 15612 Nov
100 133 Mar 31 14612 Feb
1,600 Brooklyn Edison, Inc
14058 14158
14278 143
14234 14312 143 143
7318 Dec 10014 Nov
87 July 2
No par 68 Mar 30
4 9,400 Bklyn Union Gas
8 841s 853
8614 8512 867
8514 8634 85
7
46 Dec 4614 Dec
8
100 2912June 1 485 Jan
1,900 Brown Shoe Inc w 1
3012 3012 3012 3014 3014 3018 3014
Oct
30
96 Mar 109
100 107 June 5 111 Mar 10
Do pref
400
109 109 *108 111
8
108 108 *108 110
24 June 493 Jan
8 Jan 4
400 Brunswick-Balke-Coll'r No par 2138 Mar 30 307 Feb 13
8 2512 2512 2512 2512
8 255
.2513 26 255
9212 Feb 136 Dee
No par 121 Mar 31 14114
800 Burns Brothers
13612 13612
8
17 Mar 39 Dec
138 1383 137 138 *13612 137
Feb 13
s
1,300 Do new class B corn No par 297 Mar 31 44 2June 22
4
3612 *353 37
36
4
99 (Set
*363 37
8
363 37
9112 July
100 97 Mar 30 1031
100 Preferred
65 .1511 103 Sept
*101 10212 10214 10214 *10012 10212 *102 10212
Add Mach_.No par 7712 Apr 13 96 May 26
300 Burroughs
*9212 93
93
9412 93
9412 *93
*93
sales on this day. a Ex-rights. z Ex-dividend.
•Bid and asked prices; no
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually inactive
, see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 3.
Monday,
July 5.
Tuesday,
July 6.
Wednesday, Thursday,
July 7.
July 8.
Friday,
July 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
.PER SHARE
Range Since Jan. 1 1926.
On basis of 100
-share /ots
185
PER SHARE
Range for Prertertu
Year 1925.
Lowest
Highest
Lowest
Flighest
$1per share $ per share $ per share $ Per share $ Per share
$ per share Shares. Indus. & Miscell.(Con.)
Par $ per share $ Per share
3112 3238 3112 3312 321. 3338 32
per share $ per ellare
323
4 9,600 Bush Terminal new.. No par
1634 Mar 18 :3312 Ju1y 7
*91
92
913 913 *91
4
4
1458 June
92
91
Dec
26
917
500
8
Do debenture
100 86 Apr 6 927
*10212 103 .10212 103
8June 4
103 103 *10212 ---80 May
8978 June
100 Bush Term Bldgs, pref
100 9912 Jan 20 103 June 4
5
5
5
5
478
9612 Jan 103 Dec
47
8
47
8 47
700 Butte Copper dc Zinc
s
5
43
4May 26
3012 3010 2914 2914 2914 2914 2912
614 Feb 10
414 Mar
4
83 Jan
2912
500 Butterick Co
100 173 Mar 3 32 June 16
4
10
10
10
10
10
17 May
10
10
.4
283 Jan
10
900 Butte & Superior Mining
10
718May 18 1614 Jan 11
3912 3912 *3414 39
612 may
*3414 383 *3414 385
2414 Jan
4
8
100 Byers & Co
*10112
No par
28 Mar 29 4112June 18
23
*1011.2
Oct 4478 Om
*10112 ____
Preferred
100 9812 Mar 20 9958 Feb 18
9512 Oct 100
Oct
Caddo Cent Oil & Ref__No par
14 Jan
*138- 13912 138 1383 1373 14112 13912 14
7 Jan 8
s
4
4
14 Dec
238 Jan
-114 6,600 California Packing_ _ _ No par 12114 Mar 2
30 17912 Feb 4 10012 Jan
3414 35
3438 347
8 3438 3478 34
3612 Nov
3478 33,500 California Petroleum
95 305 Jan 20 381s Feb 10
8
*158
178
*158
178
*158
237 Jan
8
178
8
343 Dee
15
8
15
500 Callahan Zinc-Lead
8
10
112 Mar 26
25 Jan 15
6712 673
8
4 6618 6718 6618 67
114 Oct
434 Feb
665
8
4 2,400 Calumet Arizona 'gluing
10 5512 Mar 29 6914June 21
1438 143 *1438 1412 *1438 1412 143 673
8
45 Apr 6118 Dec
8 1412
500 Calumet & Hecla
25 1338 Mar 31
15 Jan 6
/
1
4
110 110
110 11512 117 1193 11712 12378
1214 May
185 Jan
4
8
16,800 Case Thresh Machine
100 6212 Jan 4 1237 July 9
*10814 10912 10912 10912 10914 110
24 Mar 6812 Dec
11012 112
1,000
Do pref
918
914
100 96 Jan 5 112 July 9
918
914
60 Mar 10712 Dec
*914
94 94
,
,
912 1,500 Central
Leather
100
71s5IaY 3 2012 Jan 5
55 4 55 4 55
,
,
1434 Mar
55
55
2358 Oct
55
5338 55
900
Do pref
100 4314 Apr 28 6834 Jan 5
15
15
18
4914 Mar 71
18
*17
Oct
18
17
17
300 Century Ribbon Mills_ _No par
8June 8 3278 Jan 8
125
303 Sept 4712 Mar
4
*83
89
*83
89
*83
86
*83
86
Do prer
6512 657
100 83 May 25 90 Jan 21
8 6514 6512 65
94 Dec 9834 Jan
6512 6412 65 4 4,600,Cerro de Pasco
,
Copper _No par 6712 Jan 22 6914 Feb 11
4312 4412 441. 447
,
4318 Mar 6438 Nov
8 4518 4578
451.2
4 4,500'Certain-Teed Products_No par 3618May 20 4912 Jan 5
*10018 105
10018 105 *10012 105 *10012 453
4034 Mar 583 Sept
4
105
1st preferred
1214 1212 *12
100 100 May 22 10512 Jan 21
13
8912 Jan 110 Sept
*12
123 *12
8
1214
200 Chandler Cleveland MotNo par
1134May 18 26 Feb 11
2812 28 2 2814 2812 2814 2813
,
2814 2912 2,200 Preferred
No i ao 25 May 18 4514 Feb 15
_ po r
*11312 1153 114 1143
4
41.'114 11514 11434 115
2,500 Chicago Pneumatic Tool..
9412 Apr 8 120 Jan 2
52
5218 51
5112 5112 515
8014 Mar 128 Dec
8 5113 5212 1,800 Childs Co
N, par 4518May 19 663 Jan 4
.
323 3314 3212 327
4
8
4978 Mar 747 Oct
8 323 331 327 334
4
8
/
4
8
/ 4,300 Chile Copper
1
*2212 2313 *21
25 30 Mar 3 3638 Jan 6
2312 *2212 2312 *21
3012 Mar 375 Jan
8
231
Chino Copper
44
44
5 16 Mar 3 23 June 14
44
44
19 Apr 253 Feb
445 4434 44
8
8
45
900 Christie-Brown certifs_No par 40 Mar 30 6334 Jan 4
353 363
4
4 36
363
6234 Dec 6412 Dec
4 353 3614 35
4
36
67,800 Chrysler Corp new _ _.No par
1013 10134 1013 102
4
2812 Mar 30 5478 Jan 9
4
10212 10212 10214 10214
1,100 Do pref
6312 64
No par
93 Mar 30 108 Jan 2 1- 8 July 1l17 Nov
64
64
661*6212 6412 *6212 641.
300 Cluett, Peabody & Co__ __100 6014 Mar 31 6812 Jan 7
*110 117 *110 117 *110
5812 Mar 7154 Jan
11514 *110 115
Preferred
1565 15718 15618 15618 1561 1597
8
100 103 Jan 13 115 June 11 103
/
1
4
/ Jan 109 Sept
1
4
/
4
8 1567 161
8
11,400 Cora Cola Co
Vo par 128 Mar 24 163 June 17
80
Jan 17734 Nov
Preferred
-.Kit 163; 43 16 - -442
4
100 99 Jan 14 1011 Mar 24
/
4
99
Jan 10112 Mar
4312 445 33,100 Ccaorr.uo Fuel & Iron
8
6212 6312 6338 6338 6312
8
100 273 Mar 3 463
8July 6
3214 Apr
4814 Jan
6312 *62
631. 2,300 Columbian Carbon v t c No par 555 Jan 26
8
823 84
4
697 Feb 23
8
83
837
45 Mar 623 Dec
8 83
4
837
8 815 833 19,700 Col Gas Z.. Elec
8
4
115 115 *115 116
-par 6312 Mar 29 90 Jan 9
4534 Jan 85
115 115
Oct
115 115
1,200 Preferred
N° 100 112 Mar 30 115 Jan 12 10414 Jan 11412 Dee
28
2818 *2712 28
277 28
8
28
2814
2,000 Commercial Credit__ _. No par
*23
26 May 19 4712 Jan 14
24
*23
24
3812 Sept 5518 Dec
*23
25
23
23
100 Preferred
25 23 Apr 20 2614 Jan 13
2514 Sept
2712 Oct
*25
2512 *24
2511 *23
26
*23
26
Preferred B
6212 63
6214 6214 *6118 65
25 25 Apr 19 2734 Jan 11
2614 Sept 2734 Dec
*6118 65
300 Comm Invest Trust __ No par 55 Apr 12 72 Jan 11
*9514 97 2 *9514 9712 *9514 9658
Jan
50
,
8412 Nov
*95 4 9712
,
7% preferred
100 97 June 7 104 Jan 28 100 Nov 10712 Nov
Commercial Solvents A No par 1203 Jan 4 176 June 29
16/ 1
(
8
1. 6 168
6
80 May 190
16712 1761- i6'7Jan
- 4
2,400
Do
B
No par 11814 Jan 4 171 June 29
2212 233
8 223 2312 223 2414 23 1-68
4
76 May 189
Jan
4
2412 111,100 Congoleum Co new__ No par
1212May 13 2413 July 9
*5
8
*5
3
4
8
157 Nov
8
3
4
4312 Jan
*5
8
*5
8
3
3,
4
Conley Tin Foil stpd _ _ Na_
66
58 Mar 18
665
pa
8 6518 6614 65
1 Mar 12
12 may
17
Feb
6612 6478 6638 6.000 Consolida
*10() 10312 *100 102
ted Cigar_ _ _ _No pa
4514 Apr 15 67 Feb 20
2512 Jan 633 Dec
*97 10313 *98 1021
4
2
312 32
4
Do pref
312 38
4
_100 91 Mar 31 103 July 2
793 Jan
4
96 Dec
33
4
38
7
334
378 5,000 Consolidated Distrib'rs No par
10134 10378 103 10414 103 1037
234 Mar 3
612 Jan 7
318 Jan
938 Fet
8 1013 10312 83,100 Consolidated Gas(NY)
4
*158
No par 87 Mar 30 10412 Feb 23
134
*15
8
13
7418 Mar 97
4
134
Dec
13
4
13
4
Stock
13
4
700 Consolidated Textile_ _ No par
7858 8214 82
114May 10
33 Jan 18
4
234 June
8312 8114 8238 8013 8178
514 Jan
27,400 Continental Can, Inc_ No par 70 Mar 30 9212 Jan 2
131 132
13212 13212 131 131 *130
6012 Mar 9312 Dec
Stock
13112
Exchange
400 Continental Insurance
1158 1178
25 122 Mar 31 14434 Jan 9 103
1112 113
1114 1158
4
Jan 140 Dec
11
111
,
45
978May 17 13 Jan 5
451 445 453
/
4
8
8 4438 4518 4334 4438 10,200 Cont'l Motors tern etts_No par
814 Jan
1512 Oct
Exchange
Closed;
14,300 Corn Products Refin w i__ _ _25 355 Mar 35 483
127 127 I*124 127 *124 127
sJune 21
8
3238 May
4238 Dec
*124 127
500 Do pref
50
50141 *48
12918 Apr 25 11818 Jan 127 July
100 12212 Jan 6
51
50
50
*45
50
Closed;
Independ- *25
300 Coty, Inc
4
No par 4412 Mar 29 60 Jan 4
35 I *25
35
48 Aug 6012 Deo
*25
35
*25
35
Crex Carpet
74
Apr 9 63 Jan 2
8 74
747
7418 7434 7638 74
36 Ma
6418 Dec
757
8 5,900 Crucible Steel of America_ 100 25
Extra
ence Day *99 100 I *991 100
_100 64 Apr 15 8112 Jan 4
/
4
6412 Mar 845 Nov
*9914 100
8
*9914 100
Pot.
Do
5114 5214, 513 5214 5112 523
100 96 Mar 30 1003 Feb 20
4
4
92 May 102 Dec
4 51, 5278 24,300 Cuba pref
Holiday
4
Holiday
Co
87
No par 3912 Apr 15 5338June 30
8 87
81
83
4414 Dec 543 Oct
4 87
83
8
4 83
s
4
85
8 83
4 1,100 Cuba Cane Sugar
858May 22 1112 Jan 29
No par
73 Oct
4
1458 Feb
39
3914 383 39
4
*38
39
373 383
4
4 2,600! Do pref
2438 243
ICO 3.512June 8 4938 Feb 4
4 2412 245
374 Oct 6258 Feb
/
1
8 2412 2478
2478 25
2,500'Cuban-Am erican Sugar __ _ _10 24 Mar 29 303 Jan 28
*102 104 *102 104 *102 104
8
20
Oct 3312 Mar
*102
Do pref
1812 183
100 9734 Jan 5 104 Feb 5
1812 1812 1814 1812 18 104
4
9378 Nov 101 Mai
1818
700 Cuban Dom'canSug new No par
IS July 9 2014June 7
_
_
Do pref
85
88
100 1512May 21
223 Feb 6
*87
8
88
16 Dec 4413 Jan
*87- - - ;6/ 88
63
--- 10 Cudahy Packing
-0
*96
100 76 Apr 21 97 Jan 4
*96
97
97
9312 Dec 107
96
Oct
9712 93
98
300 Cushman's Sons
4612 47
*463 47
No par 7712 Mar 1 100 Mar 4
4
62 Mar 104
47
Oat
4812 4618 461 1,800
/
4
Cuyamel Fruit
par 4218 Apr 15 51 Jan 14
44 Nov
59 May
Daniel Boone Woolen N
38May 13
-3914 165; 39 4158 -5678 11-1- 39
I10
1 Jan 4
77 Jan
3 Dec
3
4
4
4
*35
*36
2778 Apr 4934 Jan
4
*3614 ____ *3614 403 59,800 Davison Chemical v t c..No par 2718 Mar 30 463 Feb 17
De Beers Cons Mines_ No Par 273 Apr 20 3514June 25
13212 13314 133 13458 13214 133
8
-- -2014 Mar 29 Dec
13212
4 2,400 Detroit Edison
391 393
/
4
100 12312Mar 30 14118 Feb 1 110
4238 4134 4338 42 1323
4 40
Jan 15912 Sept
4234 7,1001Devoe & Raynolds A__No par 337 Apr 15 10418 Feb 10
8
283 293
8
8 2512 2938 2838 29
Oct 9014 Dec
53
2814 29
42,300 Dodge Bros Class A _ _ _No par 2114May 17 4714 Jan 2
8634 87 2 867 8713 87
8
213 Jun
,
4
483 Nov
4
8714 87 8 8814 22,100
3
Preferred certifs... No par 7912May 17 8814 July 9
1238 1212
113 1214
4
7312 May
12
9112 Oct
12
12
12
11,400 Dome Mines, Ltd
23
23
1134 July 7 20 Mar 13
No par
2314 2314 *23
1234 Apr
1818 Nov
2312 *23
2312
300 Douglas Pectin
11518 11518 115 115
No par
19 Mar 20 2512 Jan 30
14 Feb
11518 11538
2312 Aug
s
700 Duquesne Light 1st pref __ _100 1111 Mar 3 11612 Apr 27 105
1133 1141s 1127 11314 113 11334 11538 1153
8
/
4
s
Jan 11314
11234 1133
8 4,000 Eastman Kodak CO._ _.No par 10658 Mar 30 1141s July 6 1043 July 118 Dec
4
283 29
283 2918 283 29
4
4
4
Jan
2812 283
4 2,800 Eaton Axle & Spring_ _ No par 237
244 24818 244 24838 242 246
8May 19 323 Feb 13
4
1012 Feb
3012 Dec
10514 10514 *10512 - - 10512 10515 24012 24413 9,505 E I du Pont de Nem Co_ _100 19318 Mar 29 2483
8July 7 13414 Jan 27114 Nov
*10413 10518
200 Do pref 6%
193 2014 20
4
21
100 10034 Apr 20 10512July 1
1934 2018
94
Jan 10412 Nov
1912 20
10,800 Elec Pow & Lt etfs__ _ No par
1534May 19 3412 Feb 10
1738 Apr 4018 July
*103 10518 *10418 109 *10418 103
10358 10358
200 40% pr pd
*10314 106 *10314-- _ _ *104 108
9912 Mar 30 115 Feb 11 100 Mar 110 Juno
*10312
Prof full paid
95
95
95
9512 9538 9512 96 108
103 Apr 17 11012 Feb 26 10012 Mar 1103 June
4
96
1,100 Do pref ctfs
8412 3512 *8412 85
8912 Mar 24 9712 Feb 11
845 8514 8312 8458
8
897 Aug 943 Dec
8
4
4,400 Elea Storage Battery _ _No par 7118 Mar 3 863
158
158
158
158
15
8
8June 25
15
8
4
603 Mar 80 Dec
112
110
1,100 Emerson-Brantingham Co_100
8
8
*712 812 *8
1 May 20
118 may
4 Feb 1
538 July
813 *712 8
/
1
4
6612 6634 663 663
100
Preferred
s
5 May 20 2434 Jan 29
s 6658 67
100
8 May
2634 Aug
6612 663
11434 11434 *1147 1173 116 116
2,300 Endicott
-Johnson Corp_ _ _ 50 6512 Mar 31
8
4
6334 Apr 747 Sept
8
725 Feb 8
8
*115 1173
5238 5331 533 5412 5438
200 Do pref..100 114 Jan 7 118 Feb 2 111 May 1183
4
5512 5412 55
4 Oct
*15
16
20,600 Eureka Vacuum Clean_No par 43 Slay 19 5512 July 8
*15
16
15
15
4812 Nov
5712 Dec
*15
16
*23 , 312 *218
100 Exchange Buffet Corp_No par
4
8
33
15 June 29 17 Apr 22
1312 July
197g Jan
*5012 52
Fairbanks Co
*5012 52
*54,
*'
25
312 Feb 25
2 Apr 16
12
214 Mar
43 Aug
4
*;1 '8 ?238
2
3
*10834 111 *1083 111 *10834
Fairbanks Morse
4
No par 46 Mar 29 593 Feb 10
111 *108,34 111
3214 Jan
4
545 Oct
8
116 11718 1153 117
Preferred
4
100 10812 Jan
11534
8
1203 1203 12058 1205 *903 11612 11458 1163 10,500 Famous Players-Lask y_No par 10318 Jan 6 115 Feb 9 10612 June 11018 Nov
8
8
8
4 12111 12014 1N
ID 12712June 11
9014 Feb 11434 July
2112 32
12 1,000 Do pref (8%)
317 32
8
*31
100 115 Mar 31 124 Mar 11 10378 Feb 120 July
313
*8514 87
1,900 Federal Light & Trac
*853 8718 *853 89 4 31
4
15 28 Mar 31
4
3938 Feb 3
26
Oct 3714 Dec
*86
89
*65
75
Preferred
*65
75
No Dar 86 June 18 89 Jan 4
*69
75
8212 Sept 89 Dec
*70
75
74
74
Federal Mining & Smelt'g_100 41 May 22 11134 Jan
*73
741
1514 Mar 954 Dec
5
/
1
*184 192 *184 192
300 Do pref
100 61 Mar 3 105 Jan 6
4912
*15
Fidel Phen Fire Ins of N Y_ _25 160 Apr 15 20014 Jan 23 14712 Mar 9478 Dec
1912 *15
191 *15
Jan 179 Dec
1913
*3214 325 *323 3258 323 1912 *15
Fifth Ave Bus tern etts_No par
8
8
147 Jan 2 215 Feb 9
8
8 325
8
12
Jan
173 July
4
/
4
99 10012 100 10138 9938 100 8 3214 331 2,100 First Nat'l Stores
No par
30 /gar 31, 493 Feb 5
8
3812 Dec 40 Dec
99 100
6,900 Fisher Body Corp
25 7814May 15 1053 Jan 4
4
6014 Feb 125 Nov
181s 1812 1814 1834
1812 19
1914 31,600 Fisk Rubber
8178 82
*80 4 82
3
No par
1414May 20 2614 Jan 13
1012 Mar 2834 Oct
*8114
493
8
4834 4912 4812 4938
400 Do 1st prof stamped._100 7678 Apr
N14
rt)ii 5212 49,900 Fleischman Co new__ No par 3214 Mar 19 8414 Mar 16
10234 1023 10218 10218 103 10338
4
29 5612 Feb 1
102 10478 3,200 Foundation Co
725 73 4
73
8
No par 85 May 19 17934 Jan 29
,
74
7312 74
90
Jan 1633 Nov
- -4
73
75
25,400 Fox Film Class A
3234 333
4 33
No par 5518 Mar 31
333
85 Jan 2
4 33
6812 Sept 85 Dec
34
3212 333
4
Freeport Texas Co
3212 3212 3212 327
No par
8
195 Jan 13 3412June 3
8 33
8 Mar 2478 Oct
3314 3338 3312 30,400
2,600 Gabriel Snubber A _ _ _ _No par 2g JN,i n r 2i
i2 IIae 5 42 Feb 11
8
*7 4 8
)
,
31
88
2878 Aug 397 Nov
8
1,100 Gardner Motor
*4334 44 4 44
No par
934 Jan 4
,
44
418 Jan
4%12 4114 4138 4158
1614 Mar
5
8
1,800 Gen Amer Tank Car
*100 103 *100 103 *100 103
100 39 Mar 29 553 Jan 2
8
4412 Aug 60
Oct
*100 103
Do pref
71
100 99123 une 24 104 Jan 15
723
s 7212 7438 73
933 Feb 104 Nov
4
33,500 General Asphalt
111 11112 112 114
100 50 Mar 3 7438July 7
4212 Mar 70 Dec
4,100 Do pref
5414 5414 5438 *150 543
*54
100 947 Mar 3 114 July 7
8
8612 Mar 109 Dec
141.
4
4 54
8
*11114 120
1,600 General Cigar, IncnewNo par 46 Mar 29 5912 Feb 11
120
120
4 5418
Preferred (7)
*112 11712 *114 11712 *114 11712 *1117 1207100 109 Jan 11 11512 Feb 18 105
Jan 11114 Mar
Debenture preferred (7).100 10914 Apr 12 11512 Feb 10 104 July 116
34212 34712 346 34612 342 34712 *114 11712
Dee
345 345
3,200 General Electric
1112 1158
100 285 Apr 15 38612 Feb 19 22714 Feb 33714 Aug
113 1158
8
1138 1112
1138
1
38
1158 Mar 22
3714 38
10 11 Jan 5
1078 Oct 117 July
38
8
*3713 3812 4 114 11 2 7,700 Do special
.. 3 N13
600 General Gas & Flee A._No par 34 Mar 30 59 Jan 2
*9712 99
5878 Dec 6138 Dec
9712 9713 *9714 98
9914 Jan 4
100 Preferred A (7)
No par 95 May 11
*107 108 *107 10812 *107 10812
99 Dec 100 Dec
*107 10712
Preferred A (8)
No par 1051 Apr 8 11014 Jan 15 110 Dec 110 Dec
.
*933 94 4 *933 9414 9414 9414
8
,
8
*9312 9413
100 Preferred B (7)
No par
9214 Apr 27 96 Jan 4
*53
5312 53
53
533 533 *53
8
8
5312
200 Gen Outdoor Adv A__ _No par 51 Mar 31) 5578 Feb 4
151- Aug 14 tifeiri
233 287
-8
8
,8
283 2812 2812 283
8
4
4 285 285
8
8
1.900 Trust certificates__ _ _No par 265 Mar 36 33 Jan 6
2814
8
•Bid and asked prices; no sales on this day. z
De.!
Ex-divIdend. a Ex-rights
I
I
5P3
*171 17 *174 11,T4
8 4 811 7
*11,14
7 7
i1:1% *104 IT4
New York Stock Record-Continued-Page 4
186
For sales during the week of stocks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 3.
Monday, 'Tuesday,
July 5.
July 8.
Wednesday, Thursday,
July 8.
July 7.
Friday,
July 9.
Sales
for
the
Week.
1
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926
-share lots
On basis of 100
Lowest
Highest
PER SHARE
'tango for Previous
Year 1925.
Lowest
Highest
per share $ per share $ per share
per sha e S per share $ per share Shares. Indus.& Miscall.(Con.) Par
,
Per share $ per shale $ per share $ par share
4
4
14814 15112 14912 15138 14918 15012 1473 15012 356,000 General Motors Corp_ ..No Par 11314 Mar 29 15112July 6
8433 Jan 1493 Nov
z11612 11634 11612 117
11712 11814 118 11818 2,700 Do 7% pref
Jan 115 Dec
100 11312 Jan 29 120 May 28 102
8812 Apr 9912 Nov
____
100 Deb 6% pref
*101
*100
10112 10112 *101
100 9814 Apr 13 105 June 22
6712 6814 3,100 General Petroleum
42
Jan 591,, Dec
6912 6912 69
3
25 4912 Mar 2 701gJune 29
697
81 68 8 69
11,200 GenRy Signal new__ _.No par 6012 Mar 31 8912June 22
87
863 8812 8718 873
8
41 87
68 Nov 8034 Oct
87 8 85
7
Do prat
100 103 Apr 14 104 Jan 18
9012 July 10572 Nov
*10312 ---- *10312 ____ *103 -- *10312
General Refractories.--No Par 36 May 27 49 Jan 4
*3914 43
42
Oct 5812 Jan
*40
*3914 43
43
*3914 41
300 Gimbel Bros
47 Mar 83 Dec
8
No par 4518 Mar 3c 787 Jan 4
52 4 5112 5112
3
*51
5112 5112 *5112 52
Do pref..
10(1 103% Apr 1 11138 Jan 19 10214 Mar 11412 Nov
8
*10412 107 *10412 107 *1045 108 *10412 107
Ginter Co temp attn.._ No par 40 Jan 2 443 Jan 4
2234 Feb 53 Dec
4
1212 Mar 2812 Dec'
4
No par 153*June 3 253 Jan 7
2;i15(5 Glidden Co
8
117
3
1684 167 -18E8 - - 163* 167- - 1.63* 17 -8
37 Mar 51
8
Oct
4718 473
4 4,200 Gold Dust Corp v t e_.No par 4112 Mar 31 567 Feb 4
4712 4814 4718 4838 4714 48
3834 Jan
1434 Nov
4
52
6,800 Goodrich Co (B F)_ _ _ _No par 4512May 20 703 Feb 3
4814 4812 4834 49
4934 513
4 50
92 Jan 102 Nov
*9518 9814 *96
Do prof
100 95 June 25 100 Feb 9
9814
9814 *9614 9814 *97
4
8618 Jan 114% Oct
8
105 10514 1053 1053
105 10712 105 105
4 1,800 Goodyear T & Rub pf v t c..100 .9812 Mar 30 1093 Feb 4
100 10533 Jan 22 1083*June 1 103 Apr 109 Dec
200 Do prior pref
4
4
*10712 1073 *10712 1073 10712 10712 1073 1073
4
4
39 Dec 42 Dee
1,100 GothaM Silk Hosiery...No par 3314 Mar 30 5434June 19
8 5012 51
505 505
8
51
51
505/3 503
4
994 Dec 10212 Dec
100 98 Apr 6 111 June 22
400 Preferred
10914 10914 *10712 10812
*107 110
109 109
187 Dec 23 Sept
s
*1712
173 *1714 1712 17 3 177 *173 18
4
No par 1612 Apr 15 2112 Jan 23
100 Gould Coupler A
4
7
8
13 Mar 2178 Dec
1818 Mar 31 2312 Feb 5
2034 .2078 2012 203* 2018 2012 2012 2138 7,000IGranby Cons M Sm & Pr_101
91
Jan 11312 June
89 Apr 14 10614 Feb 2
Great Western Sugar tern ctf2I
600
95
*94
*94
95
95
95
94
95
104 10812 Mar 311 116 Jan 14 107 Apr 11512 Dec
100 Preferred
116 116 *115 118
*11412 116 *115 116
111 Mar 1914 Jan
9 4 Apr 3 1658June 29
3
1534 1638 16
16
1578 157
8 1578 1612 3,100 Greene Cananea Copper_ _101
518 Jae 5 107 Feb 1
372 Sept
612 Jan
8
Guantanamo Sugar_ _No pa,
*714 8
*714 712 *714 712
*714 8
6713 Mar 9534 Nov
101
82 May 15 9338 Jan 4
79
797
4 4,800 Gulf States Steel
79
80
8 7812 7978 778 783
4212 July 89 Feb
45 June 16 57 Feb 26
Hamm 1st pref class A....101
*45
49
49
*45
49
*45
*4514 49
2534 Apr 3712 Jan
4June 21 35 Jan 6
253
600 Hartman Corporation __No par
27
*263 267
2634 2718 27 27
27
4
s
30 Mar 4912 Nov
35
3014July 1 46 Jan 14
3512 3478 35
No pal
8 1,900 Hayes Wheel
*35
3514 3512 357
66 May 7734 Jan
,
2' 68 Mar 2) 7578July 8
700 Helme(G W)
75
74
*7212 75
*7212 75
757
8 74
27 Dec 4878 Jan
1712May 27 35 Jan 6
24
23
200 Hoe(R) dr Co tern ctfs_No Par
23
.23
24
*2312 24
24
43
Jan 50 Jan
.104. 4712 Jan 4 62 Feb 23
5414
500 Homestake Mining
*54
54
5414 54
5414 5414 54
3412 Jan 474 Nov
3
700 Houseb Prod,Inc.tem ctfNo par 40 Mar 3 48 Jan 8
4414 4414 *44
4418 4334 4418 *4234 44
59 Apr 85 Jan
400 Houston Oil of Tex tern ctls100 5014 Mar 31 71 Jan 5
61
60 60
6118 6118 603 603 *60
8
8
1612 June 3113 Nov
27 Jan 8 3838July 9
No par
8 6,800 Howe Sound
3758 38
3734 377
8 375 377
3
8 3758 383
3334 Jan 1394 Nov
4958June 25 12314 Jan 4
5112 527
8
8 5314 5512 128,000 Hudson Motor Car_ .No par
8 5114 523
s 517 547
1414 Mar 31 Nov
10 17 Mar 2 283 Jan 4
2273 2312 227 2314 23
2
2312 2314 237 20,500 Hupp Motor Car Corp.
8
1312 Jan 413 June
4
8
2414 2434 24
2412 24
2412 2338 2353 9,200 independent Oil & Gas.No par 195 Mar 30 34 Jan 2
13 Mar 24 Aug
No par 18 Jan 6 2414 Feb 4
4
400 Indian Motocycle
2138 2138 *203 2112 203 203
4
3
4
4 203 20 4
512 Jan
1414 Dec
10
9 Mar 31 1334 Feb 13
Indian Refining
*10
1018 10
10
4 1,000
912 93
4
912 93
6 Sept 1258 Dec
8 Apr 13 1212 Feb 13
10
Certificates
8 *818 812
*758 878 *77
8 878 *77
s 87
77 Mar 110 Dee
94
9178
Preferred
100 90 May 14, 104 Jan 7
*90
94 i *90
94
*90
*90
77 Nov 1074 De*
31 104 Jan 5
91
9112
100 Ingersoll Rand new _....No par 8014 Mar
*913
*89
9112 *89
9112 91
3833 May 50 FeuNo par 3412May 11 4314 Jan 7
4278 423* 4234 42 42
4234 43 1 42
4,000 Inland Steel
*11113 11112, 11112 11112 *11112 112 *11112 112
100 Do pref..100 10834 Mar 16 115 Feb 9 10412 Apr 112 Sept
2214 Apr 3234 Jan
8
4
2314 2312 2314 233 *23
2312 23
1,200 Inspiration Cons Copper.. 20 203 Mar 30 267 Feb 10
4
2318
718 Jan 2418 Nov
*15
16 I 1514 1514 15
15
1412 1412
No par 1412June 12 2614 Jan 22
700 Internat Agricul
40 Apr 85 Nov
8312 8312' 8312 831 *83
8414 *83
100 8112June 16 95 Jan 27
83 4
3
300 Prior preferred
4712 4978 4912 50
4812 48
Int Business Machines-No Par 43818 Ma:3C 50 July 9 110 Mar 17614 Nov
9,000
4814
473*
Jan 814 Sept
52
59
59
5814 5814 5812 587
8 5612 5818 1,800 International Cement_ No par 591zMay 17 7178 Jan 21
10412 10412 *10414 107
*104
____ 105 105
_ ..100 102 Mar 17 106 Jan 28 10212 Nov 107 Aug
200 Preferred_
3134 Jan 6912 Dee
Jan 5
53
5414 51
517
81 503 53
4
537
21,300 Inter Combus Engine...No par 3312 Mar 30 6412
8 50
964 Mar 13814 Sept
8
12314 125781 12314 125
1233 12338 *122 123
7,300 international Harvester _100 11214 Mar 29 13412 Feb 10
120 4 121 *11912 12112 12112 12178 *12112 12214
3
500 Do pref_
4
100 118 Jan 8 1223 Apr 9 114 Mar 121 Ncrs
71. June 14% Feb
73
3 732 *73* 8
200 Int Mercantile Marine..__. 100
Vs 77
8
7 June 26 1233 Feb 17
*73
4 8
4
27 Aug 523 Feb
Stock
3512 3512 35
35
35
35
35
363
4 4,000 Do nref
2
100 27 Mar 30 463 Feb 16
*
6512 66
6518 6512 8514 653* 6518 6534 4,300 Interns tonal Match prat__ 35 5312 Mar 3 68% Feb 23
561 Dec 607 Dee
,
8 3658 3712 3612 3712 18,000 Internet lonal Nickel (The) 25 323 Mar 30 4614 Jan 5
244 Mar 4812 Nov
Exchange
Stock
3714 3772 3714 375
8
103 103 *10112
*103
_
94 Jan 102 Nov
-100 Do vet
100 1014 Jan 29 10414 Apr 21
5378 53
Oct
5338 2,900 International Paper
4814 Mar 76
5234 5312 *1035312 5312 53
Exchange
Closed;
100 44IR Apr 15 6338 Jan 9
Do stamped pref
71 Mar 88 Dec
*82 ____ *83 -- _ _ *8312 ___- *8312 -100 85 Jan 14 88 Jan 6
94
9312 933
4 94
700 Do pref (7)
86 July 9914 Oct
Independ- *933 9412 937 94
4
100 89 May 7 9812 Jan 2
Closed;
8
100 International Shoe_ _ No par 135 May 6 175 Jan 11 108 Feb 1993 July
150 150 *14812 155 *149 155
4
*148 150
.
12214 12212 3,000 Internet Telep & Teleg_ _ _100 111 Mar 3 133 Jan 25
12212 123
8712 Apr 144 Aug
Extra
ence Day 123 12378 12218 123
100 Intertype Corp
18 July 29% Oct
*2214 223 *2214 2212 2212 2212 *2214 23
4
No par 2112 Apr 5 29 Jan 7
35
35
3512
800 Jewel Tea, Inc
164 July 263* Dec
Holiday
100 25 Jan 4 3614 Feb 10
Holiday
333 333
4
4 34
*333 35
4
Do pre/
100 11512 Jan 29 125 Feb 9 10212 Jan 11512 Dee
*114 123 *114 123 *114 123 *114 123
400 Jones Bros Tea, Inc. stpd_ _100 1012June 30 1912 Feb 5
1134 Dec 217 Feb
103* 103* 103* 1038
*105 1114 1052 105g
8
8
No par 28 May 17 66 Feb 19
353 Aug 65 Nov
8
4 6,600 Jordan Motor Car
297 3012 2912 3014 293 293
8
3012 31
14 June
100 Kansas Gulf
14 May
10
54 Jan 8
12
14 Mar 4
12
*14
*14
14
14
3
s
*14
112 112
200 Kan City Lt & P 1st pf_No par 10714 Mar 29 11212June 12
Jan 109% Sept
99
*11112 11218 11218 11218 *110 112
1834 Mar 4218 Dec
500 Kayser (J) Co v t c_ _ _.No par 3314May 20 47% Jan 14
383
4 3814 3814
3814 3812 3812 3812 *38
Do 1st pref
4
No par 100 May 26 105 Jan 15
83 Mar 10312 Dee
4
*10134 10314 *10134 103 *1013 __-- *1013 102
1,800 Kelly-Springfield Tires
3
25 1214May 19 2112 Feb 6
1214 Mar 213* July
1418 13 4 14
14
14
14
1312 14
60
41 Mar 74 July
*51
Do 8% pref
60
100 51 May 20 743 Feb 5
*51
4
60
*53
61
*55
43 Mar 72 July
*6212 64
100 Do 6% pref
_100 83 June 4 7314 Feb 6
63
63
*6212 64
*6212 64
Kelsey Wheel,Inc
87 Aug 124 Dec
99
*98
.100 86 May 12 126 Feb 4
*98 100
*98 100
98 100
*
31 rul v
9
4813142 SeptM ar 5 1 Noy
No par 4934 Mar 30 58% Feb 10
8 54
5412 13,100 Kennecott Copper
543
5414 545
8 54
5412 55
218 Jan 2
300 Keystone Tire & Rubb_No par
12May 11
7
8
*5
8
3
4
3
4
3
4
3
4
34
34
Oct
824 Jan 7
75 Mar 100
300 Kinney Co
No pas 61 Mar 31
68
6812 *65
68
69
69
*6912 70
10 4234 Mar 30 82 Jan 29
12,400 Kresge (S 8) Co new
5
5418 5412 5312 5414 5312 5414 53 8 55
-- -1Preferred
100 113 Feb 18 11434 Feb 26 110 4 jai& far -601
*110 115 *110 115
*110 115 *11214 115
2812 Dec 4534 Jan
100 Kresge Dept Stores_ _ _ No par 1518 Mar 25 33% Jan 14
*2214 2212 2212 2212 *2214 23
*2214 23
Jan 9734 June
88
Preferred
100 7014 Mar 26 9314 Feb 1
90
*80
90
*80
88
*80
90
*80
170 17514 1,300 Laclede Gas L (St Louls)_..100 146 Mar 29 1754 July9 11014 Jan 178 Mar
165 167
15912 160
*159 160
9
19 Oct
115* Feb
918 *834 912 1,200 Lee Rubber & TIre__ __ No par
83 Mar 29 14 Jan 4
4
9
9
9
9
3714 Dec 4412 Oct
No par • 303 Mar 30 4118 Jan 2
4
8
s
3518 3614 3512 3614 353 385 14,000 Lehn & Fink
35% 36
57 Mar 92 Dee
8 833 83 4 2,000 Liggett at Myers Tob new_25 7212 Mar 31 94% Jan 25
4
3
3
.
8214 82% 8212 831 2 83 4 837
1612 Jan 124 Dee
3
Do pref
100 11934 Jan 18 129 4May 5
*122 124 *12312 124 *123 124 *122 124
5512 Mar 8972 Deo
25 71 Mar 24 94 Feb 1
8218 6,300 1)0 "B" new
i 8178 8212 82
8 8112 817
81 - 817
60 June 745 Jan
No par 5312 Mar 31 6934 Jan 4
300 Lima Loc Wks
6212
*6112 6212 6112 6212 *6118 6212 *6118
22 Feb 4434 Nov
8
8 377 3812 5,800 Loew's Incorporated_ No par 3414 Mar 2 41 Mar 16
3758 383
8
8 375 38
3712 377
6
Jan
918 Apr
No par
7 Jan 28 1114 Feb 10
700 Loft Incorporated
713 714
3 73
714 714 *718 733
73
3
14 Mar 43 Sept
500 Long Bell Lumber A_ No par 4412July 8 5912 Feb 3
*4412 45
8
s 4412 4478 *4418 4478
447 447
77 Feb 14334 Dec
100 88 Mar 30 14012 Jan 4
600 Loose-Wiles Biscuit
11812 12012 *117 120
11812 11812 *11514 118
100 12014 Mar 30 14314 Jan 6 104 Feb 148 Dee
" 100 2d preferred
*124 13112 *124 13012 13012 130 2 *130 134
25 3514 Jan 2 4214 Feb 3
3014 Jan 3934 Sept
3938 7,300 Lorillard
8 3914 3934 3918 3912 39
391s 395
100 11112 Apr 5 117 Apr 23 10818 Feb 116 Aug
Do prof
*11514 118 *11514 118 *11514 118 *11514 118
8June 21
1358 Oug 2354 Feb
7,600 Louisiana Oil temp ctfs_No par 12 Mar 3 197
1714 173
4
1712 18
1734 18
1778 18
23 Dec 2638 July
4
1,800 Louisville G & El A ___ _No par 223 Mar 31 2618 Feb 10
24
24
4
233 24
237 24
3
*237 24
8
No par 1014 Mar 30 5814 Feb 4
313 Feb 60 Dec
4
800 Ludlum Steei
383
4 3712 3712
38
4
4
383 383 *3712 383
4
100 130 May 15 138 Feb 9 114 Mar 141 Sept
Mackay Companies
*133 135 *133 136 *133 135 *133 136
66 Mar 7884 Feb
100 68 Mar 19 734 Feb 9
Preferred
*7012 72
*7012 72
*7012 72
*7012 72
'sit) par 10312 Mar 30 159 Jan 4 117 Jan 242 Nov
118 12178 96,600 Mack Trucks, Inc
2
1163 1203 11812 1203* 11812 122
4
100 10934 Jan 4 113 June 10 104
Jan 113 Aug
100 Do 1st pref
11 11
11112 111_12 :11712 11234
*11112 112' *11112 112
100 104 Apr 17 107 Mar 13
99 Jan 10858 Aug
Do 2d pref
*10512 108 *105 108 *195 108 *105 108
6912 Jan 112 Oct
500 Macy (R. H)& Co,Ino_No par 8812 Mar 29 106 Feb 10
10334
10314
103 103
10314 10314 *102 104
4
100 11512 Mar 1 1183 Jan 14 11434 Jan 118 Aug
-----------Preferred
*11754; --__ *1175s ____ *11758
par 34 Apr 19 44% Feb 10
34 Mar 46 Nov
600 Magma Copper
38
8
4 3
*3814 39
3814 3814 *373 - - - 38
N
2114 Dec 3712 Jan
R)& Cfl_Alo par 15%May 19 2818 Jan 5
100 Mallinson (H
19
*18
19
'18
*18
19
1812 1812 *18
32 Mar 59 Mar
807 11,300 Manh EleoSupptem ctts No par 56 Jan 4 8078July 9
8
78
785s 7712 7812 773* 7914 79
7
25 2212May 24 32 8 Jan 4
2014 Mar 3478 Nov
900 Manhattan Shirt
23
2313
225 23 8 *223 2312 *2318 2314
2
3
4
2812 Mar 4912 Apr
100 Manila Electric Corp --No Par 2712 Mar 20 3912MaY 17
8
8
3 12
6
3 112 2412 *335 3412 *335 3512 *335 35
2
5
4
8
2034 Mar 3 28 Feb 2
2033 Sept 3512 Jan
2514 2512 1,500 Maracaibo Oil Expl-No par
2512 2614 *2512 26
325 Mar 6012 Dec
2
, o par 4914 Mar 30 6338June 17
No ,
v
4 6018 613g 53,600 Marland Oil
613
611g 613
4 6112 623* 61
27 Mar 29 33 Mar 11
3012
400 Marlin-Rockwell
3012 *30
3038 3014 3012 *30
*29
17 May 20 23 June 25
511091% MarDe
Janc 3278 Oct
600 Martin-Parry Corp._ No par
*22
223
8 217 2214 2172 2214 *2178 22
8
8414 6,600 Ma thleson Alkali Wkstem ctf50 82121VIay 12 10618 Jan 2
4 83
8
8 837 843
79
85
8312 847
1039: 2 Djaci
e
11712 11814 1%200 May Department Stores__ _50 10878May 17 13712 Jan 2 101 Mar 1377148 Den°
11633 118
11614 11612 11612 117
8
100 1223 Feb 2 125 June 11 1184 Mar 124 June
Preferred
*122 125 *122 125 *122 125 *122 125
217 Nov 263 Oct
No par 19 Mar 3 2318 Feb 13
8
4
900 Maytag Co
2078 2078 *203 21
21
21
207 21
8
79 Mar 13934 Oct
82
82
300 McCrory Stores Class B No par 72 Mar 30 121 Jan 11
83
8
*8112 84
8158 815 *82
16
Jan 2234 Oct
500 McIntyre Porcupine Mines...5 22% Jan 2 30 Feb 15
*2453 25
*2478 25
*245 25
3
247 25
8
18
Jan 2412 Nov
4
900 Metro-Goldwyn Pictures pf _27 2214 Jan 8 2414 Feb 9
*2314 2312 *2314 2312 2314 2314 2312 233
6 Feb 25 12I2June 28
9 Dec 2212 Jan
3
97 10 4 7,600 Mexican Seaboard 011 No par
8
1113 1138 1114 1112 107g 1114
5 11 Mar 3 1412July 9
May 24
% Jan
4
133 1412 14,700 Miami Copper
1314 1338 13$g 1358 1352 13744
2583 M
4 Aug 38 Nov
9,900 Mid-Continent Petro__No par 28 Mar 30 37 Jan 2
3112 3014 31
s 31
3112 32
313* 317
8314 Apr
100 90 Mar 30 100 May 19
800 Preferred
4
4
9912 983 983
99
9912
9912 9912 99
24 Jan 8
114 Jan 2
10
114
34 '
53 Apr " June
13*
13* 112 3,000 Middle States Olt Corp .
112
133
13*
13* 138
1
118 Jan 8
*7
8
78 Jan 7
I
10
*7
8
*7
8
1
600 Certificates
7
8
7
8
96 4 Fen 14711 Ailb
1 Jab
1 Fet
400 Midland Steel Prod pref.. A00 107 Mar 30 13312 Feb 23
11412 *112 11412
114 11418 114 114 *112
8
64 Apr 99 Aug
14
100 693 Mar 26 8312 Jan 14
77'2 8,100 Montana Power
4 77
4 7812 7914 7712 773
7612 783
41 Mar 844 Nov
8
8 703 7214 25,200 Montg Ward & Co 111 eorp_ _10 56 May 19 82 Jan 2
7214 703 717
4
8 70
7012 717
1912Mav 18 373 Feb 10
8
9
223 iM ay 4218 Dia%
6 4 la r
No par
Moon Motors
8 3,600
243 247
4
2434 25
253s 2433 25
25
74 Feb 8
55
8July
53* 53* 2,900 Mother Lode Coalition.No par
4
552 53
4 53
4
g
53
53
4 57
•Bid and asked prices; no sales on this day. z Ex-dividend .
New York Stock Record-Continued-Page 5
187
For sales during the week of stocks usualiy inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
JO/ 3.
Monday,
July 5.
Tuesday,
July 6.
lrednesday,I Thursday.
July 8.
July 7.
Friday,
July 9.
$ per share $ per share $ per share $ per share $ per share $ per share
2034 195 2018 20
20
*203 2114 20
4
8
3958 39% 393 4078 4118 417
4
s
8 4118 423
2414 2414 2414 2414 *233 2414 24
2418
4
11
*11
11
13
*1118 13
*1112 13
3712 383
4 3718 3714 371s 3714
4 3718 383
718
75
8 818
718
712 75
714
714
8
57
8 56, 573
577
2
4 5612 578 5618 5712
__71
7 4 *712 73
81814
814 .-;'7: -- 8 -;; 2 - - 34
91
9414 95
933 947
4
05
8 9484 95
13014 1303 *129 132 *129 132
*13014 132
8
441
4412 4458 4438 4458 44
4334 44
24
24
23
2334 227 23
2314 2314
*75
77
*75
77
*75
77
75
75
6912 6912 69
693
4 69
69 12 6834 69
*2614 2712 *2614 2714 *2612 28
*2612 28
92
*91
*91
92
*9112 92
92
92
1914 1014
1812 19
1812 1812 *1812 18%
4538 453 *45
*45
4
50
47
*45
47
24
24
*2212 2412 *2212 24
*2234 2312
78
*75
*75
73
*75
78
*75
78
*15712 15914 158 159
15712 15712 *153 157
*11612 1177 1173 11734 *11612 117% 1175 1175
4
8
8
8
2234 2318 2234 2314 225 231s 213 223
.8
4
4
6012 6012 6012 6012 603 603
4
4
4 603 60%
*11214 115 *11214 115 *11214 115 *11214 115
f6-- *io- 19 - *150
1338 1358
4178 42
-4658
*34
*69
*10214
*277
5014
51
96
73
4
*1412
*3018
4212
36
72
____
2818
5112
51
06
8
15
31
1314 1312
4078 4114
42l
*34
693
4
10238
277
51
*51
*953
4
8
*1412
*3018
Closed;
Extra
Holiday
45
*34
*69
*10212
28
505
8
51
953
4
812
*1412
3018
- - 2 4314
46137
*33
72
*69
- -- - *10212
281s
2812
5138 5012
51
501.2
953 *953
4
4
9
812
15
*1412
304 *3012
453
8
37
72
2418
5138
5012
96
878
15
32
4413 *43
44
421 42 2
,
100
993 993 *99 100
4
4
54
54
*54
55
*5312 55
55
5512
31
31
303 303
4
4 3014 303
4 30
30
*10378 104 *10378 104 *10378 104 *10378 104
120 122
122 12312 122 122 *12118 122
*1053 1113 *1053 1113 *10534 1113 *10534 1113
4
4
4
4
4
4
1018 105
1014 105
8
10
8 10
10
1118
*993 10012 98
4
993
4 9814 09
1003 1047
4
66
674' 6712 678 6734 68
68
683
8
*47
49
478 4812 *43
4812 *4712 4812
Stock
101 101 *101 105 *101 105 *101 105
127 127
127 127
127 127 1*127 12812
Exchange
114
138
114
112
114
112
114
IN
4358 4438 4334 4614 4358 44141 43
433
4
Closed;
1512 163
8
8
1618 163
155 16181 153 157
8
4
7214 7314 7312 7312 *723 73121 7112 723
4
4
Independ- 7312 7434 7378 75
7312 7438' 7112 73%
3914 393
8 395s 4012 395 403 x385 39
8
4'
8
ence Day
2418 247
81 2412 2514 2314 25 I 2214 2334
*2014 21
2012 2012 2012 21
*2034 21
614 *6
Holiday
614
612
618 64
*6
63
4
57
58
5712 5878 5712 583 25534 5738
8
217 22
2138 213 *2114 2112 21
8
21
*8
812
*8
8121 *8
812
815 818
114
IN
114
112
114
13
8
114
138
12112 12112 12112 12214 12112 122
12134 12134
*72
7212 72
72
72
72
7212 7212
*493 5014 5014 5114 *4934 5112 *50
4
5112
40
4014 3912 40
40
40
3938 397
8
*38
42
*38
41
*38
41
*38
4112
*47
52
*47
52
*47
52
*47
52
2238 223
8 2238 2212 2214 235
8 23
233
4778 487
483 49'41 4812 494 4758 483
4
41
4214 *4012 42
42
4338 4112 411_
*98 100
*98 100
*98 100
*94 100
2838 295
8 2838 30
285 3012 281 297
8
/
4
8
107 1087 10812 11114; 1103 11412 11214 1145
8
4
8
3
4
8
7
8
7
81
3
4
7
8
3
7
4
8
*12
20 I *12
18 I 1514 1514 *1212 15 2
,
314
37
8
314
312
33
312
8
8 3%
35
*34
35
*33
35
*33
35
*33
35
*73
*73
75
75
*73
75
73
7312
*96
98
*96
98
98
93
93
98
43
*43
43
44
*43
44
*43
44
*83
86
*83
86
*83
86
*83
86
*1634 1912 *163 1912 *1634 1912 *17
4
1912
*1434 20
*143 20
4
*14
20
*14
20
;14- 20
.
-6512 - - .5- -6312 94
96 s
04 10038 9918 1023
4
3834 383
4 383 383 *35
4
4
37
36
36
*8412 85 I 845 845
8
8 8434 343 *8412 88
4
1312 1312 *123 13
8
*1258 13
125 125
8
8
*32
33 I *32
33
*32
33
*32
33
8612 8712 87
8712 8612 8712 8714 89
109 109
109 109
109 109
1095 10938
8
*11912 120 *11912 11934 *11912 120
120 120
*10112 102
1011* 10112 102 102
10212 10213
*11134 112
112
*11178 11218
179 18012 178 112*178 113
1797
8
1 184 1 7912 175 179
35
35
*3412 3434 343 343
4
4 3414 34,1
2712 273
4 2712 273
4 2712 2758 273 277
8
8
*119 122 *109 112
11114 11114 *110 112
435 4338 44
8
4478 4358 4438 4312 437
*473 48
*475 48
8
8
48
48
4812 4812
;i2T2
-424 44
10112 10112 *99
Stock
lite
Exchange
45
37
693
4
10238
28
12
51
5114
96
9
15
31
159 *150 150
1314 133
8 1314 1314
4038 41
4034 4178
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares. Indus. & Miscall. (Con.) Par
1,300 Motion Picture
No par
19,500 Motor Meter A
No par
1,000 Motor Wheel
No par
100 Mullins Body Corp_
No par
3,300 Munsingwear Co
No par
2,200 Murray Body
No par
35,900 Nash Motors Co
Vo par
Do pref
100
100 National Acme stamped_ _ _100
8,400 National Biscuit
25
300 Do pref
100
11,300 Nat Cash Register A WI No par
1,300 National Cloak & Suit__ _100
100 Do pref
100
4,400 Nat Dairy Prod tern etfsad o par
Nat Department Stores No par
100
Do pref
100
1,300 Nat Distill Products__ _No par
200 Nat Distil Prod pf tern ctl No par
100 Nat Enam & Stamping_ _ _100
Do pref
100
300 National head
100
200 Do pref
_ 100
17,800 National Pr & Lt ctfs_ _No par
700 National Supply
50
Preferred
100
National Surety
100
National Tea Co
No par
2,600 Nevada Consul Copper_ ___ 5
4,500 NY Air Brake tern ctfs_No par
Do Class A
No par
31,400 NY Canners temp ctfs _No par
New York Dock
100
100 Do pref
100
100 N Y Steam 1st pref _ _ _.No par
500 Niagara Falls Power pf new _25
26,500 North American Co.._ __.._ _10
50
600 Do pref
600 No Amer Edison pref __No par
5,700 Norwalk Tire & Rubber__ _10
Num:tally Co (The).__No par
25
300 011 Well Supply
Ontario Silver Mbn new No par
No par
100
200 Preferred
800 Oppenheirn Collins dr CoNo par
1
3,200 Orpheum Circuit, Inc
Preferred
100
50
2,400 Otis Elevator (k)
Preferred
.100
No par
4,500 Otis Steel
100
6,700 Do pref
25
3,300 Owens Bottle
No par
600 Outlet Co
100
200 Preferred
300 Pacific Gas dr Electric_ __ _ 100
No par
5,300 Pacific Oil
10
89,600 Packard Motor Car
4,600 Paige Det Motor Car _ _No par
2,800 Pan-Amer Petr & Trans.._ _ _50
50
63,000 Do Class B
13,400 Pan-Am \Vast Petrol B_No par
10,900 Panhandle Prod & Ref _No par
400 Park & Tilford tern ctfs_No par
1
800 Park Utah C 51
_ 505 Onyx Hosiery
No par
9,000 Pathe Exchange A
No par
1,100 Penick & Ford
60
100 Penn Coal & Coke
12,300 Penn-Seaboard St'l vtc No par
1,500 People's G L & C (Chic)...100
400 Philadelphia Co (Pittsb) _ _ _50
50
300 6% preferred
1,800 Phila & Read C & I__ No par
Certificates of int_.No par
Phillips-Jones Carp_ _ _No par
6,200 Phillip al orris & C'o., Ltd__ _10
No par
67,400 Phillips Petroleum
5
4,000,Phoenix Hosiery
100
I Preferred
53,600 Pierce-Arrow Mot Car No par
100
Do pref
11,500
2,700 Pierce 011 Corporation__ _ _ _25
100
100 Do pref
20,700 Pierce Petroi'm tern ctlsNo par
Pittsburgh Coal of Pa_ _ _ _100
100
200
Do pref
100
200 Pittsburgh Steel ilref
100
100 Pitts Term Coal
100
Preferred
Pittsburgh Utilities pref. _..10
10
Do pref certificates
10
Preferred ctfs new
64,000 Post'm Cer Co Inc new_No par
300 Pressed Steel Car new._ _ _ _100
100
200
Do pref
200 Producers & Refiners Corp..50
50
Preferred
13,300 PubServCorp of NJ newNo par
100
500
Do 7% pref
100
100 Do 8% prof
400 Pub Serv Elec & Gas pfd_100
200 Pub Service Elec Pr pref _100
100
6,900 Pullman Company
50
700 Punta Alegre Sugar
n5
13,7001Pure Oil (The)
100
200' Do 8% pref
10,200 Radio Corp of Amer__.No par
50
300 Do pref
Railway Steel Spring new.- -50
Preferred
.100
Rand Mines, Ltd
No par
1378 14
13% 14
14
14
1378 14
8,900 Ray Consolidated Copper. 10
45
467 *4458 46
8
*4434 4612 4178 433
4 2,400 Reid Ice Cream
No par
*10
11
*10
1114 *10
11
*1014 11
Reis(Robt) & Co
No par
107 11012 109 11012 109 114
111 11314 13,500 Ran:Ilia:ton Typewriter_ ___100
*11014 112 I*11014 112 *11014 112
11112 11112
100 Do 1st pref
100
*11312 120 1*113 118 *113 117 •113 117
Do
d pref
100
8
1012 107
8 105 10% 103 107
4
8
105 105
8
8 2,500 Replogle Steel
No par
56
8 557 563
567
8' 5512 567
8
4 55
563 16,200 Republic Iron & Steel
4
100
947
9412 9412' *9312 95
*94
95
9512 1,700 Do pref
100
67
7
137
e *63
4
*63
7
4
65
5 65s
300 Reynolds Spring
No par
8
9718 9712 973 9712 9712 08
9718 977
8 6,100 Reynolds (RJ) Tob Class B 25
*8912 9012 *8812 901 2
91
*89
881.• 8812
100 ROSSIa Insurance Co
25
4 525 5314 2,800 Royal Dutch
5314 533
4 5312 535
5
8 53 8 533
8
Co(N Y shares) _
4158 4158' 4138 413
4 4112 42
4112 4134
1,600 St Joseph Lead
10
497
8' 497 497
50
5114 503 5212 6,300 Safety Cable
8
498
4
No par
81 I *80
81
*80
*80
81
8014 8014
100 Savage Arms Corporation_ 100
*5
4' *5
*5
53
53
4 *5
53
4
Seneca Copper_ _ _ .. _.__No par
534
6512 65
65
65
6438 6514 6414 6414
1,000 Shubert Theatre Corp_No par
471* 471* 47
477 477
4714 48
4712 3,400 Schulte Retail Stores_ __No par
*117 11712 *117 11712 *117
11712 *117 1171*
Do pref
100
*1318 1313' *1318 13121 *1318 1312 1314 1314
100 Seagrave Corp
.No par
8
s 5212 53121 53
525 527
533
8 525 535 13,300 Sents,Roebucb&Co new No par
8
8
6114 61
*61
617
8 614 6218 6114 62
1.400 ...Mamma (F 0) .. _No nor
• 39i and asked prices: no sales on thia day. s Ex-dividend.
PER SHARE
Range Since Jan. 11926.
On basis Of 100
-share lots
PER SHARE
Range for Previews
Year 1925.
Lowest
Highest
Lowest
Highase
per share
19 Jan 26
4May 19
333
22 May 18
11 July 7
4
343 Apr 6
3 Slay 8
52 Mar 24
10618 Jan 4
4May 19
73
74 Jan 8
126 Jan 27
38 May 22
2012alay 21
7212June 7
53 Apr 14
25141May 25
90 Jan 14
1212May 18
38 Slay 7
2218June 16
7712July 2
138 Apr 15
116 Jan 16
163 Mar 2
4
5512 Jan 4
10114 Mar 30
208 Mar 31
119 May 15
1158June 1
3612 Jan 2
5514 Jan 6
32 Apr 12
3212 Mar 30
69 May 13
9914 Apr 13
8
275 Mar 31
42 Mar 30
49 Jan 2
9118 Mar 31
Di July 6
1338 Mar 1
30 July 2
10 Jan 8
314 Feb 2
95 Apr 17
47 Jan 12
2712 Mar 25
101 Jan 13
103 May 20
1023 .lan 13
4
3i2Stay 10
85 May 17
5,334 Mar 29
44 May 19
9712 Apr 1
118 Mar 31
n1 Slay 13
3134 Mar 31
13381May 14
5518 Mar 31
5678 Mar 31
34 Mar 1
412 Jan 21
4
193 Apr 13
8May 14
57
45181May 17
1678 Jan 28
758June 28
11451ay 13
117 Jan 4
5918 Mar 2
4734 Jan 4
3514 Apr 14
3614June 14
50 Mar 30
16 Apr 3
40 Mar 30
31 Mar 30
94 Mar 25
19 Slay 15
7612 Apr 15
34May 5
1514 July8
311June 20
29 June 0
70 June 21
94 Mar 29
3978May 20
83 Mar 26
1412 Mar 3
15 Mar 20
15 Jan 22
7512 Mar 30
3418May 19
82 Mar 4
11 Mar 20
303438ay 11
72 Mar 2
10315 Jan 12
115 Mar 2
97 Jan 22
105 Jan 18
19 ,14 Mar 31
33 Apr 14
253 Apr 13
8
105 Apr 14
32 Mar 30
445 Mar 31
8
5314 Mar I
115 Apr 9
323 Apr 30
4
102 Mar 3
417s July 9
914 Mar 31
8312 Apr 20
106 Apr 21
105 Apr 1
878.May 20
44 May 19
9114 Mar 30
512 Feb 24
90 Mar 30
86 Mar 2
50 Mar 3
365851ay 11
424 Mar 31
73 Mar 31
434June 2
52 Mar 4
4212 Mar 30
11212 Jan 6
1212 Star 3
4414 Mar 29
47 Mar 30
per share
2312June 3
533 Feb 10
8
33% Feb 15
1934 Feb 1
3834 July6
1578 Feb 20
66 Feb 23
1064 Jan 4
1272 Jan 9
9312June 25
13112 Apr 28
64 Jan 5
57 Jan 2
9212 Jan S
80 Jan 2
423 Jan 7
8
97 Jan 19
34 Jan 4
731a Jan 4
per share
1958 Dec
40 Nov
18
Apr
13 Aug
3018 Apr
54 Dec
19312 Jan
1034 Jan
414 Mar
65
Apr
12312 Mar
3 per shot
201k Dee
447k Oct
35 June
2112 Feb
39 Der
4012 Jan 2
893 Jan 4
4
17434 Jan 5
120 Slay 20
3838 Jan 21
6575 Mar 16
114 May 28
227 Jan 20
238 Jan 4
14 Feb 15
4434 Mar 11
6055June 1
843 Jan 29
4
45% Feb 5
74 Feb 5
10314June 30
285 Jan 22
8
67 Jan 14
5112June 23
8June 29
965
1515 Jan 14
1712 Jan 7
35 Feb 5
1012 Jan 14
4512June 29
10112July 6
6012 Mar 11
3114June 29
105 Apr21
1293 Feb 5
4
10412June 18
1412 Jan 19
1077 Feb 17
8
683
8July 9
52 Apr 5
10114 Jan 16
13214 Jan 29
8318 Feb 13
4514July 7
2812 Jan 4
7612 Jan 2
7838 Jan 4
46 Jan 2
32 June 17
284 Jan 4
812 Feb 5
83 Jan 7
23 June 16
17 Feb 8
214 Jan 4
130 Feb 11
7558 Apr 8
5114July 7
483 Feb 13
8
4612 Jan 11
5534 Jan 29
2334 July
4912June 22
4478 Jan 9
994 Jan 21
4318 Jan 9
1147,5July 9
178 Jan 30
274 Jan 30
7 Jan 30
4212 Jan 5
85 Jan 5
98 Feb 1
637 Jan 9
8
84214 Feb 5
2014May 21
20141May 26
2014May 26
12478 Feb 3
4112:Mar 19
9534 Jan 7
1712 Jan 2
3614May 27
9215 Jan 19
1097 July 9
%
12018Slay 20
10212July 9
112 June 3
13212June 22
47 Feb 4
31
Jan 4
11234June 25
483
8June 22
4812July 9
687 Mar 10
8
123 Feb 2(1
3714 July1
1418June 14
58 Jan 4
183 Feb 23
4
127 Feb 3
11112July 2
1143
4July 2
1578 Jan 4
635 Jan 7
5
89512 July 9
1058 Jan 5
9812 Jan 5
100 Jan 20
5738 Jan 9
4818 Feb 10
5412June 22
10212 Feb 10
1014 Jan 4
6912June 21
13812 Jan 23
119 June 4
1434 Star 12
5134June 18
9958 Jan 4
4211 MAY
488
Oct
107 July
1253 Dec
79 De.
1281/ May
1612
8734
42
3812
96
2953
5212
Dec - -, Oct
817
Dec 104
Jan
Jan
8178 Nov
Jan
45 May
Apr 102
Jar
Dec
4318 Oct
Jan
81
Oct
Apr 4158 Dec
25
75 June 8914 Jan
13312 Apr 17434 Nov
11412 Sept 119 Sept
5438 Dec 71 -ii;
10438 Jan 110
Apr
206
Jan 222
Oct
201
Dec 250 Dec
1134 Apr
163s Jan
2112 Oct 5612 Jan
50 Sept 67
Jan
313 Mar 8112 Dec
4
18 Mar 4514 Nov
5218 Jan
76 Dec
97
Jan 102 June
2753 Oct 29
Jan
4112 Jan
Oct
75
965 Jan
8
5012 Sept
941/4 Dec 964 Dec
1212 Sept
1814 Aug
Jan
8
1812 Nov
3338 Dec
38 Nov
512 Jan
11
Oct
1858 Jan
39 Dec
7814 Mar 97 Nov
4118 Sept 53 Dec
2534 Jan
327 July
8
98
Jan 107 Sept
8758 Feb 14012 AuR
101
Feb 112 July
8 Mar
1514 Aug
5014 Mar 9712 Aug
4234 Mar 6938 Nov
4914 Nov
57 Nov
98 Nov 1007 Dec
8
10212 Jan 13718 Nov
515 Aug
8
7812 Dee
Jan
15
484 Nov
173 May
Oct
s
32
5912 Sept 8374 Mat
1018 Aug
84 2 May
,
4
3714 Oct 49* Der
214 Aug
614 Dec
25 Sept
3512 Jar
70 Nov
103 Oct
s
17 Dec 28
Apr
124 Apr
263 Jan
8
1
3
Jan
Aug
112
Jan 123
Oc!
5112 Mar 6714 Do'
4512 Jan 49 July
3734 May 5218 Jar
38 July
5012 Jan
51 Nov 904 Jar
1234 Mar 2514 Sept
3614 Mar 474 June
18
Apr 4214 July
Apr 99 Dec
84
1078 Mar 473 Oct
4
43 Mar 100 Nov
114 Nov
312 Feb
2014 Dee 40
Feb
412 Dec
84 Feb
37 May
14
5412 Jaa
80 May
19
Jan
94 Mar 10212 Jan
30
Apr 6334 Jan
79 July
884 Nov
12% Mar
17% June
1234 Mar
16 June
1234 Nov
1512 July
Dec
8
645 Nov 121
1211
Aug
27 Sept
625s Mar
Jan
99
10858 Apr
99
Jan
9212 May
129 Star
33 July
2518 Aug
10212 Jan
3914 Nov
45 Dec
13414 Mar
333 Nov
4
1138 Apr
43
Oct
10 May
4634 Jam
Jan
100
103 Sept
8
125 June
4212 Apr
8414 July
8 July
7214 Mar
85 June
4814 Mar
3534 July
48 Dec
4812 July
9 Nov
5112 Dec
4
1013 Sept
110
Jan
1314 Nov
1165Mar
1
- ;
62 -Yin
325 Feb
8
5
475 Feb
87 8 Aug
7
106 Nov
119
Oct
um Nov
10018 Dec
17312 Sent
4714 Jan
3334 Feb
10812 sera
777s
Feb
54
122
Dee
Aug
17% Feb
6014 Dec
2814 July
11734 Dec
10912 Oct
1134 Apr
2314 Jan
8
643 Jan
Jan
95
18
Jan
953 Nov
4
9712 Feb
5738 Jan
5212 May
5012 Dec
1083 Mar
8
11 Nov
5512 Dec
13478 Dee
118 Aug
163 June
4
393,
92
Aug
188
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive, see sixth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 3.
Monday,
July 5.
Tuesday,
July 6.
Wednesday, Thursday,
July 7.
July 8.
Friday,
July 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
Highest
Lowest
$ per share $ per share $ per share 8 per share Week. Indus. & Miscell.
(Con.) Par $ per share
Per share $ Per share
Per share
*4314 4412 *4338 4412 *4338 4412 *433 4412
3
Shell Transport & Trading..L2 4034May 10 4858 Jan 4
3912 Sept 49 Dec
2753 2814 2773 283
8
4
8
s 273 287
8 273 285 122,700 Shell Union Oil
No par 24 Mar 3 287 July 8
2158 Aug 2813 Dec
*10834 11014 11014 11014 *1083 110 *10834 10978
4
100 Do pref
100 103. Mar 3 114 July 2
9912 Jan 10614 Nov
1918 1914 1918 1914 19
1914 185 19
8
6,900 Simms Petroleum
10 18 May 7 285 Jan 2
8
1734 Sept 263 Jan
4
,
3434 38
8 34
33
3512 35'4 365
353 26,300 Simmons Co
e
No par 33 July 7 5412 Jan 4
8
3114 Mar 545 Nov
109 109 *109 110 *109 110
109 109
200 Preferred
2213 223
2212 40,700 Sinclair Cons 011 Corp_No 100 10714 Jan 29 10912July 2 10018 Jan 064 Dec
4 224 225s 2214 2212 22
Par 1938 Apr 13 2478 Feb 23
17
Jan 2478 Feb
*99
9912 994 9914 993 9912 9912 9912
s
600 Do pref
100 90 Mar 40 9912June 24
783 Jan 944 Feb
4
3513 36
4
3518 3534 3414 35
353 36
15,300 Skelly 011 Co
25
2134 Mar 3212 Nov
139 13914 *135 13812 13614 138
130 13214 1,200 Sloss-Sheffield Steel & Iron 100 2658 Vier 30 3718June 28
103 Apr 12 14134June
8014 Mar 14312 Dec
112 112
11038 112
11178 112
110 111
900 South Porto Rico Sugar__ _ 100 92 Apr 15 14712 Feb 30
2
62 Jan 10918 Dee
*114 119 *114 118 *114 115 *114 115
Preferred
100 112 May 4 1174 Feb 8
4
993 Jan 11314 Dec
*1112 14
*1112 14
*1112 14
*1112 14
Spear & Co
No par 11 June 2 173 Feb 19
1318 Dec 24 May
4
*7412 80
*7412 80
*7412 80
*7412 80
Do pref
100 72 Apr 20 8212 Jan 13
7814 Dec 92 May
2218 2218 22
22
213 217
4
s 2112 2112 1,300 Spicer Mfg Co
No par 183 Apr 19 3138 Feb 5
4
1513 Feb 3678 Sept
*100 105 *100 105 *100 105 *101 108
Do pref
100 101 Jan
92 Apr 108 July
5412 5512 5514 553
5512 5412 553 15,000 Standard Gas Jr El Co_No par 51 Mar 12 105 Mar 11
3
4 55
4014 Jan 61
Oct
2 69 Feb 8
55
55
56
5614 3,800 Preferred
5514 557
4
8 553 56
50 533 Mar 30 575 Feb 9
4
8
5012 Mar 564 Nov
753 763
74
s
75
4
2,900 Standard Milling
4 74
7514 743 75
100 673
62 May 88 Dec
4MaY 19 9212 Feb 4
*84
90
*84
90
*80
200 Do pref
8612 8612 8612
100
90 Feb
81
Jan 8634 Dec
62
6014 613 44,900 Standard 01101 Cal new_No par 80 Mar 2 627 July 5
627
8 615 623
8
4
8 6138 62
6
447 4518 4478 45
44
8
4434 45
4478 51,200 Standard 011 of New Jersey 25 5258May 14
4012 Mar 3 4638 Jan 2
3833 -Cfa/ r 474 Feb
116 11614 116 11614 11614 11633 11614 11612 4,400 Do pref non-voting _ _ _ _100
116 July 6 11918May 18 11614 July 119 Feb
53
4 6
200 Stand Plate Glass Co__No par
4 53
5 4 53
3
*63
4 *53
4 6
4
434May 21 107 Feb 10
Jan
558 Aug
s
16
89
875 8778 *8714 875
8
893
4 3,000 Sterling Products
8 87% 89
No par 75 Mar 27 893 July 9
6214 Mar 82 Dee
4
74
73
75
74
74
747
7518 74
8 7,600 Stewart
-Warn Sp Corp_No par
8May 17 9278 Jan 2
55 Mar 9612 Dec
*62
6178 617
63
63
*62
100 Stromberg Carburetor_No par 683
6312 *62
8
5978May 19 7714. Jan 4
61 Mar 8958 Oot
5212 5312 523 53
53
4
4
5314 523 533 15,400 Studeb'rCorp(The) newNo par 47
8
4114 Jan 685 Nov
8
May 18 613 Feb 23
s
*12113 123 *12112 12212 12112 12112 *118 12112
100 Do pref
100 11412 Feb 23 12212June 23 112 Mar 125 Sept
178
178
13
134
134
4 13
rs
17
4 3,900 Submarine Boat.,
8
No par
384 Feb 1
158 Apr 13
3
Oct 12 Mar
3312 3312 33
33 33
3312
3312 *33
600 Sun Oil
No par 3018 Mar 30 415 Jan 4
384 Nov 43 8 Nov
7
8
214 214 *218 214
214
214
218 214
700 Superior 011
No par
618 Feb
2 May 24
2 Dec
414 Jan 8
*21
23
*21
*21
23
23
*21
23
Superior Steel
100 1912 Apr 12 27 Apr 29
20 May 413 Jan
3
*1134 1214 1112 12
12
1212 1214 127
s 2,400 Sweets Co of America
50
578 Mar 1512 Oct
85 Apr 13 13 Jan 7
8
*814 83
300 Symington temp ctfs__No par
812 812 *814 8 4
,
4
4 *814 83
1013 Jan 207 Sept
8
712May 14 144 Jan 4
1614 1614
400 Class A temp ctfs_ __No par 16
1614 1614 *1618 1612 1614 1614
1984 Dec 2618 Sent
June 28 207 Feb 4
8
*11
*11
100 Telautograph Corp_ _ _ .No par
4
113
1212 *11
4 1134 113
12
11 Apr 5 1478 Jan 19
11 Aug 1614 Nov
1112 1158 1138 1112 1138 1112 1138 113
8 3,300 Tenn Copp & C
No par 1078 Mar 31 16 Feb 5
758 Apr 16 Dee
5412 547
4 5312 5458 32,100 Texas Company (The)._ _ 25 48
8 5412 543
8 5412 547
423 Jan 55 Dee
4
Mar 30 56 June 22
151 15278 14,500 Texas Gulf Sulphur _____
150 15138 150 1523 150 152
s
8
9712 Feb 1217 Dec
10 11912 Jan 12 1527 July 9
1414 1412 1438 15
1438 1412 14
143
s 8,600 Texas Pacific Coal & OIL.. 10
1912
107
233 Feb
*950 1000 950 950
19 Texas Pacific Land Trust_100 1218 Mar 2 1035 Jan 7 255 8 Aug 657 s Dec
925 930 *900 925
Apr
May 27
510 Mar 19
*2818 29
*284 29
29
29
300 The Fair
29
29
3214 Sept 3914 Oct
No i00r 2718 Mar 31 34 Jan 14
1 a0o
p
3218 3218 3134 32
327 327 *327 33
8
600 Tidewater Oil
8
8
3014 Sept 3672 Dee
3014 Apr 12 394 Jan 25
*9212 93
923
4
923 923
400 Preferred
4
4
*923 93
4 92
Oot
99 Nov 101
103 Jan 25
90 Mar
527 5414 537 5518 5412 557
8
8
8 5414 5514 38,600 Timken Roller Bearing_No par 447 Mar 31 564 Feb 10
373 Mar 5938 Oct
4
8
3
10412 105
4 8,600 Tobacco Products Corp.._100
10414 1043 10338 10414 10314 1033
4
Jan 10134 Nov
70
9514 Apr 12 11038 Feb 23
11212 11212 11212 11212 112 11314 113 11312 2,900 Do Class A
9318 Jan 1103 Nov
6
100 103 Mar 3 11312July 2
412 512 301,100 TranscTi011ternctfnew
414 41
4
378 4
412
578 May
313 Sept
No par
512July 9
3 Mar
2119 *19
*19
2112
2112 *19
2112 *19
Transue & Williams St'l No par 19 June 4
2413 Sept 35 Jan
5 27 Jan 28
*54
5412 5412 5418 5412
5412 54
400 Underwood Typewriter
54
633 Jan 7
4
3818 Mar 654 Nov
25
4814 48
48
4
4812 473 4812 4,800 Union Bag dr Paper Corp_ _100 5118 Mar 30 7114 Jan 5
5014 48
Oct
36
Apr 86
36 May 21
57 8 117,500 Union Oil, California
5312 543
5
s 5312 5414 5412 5712 55
Oct 4338 Feb
25 3714 Jan 20 575 July 9
33
*92
93
*9112 93
93 4
100 Union Tan Car
3
93
9314 *92
94 Dec 134 June
100 8414 Mar 31 9478June 17
Stock
11718 11718 *11712 12312 *117 118 *117 118
100 Do pref
11712June 29 11314 June 11718 May
3218 3312 3312 3414 323 3312 3214 33
4
9,500 United Alloy Steel._ _ _.No 100 11314May 22 3414
par 2513 Jan 21
24 May 3678 MAY
July 7
Stock
Exchange
9712 98
4
4
963 9712 963 9712 9714 9812 7,100 United Cigar Stores
25 8318 Feb 4 10012June 30
6014 Jan 11512 NOV
*121 130 *121 130
*121
*121 130
Preferred
100 11478 Mar 4 125 June 30 115 Dec 13314 Dec
Exchange
Closed;
15914 16134 159 1603
15812 1583 159 159
4 9,700 United Drug
4
8
100 134 Mar 30 167 Feb 4 1107 Feb 16212 Oct
59
*5812 587
59
200 Do 1st pref
58
58
8
*5812 60
Jan 5818 Nov
50 5512 Mar 5 59 July 8
52
Closed; Independ- *314 11
*314 11
United Dyewood
*314 11
*314 11
9 Dec 20 M02
100 10 Mar 17 12 Jan 11
11012 1113 1113 11514 11514 11612 11214 114
7,700 United Fruit new
4
4
No par 98 Apr 15 11612July 8 ---- _Extra
ence Day *23
23
100 United Paperboard
243
4 23
*23
4 *23
243
243
4
;
1814 Apr WI Dec
100
97
97
600 Universal Pictures let pfd.100 22 May 4 3812 Mar 2
97
95
9712 *95
97
95
9478 Dec 10312 Oct
Holiday
Holiday
2314 20,400 Universal Pipe & Rad_ _Novas 90 Mar 8 9712 July 8
24
2414 2212 2312 2212 2312 22
s
26 Dec 507 Feb
1358 Mar 31 283 Jan 5
4
*7018 733 *7014 733
74
200 Do pref
7412 7412 74
4
4
94 Feb
100
65
56,000 U S Cast Iron Pipe & Fdy_100 52 Mar 30 7812 Jan 5 13114 July 250 Feb
217 22314 219 227
201 2103 210 223
4
Apr
150 May 19 227 July 9
108 10812 108 109
800 Do pref
*107 109 *107 108
100 10014 Mar 8 109 July 9
91 July 113 Aug
5512 58L, 19,900 U S Distrib Corp
57
58
4
5714 584 57
573
tern ctf No par 39 Mar 30 6112 Fen 13
3018 Feb 6314 Dec
Do pref
*18612 250 *18612 250 *18612 250 *18612 250
100
130 Mar 250 Dec
8 4958 50
500 US Hoff Mach Corp v t c No
*494 5012 495 503 *4978 503
8
8
Jan 494 Oct
23
5518 5514 543 5514 6,600 U S Industrial Alcohol_ _ _ par 4578 Jan 2 5938 Feb
4
56
6612 5414 5618
_100 4538 Mar 30 7512 Jan 13
704 Dec 98 Oa
200 Do pref
8
1017 1017 *9978 102
8
*100 10212 100 100
102 Dec 115 June
100 9914
4
60
61
603
4 2,300 USRealty&Improv't newno par 4818 Apr 22 1045 Jan 13
60
6012 603
60
60
4
-Mar 29 714 Jan 4
5612 5814 5714 583
47,200 United States Rubber
8
s 5814 6114 585 61
311100 5014May 19 8814 Jan 23 - 2 Kfiti 9712 Nov
106 10612 10612 10612 1,000 Do 1st pref
106 106
106 106
8
4
923 Milli' 1087 Nov
Jan
393 393
4
1,300 U S Smelting, Ref & Min 100 10112 Mar 30 109 Jan 19
4014 4112 *3914 4018 3914 397
4
8
30 Feb 51 Des
50 3658 Apr 21 4978
2
4878 487
400 Do pref
8
*485 49
8
*485 50
50
50
8
44 Apr 4914 Dee
50 4734 Apr
50 Jan 4
3
14234 14414 14114 14318 140 4 14212 13814 14114 286,000 United States Steel Corp 100 117 Apr 9 14112 July 2 112333 Mar 13914 Nov
15
12912 12912 1,200 Do pref
4
8
1293 12978 12912 1293 12912 1297
4
100 12412 Mar 3 13018June 11 12218 May 12658 Jan
62
U 8 Tobacco
627 *61
6278 *61
8
*61
627 *61
8
No par 5682 Jan 4 83 Feb 19
5112 Mar 594 Nov
112 112
100 Preferred
*112 1164 *112 -- *112 117
100 112 Mar 19 1144 Feb 26 105533 Apr 114 Sept
*97 104
*97 105
Utah Copper
*97 104
*97 104
82 Mar 111 Nov
10 93 Apr 1 105 Feb 11
*2912 2973 1,100 Utilities Pow & Lt A__ _No par
2912 30
3018 304 30
/
30
3,1 Aug 38 AUfi
2814 Mar 31 37 Feb 15
6,300 Vanadium Corp
3612 37
367 37
353 3612 36
8
4
37
4
No par 29 Mar 3 3712 Apr 14
255s May 343 July
*1414 16
•1414 1514 *1414 16
Van Raalte
*1414 16
1514 Aug 267 Nov
8
No par
8
1214Apr 20 22 Feb
*57
65
65
•57
Do 1st pref
*57
65
65
*57
Apr 80 Nov
60
100 60 June 10 75 Feb 11
7
8
*7
8 1
78
*78
100 VirgInia-Caro Chem__.No par
*78
1
1
85 July
112 Sept
4
17g Jan 15
Ils Feb 26
1312 1378 1312 1438 133 145
8 5,800 New
8 1458 147
4
No par 1238July 1 2512 Feb 3
8
177 Dec 217s Dent
*7
8 1
7
8
*4
1
100 Certificates
*78
1
78 Dee
5 July
No par
158 Feb 19
3
4May 11
*5
*5
g
*5
8
Do pref
812 Jan 2312 July
100 10 Jan 30 11 Feb 3
*5
8
*5
*5
8
8
Pref Ws
No par
Mar 20 Nov
4May 24 1112 Jan 7
53
*7
8 1
*7
4.7
2
8
*7
1
8
1
1
Do "B"
478 July
No par
78 Aug
158 Jan 8
4July 2
3
4312 45
44
4414 1,700 6% pref w I
45
44
4458 44
5614 Nov 6378 Deo
100 4312July 6 69 Jan 4
88
88
86
873
4 8512 8612 8714 8714 2,600 7% met w 1
9214 Nov 9512 Dee
100 8'2 July 8 9813 Jan 6
*47
4912 *47
100 Virginia iron Ccal & Coke_100
47
4913 47
4912 *47
30 June 46 Dee
40 May 15 50 June 10
3014 3014 30
4
4 3,100 Vivaudou (V) new
3014 293 293
3014 30
714 Jan 283 Der
No par 26 Mar 30 325 Feb 10
4
8
8
*185 1912 1812 185 *185 19
183 183
400 Waldorf System
4
8
4
8
No par 17 Jan 12 2078May 28
1412 Aug 197 Jan
s
*1634 173
4 1612 1612 163 163
500 Walworth dc Co
8
s
8 1638 163
No par
244 Dec
2114
*90 107
*90 107 *____ 107
*95 107
Ward Baking Class A _ No par 1214June 2 2314 Jan 27 116 Dec 198 Deb
Apr
99 June 30 195 Jan 2
3212 323
3318 35
4 3214 323
46,600 Class B
4 323 35
4
No par 2414May 18 853 Feb 1
3714 Mar 9512 Oct
s
*9112 92 4 *9134 923 *9178 923
3
100 Preferred (100)
4 9214 9214
4
No par
9413 Feb 112 Dee
1412 143 *1412 15
4
1412 1458 1418 1418 1,100 Warner Bros Pictures A__ 10 90 Apr 15 11012 Jan 15
1714 Dec
2 8 Oct
7
12 June 11 184 Jan 6
*45
48
*45
*45
48
48
48
*45
Warren Bros
No par
04 JUI7
43 June
8
*5312 55 '
55314 55
100 Weber & Helibr, new_c No par 437 Apr 15 504 Feb 18
533 533
4
*533 55
4
4
10012 Dee
51
8512 Jan
53
14678 1473 14712 14758 1467 14714 146 146
s
1,600 Western Union Telegraph_100 13412 Apr 20 14758July 13 11614 Apr 1447 Belot
8
Jan
8
7
Mar 30
126 1273 1264 12678 12514 12712 1253 1273
4
4
8 6,600 Westinghouse Air Brake_ _ _ 50
13012June 29
97 Apr 144 AU6
Mar
6812 69
6812 69
8
683 7018 6812 6918 8,500 Westinghouse Eleo & Mfg_ 50 10514May 31 7912 Feb 10
6614 Mar 84 Jan,
85
19
*1514 153
1658 173 24,700 West Eleo Instrument
1618 18
1714 1814
4
4
914 Apr 2012 Aug
1334May 10 19 Feb la
'30
3112 31
*31
4
600 Class A
313
323 *313 32
4
8
195 Mar 287 Dec
3
2
2714 Jan 4 3238July 7
--West Penn Co
No par 118 Mar 2 130 Jan 27
9714 Sept 145 MAI
Certificates
12212 Jan 13 12414 Jan 5 107
Oct 1255 Des
s
'
Do 7% pf tern
9578
3
;51 95 ;Oi66
941- ;54- - - ---100 West Penn Electricetf new_100 884 Mar 6 NI Mar 11 94 Apr 100 Jule
2
A__No par
97 Feb 11
_--Jan
*99 10012 .99 10014 10014 10014 *99 10012
100 Preferred
100 9512MaY 17 10014 July 8
*111
*11013111 *11114 ____ *111
West Penn Power pref...100 108 Mar 25 112 Jan 16 104 -51 ; iii 151;
1
2714 2758 2712 275
8 2718 2712 27
2714 - 2,200 White Eagle 011
No par 2518 Apr 20 293 Feb 10
2513 Aug 313 Feb
4
4
3 5812 16,900 White Motor
575 583
8
4 575 583
8
4 5712 5812 573
5712 Mar 1044 Aug
50 5118 Apr 15 90 Feb 11
2712 2712 *27
300 White RR, M & 8 ctfs_Ne 'r 26 Mar 27 3838 Feb 3
27
2714 27
2733 273
8
3312 Dec 4938 Aug
1
118
1
1
1
1
2,200 Wickwire Spencer Steel ctf _ _ _
1
1
338 Jan 6
538 May
2 Dec
1 June 10
3012 313
4
8 29
30 178,900 WIllys-Overland (The).__
4 293 307
297
8 29
94 Jan 347g Nor
5 18 May 17 34 Jan 4
9618 964 9512 9618 9518 9518 947 95
1,100 Do pref
8
7214 Jan 12378 Dec
100 9118 Jan 19 99 Feb 4
738
738 *712 8
*73
84 918 1,100 Wilson & Co. Inc. new_No par
4 814
918July 9
6 May 20
*1612 17
163 17
4
17
1712 183 197
4
8 2,200 Do Class A
No par 14 May 21 197 July 9
s
16512 1663 16412 16612 16478 16612 16518 1713 23,200 Woolworth Co(F W)
4
4
Oct
25 13514May 19 222 Jan 4 11214 Jan 220
3118 3114 *31
31
31
32
3012 31
1,100 Worthington P & M
3514 Aug 793 Jan
100 2014 Mar 30 4434 Jan 6
s
*6714 70
*6714 70
*6714 70
*6714 70
Do pref A
76 Nov 88 Jon
100 68 Nifty 27 80 Feb 2
*5712 60
5712 5712 *5713 593 *5712 59
4
Do pref B
100
4
58 Aug 7613 Feb
100 53 Mar 29 65 Feb 24
38
383
8 3712 383
8 3712 387
8 3818 395
8 8,800 Wright Aeronautical_ _.,No par 2412 Mar 30 3958July 9
16 Mar 323 July
8
53
53
53
*52
53
53
*52
300 Wrigley (Win Jr)
53
No par 47 Apr 3 59$4 Feb 11
4512 Mar 574 Oct
6612 67
671s 6714 673 673
4
4 67
67
1,200 Yale it Towne
62 Sept 7014 July
25 6012 Mar 4 69 June 8
2514 2412 247
8 24 8 25
25
3
02214 227
8 3,900 Yellow Truck & Coach_ _ _ _100 20 May 24 327 Feb 9
8
8
227 Oct 4034 Oct.
9912 100
100 100
100 100
800 Preferred
*9912 993
4
Oct.
Oct 100
90
100 9113 Apr 3 10012June 24
4
8
8 81
815 8238 813 837
7912 82
83 4 15,000 Youngstown Sheet & T No par 69 May 14 394 Jan 4
3
63 Mar 924 Nov
•Bid and asked prices; no sales on this ay z Ex dividend
$ per share $ Per share
189
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of noting bonds was changed and prices are now "and interest"—except for income and defaulted bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
Price
Friday,
Juq/9.
Week's
Range or
Last Sale
High
Ask Low
Bid
U. S. Government.
First Liberty Loan
,
J D1017.2 Sale 101 32 1011232
3H% of 1932-1947
1011132101"n
J D 1002132
Cony 4% of 1932-47
J D 1021432 Sale 10214321021932
Cony 43j% of 1932-47
J D 10214321021732 1022325une'26
2d cony 43(% of 1932-47
Second Liberty Loan
M N 100.321001032 10027321002,32
48 of 1927-1942
M N 1002632 Sale 10026321002232
Cony 4Y% of 1927-1942
Third Liberty Loan
M S 1011132 Sale 1012,321011.32
4X% of 1928
Fourth Liberty Loan
A 0 1022132 Sale 1022832103
43i% of 1933-1938
1947-1952 A 0 1081132 Sale 108032 1081232
Treasury 45(s
1944-1954 J D 104.32 Sale 104.32 1041132
Treasury 40
1948-1956 M S 1012332 Sale 10123321012.32
Treasury 33(a
State and City Securities.
S
-4s Corp stock 1960
N Y City
1964 MS
4Xs Corporate stock
1968 AO
4Xs Corporate stock
1972 AO
43s Corporate stock
1971 JO
4%s Corporate stock
4Hs Corporate stock_July 1967 J J
1965 JD
4348 Corporate stock
1963 M
434s Corporate stock
1959 MN
4% Corporate stock
1958 MN
4% Corporate stock
1957 MN
4% Corporate stock
1956 MN
4% Corporate stock
1955 MN
4% Corporate stock
1936 MN
4% corporate stock
434% Corporate stock_ _1957 MN
1957 MN
434% Corporate stock..
334% Corporate stk_May 1954 MN
334% Corporate stk_Noy 1954 MN
1955 MN
3348 corporate stock
New York State Canal Im_481961 J J
1962
4s
1942 J
48 Canal
1964 J J
436s Canal inapt
48 Highway impt register'd1958
Highway Improy't 454s 1963 MS
1991 ,T
Virginia 2-3s
No, Low
High
385 991.32 01"32
3 998131 011.33
158 1011.32 02.1332
101433 021.32
4 99"u 00273e
520 100143 101
645 1002.32 011232
913
61
122
109
1012.22 03232
106.33 082232
1022332 0421131
1001231 012932
1
100 101
10012 10214
10012 10238
4
10034 1013
10512 10538
10478 10638
104% 106
10412 10638
4
973 9812
9734 9838
8
977 99
9714 9714
9714 9714
99
98
1
/
1044 106
8
10414 1055
8734 8938
8814 88 4
3
8834 89
101bg 101%
4
1013 102
_ _ _ _ 10012 10012
100
101% 10238 10178 June'26
101% 1023 10238 10238
8
_ _ _ _ 10134 June'26
102
10638
10558 Apr'26
10638 10678 10614 June'26
10638 1067 106 May'26
8
10614 1065 10658 June'26
8
9812 June'26
8
993
9838 June'26
8
985
983 _ _ _ _ 99 June'26
9714 Mar'26
4
973
9714 Apr'26
4
973 9814 _ _ _ _ 99 Mar'26
_ 06 June'26
9838 _
1
10558
10558 1055
8
8938 _ _ _ _ 8938 June'26
8938 _ _ _ _ 8834 Mar'26
1
/
894 _ _ _ _ 89 Apr'26
10158 Jan'26
102 May'26
10118 Mar'25
102 Apr'26
- 10178 Mar'26
-- 11014 May'26
7612 Feb'25
Foreign Govt. & Municipal's.
Argentine (Nat Govt of) 70_1927 FA 10138 Sale 10114
1959 JD 9978 Sale 987
8
S 1 6s of June 1925
1959 AO 9912 Sale 99
Mal s f 6e of Oct 1925
1957 MS 9934 Sale 9812
Sinking fund 6s Ser A
External tis Series B_ _Dec 1958 JD 9912 Sale 9878
Extl 5 f 68 of May '26 rcts_1960 MN 9958 Sale 9834
Argentine Treasury 5s £_ _ _ _1945 MS 8914 Sale 8918
Australia 30-yr 5s_ _ July 15 1955 J J 9812 Sale 9812
1943 JD 10238 Sale 10214
Austrian (Govt) s f 7s
Range
Since
Jan. 1
13
3
6
-- 11164
101% 10178
11014 11012
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
t.)1
.1
6
Bid
Ask
Mexico(US)eat'55 of 1899 E..'45 Q
1945
4712 Sale
Assenting 58 of 1899
Anenting 58 large
_
Assenting 58 small
1954SD
Gold deb 4s of 1904
2915 297
Assenting 48 01 1904
Assenting 4s of 1904 small
---JJ
Assenting 4s of 1910
3012 § ie
-D
Assenting 48 of 1910 large
2814 Sale
Assenting 4s of 1910 small_
Tress 68 of '31 assent (large)'33 35 4714 Sale
Small
1952 3D 102 Sale
Montevideo 713
8
1085 Sale
Netherlands (is (flat prices) 1972 M
-year external 6s WW1_ _1954 AO 10378 Sale
30
1943 FA 101 Sale
-year ext.! 6s
Norway 20
1944 FA 101 Sale
20
-year external 88
1952 AO 10118 Sale
-year external Os
30
1985 3D 9712 Sale
-year a f 5345 temp
40
Oslo (City) 30
-year 5 1 6" 1955 MN 10014 Sale
1053g 10512 10412
10514 Sale 10478
105 Sale 10414
9612 Sale 9612
8758 Sale 8738
4
8
927 Sale 923
8
8334 Sale 825
,
10518 Sale 103 4
10378 Sale 10378
11412 Sale 11438
4
/
1041 Sale 104
7478 Sale 74%
101 Sale 100 8
,
9212 Sale 9214
11012 Sale 109
9612 Sale 9612
10012 105
10214 10611
10112 108
9612 9712
9014
84
8712 94
85
82
3
10312 105 4
10112 1051g
1
11314 117 4
4
1023 106
3
75 4
87
9914 101
94
90
10712 111
9833 97
105 11114
10534 10858
95
88
8
8112 877
92
4
978
113 115
98 1017
8
851s 9138
904 10312
9612 102
8114 87
10012 105
8918 9612
10358 1073
4
4
1
/
92 98
9714 10114
1931 AO
Canada (Dominion of) 55
1929 FA
10-year 5345
1952 MN
58
1936 FA
434a
1954 J J
Carlsbad (City) 5 1 8s
Chile (Republic) extl s f 88_ _1941 FA
External 5-year s f 8s__ _1928 AO
1942 MN
90-year extl 78
1946 MN
25
-year s f 88
Chile Mtge Bk 634s June 30'1957 JD
Chinese (Hukuang Ry) 58 1951 3D
Christiania (Oslo) 30-yr s f 681954 hi S
Colombia (Republic )6 Hs_ 1927 AO
Copenhagen 25-years f 5348_1944 Si
Cordoba (Proy) Argen 78...._1942 J J
1944 MS
Cuba 5s of 1904
External 58 of 1914 Ser A_1949 FA
1949 FA
External loan 434s
1953 J J
Sinking fund 534s
Czechoslovak (Repub of) 88_1951 AO
Sink fund fts SerB
1952 AO
Ext'l a I 7348 Ser A
1945 AO
10112 Sale 10112 1017
8 14
10238 Sale 10214 1025 101
8
10412 Sale 10412 10514 31
98533 Sale 9818
9858 34
104 Sale 104
104
2
10818 Sale 10818 1083
4 17
10114 10112 10014 July'26
_
10138 Sale 101
10112 36
10814 10802 108
10858 14
9612 Sale 9612
9718 93
4114 Sale 4014
4114 34
10058 10112 10134 1013
4
1
8
1003 Sale 10014 1005
8 10
9914 Sale 9914
4 32
993
98 Sale 98
4
983
5
1005 -- 102 July'26
8
10038 10114 10014 June'26
9234 935 9318
8
,
93 8
1013 Sale 101
8
10112 20
10214 Sale 10118 102
41
10178 Sale 101
102
37
9914 Sale 994
9934 29
1
/
Danish Con Municlp 8s A_ _1948 FA
Series B s f 88
1948 FA
Denmark 20
-year (is
1942 J J
Dominican Rep Con Adm s f 5558 FA
Custom Administr 5Hs_ _ _1942 MS
Dresden (City) extl 78
1945 M N
Dutch East Indies extl (3s
1947 ii
60
1962 M
-year 68
1953 MS
-year ext1 5348
30
1953 MN
-year extl 5H s
30
El Salvador (Rep) 88
1948 J J
1945 MS
Finland (Rep) extl 68
1950 M
External a f 78
Finnish Mun Ln 8348 A
1954 AO
External 634s Series B
1954 AO
French Repub 25-yr eat' 88_1945 MS
20-yr external loan 7Hs 1941 JD
External 78 of 1924
1949 JO
11134 Sale
112 Sale
10414 Sale
10212 - 9714 Sale
957 Sale
8
10534 Sale
10534 Sale
10378 Sale
104 Sale
107 Sale
8712 Sale
99 Sale
92 Sale
92 Sale
10112 Sale
9412 Sale
90 Sale
11112 112
8
11112 112
41
104
10412 18
10238 June'26
_
97
9714 23
8 45
957
955g
10538 106
55
10578 106
59
10378 104
19
104
104
7
106
107
7
87
8734 29
9834 35
4
973
9034
913
4 53
903
4
9112 57
10114
102
101
9512
96
275
8912
903 170
4
German Republic extl 7s
1949 AO
German Cent Agrie Bk 7s...._1950 MS
Graz (Municipality) 8s
1954 hi N
at Brit & Irel(UK of) 5348_1937 FA
10-year cony 5345
1929 FA
Greater Prague (City) 7348_1952 MN
Greek Govt 78
1984 MN
Halt! (Republic) a f 68
1952 AO
Heidelberg(Germany)ext7tie'50 J J
Hungarian Munic Loan 734s 1945 Si
Hungary (Kingd of) s f 7Hs_1944 FA
Ind Bank of Japan 6% note51927 FA
Italy (Klngd of) ext'l 7s
1951 SD
10434 Sale
9934 Sale
98 Sale
10434 Sale
11834 Sale
10018 Sale
8812 Sale
9814 99
9912 Sale
9412 Sale
100 Sale
8
997 Sale
89 Sale
1045
8
9912
98
10434
11834
100
8812
98
9912
9334
100
99%
8
885
Japanese Govt £ loan 4s__1931 J J
30
-year is f 8Hs
1954 FA
Oriental Development 68_1953 M S
Leipzig (Germany) s f 7s..
1947 F A
L.yons (City of) 15
-year 68_1934 M N
Marseilles (City of) 15-yr 86_1934 M N
1943 M N
Mexican Irrigation 4;4 e_
Assenting a I 434e
1943 -_-_
90 Sale
9714 Sale
9214 Sale
9514 Sale
8412 Sale
8412 Sale
37
38
10114 10318
10112 10338
102% 10538
98 99
10114 104
10714 1093
4
4
10014 1023
100 10212
107 10912
943 9812
4
3912 487
8
99 10212
4
993 10058
9814 101
Bait & Ohio 1st g 4s,_ _July 1948 A 0
July 1948 Q J
9534 99
Registered
1933 M S
98 102
10
-year cony 414s
M S
98 10014
Registered
4
883 9312
58 Series A_1995 J D
Refund & gen
1948A 0
10034 103
let g 5s
1929 J J
9934 1023
4
-year (30
10
19554 D
984 10212
Ref & gen (3s Ser C
9578 997s
P L E & W Va Sys ref 48_19411M N
1950 5 J
Southw Div 1st 58
10812 112
Tol & Cin Div 1st ref 4s A_1959,1 J
10812 112
Battle Cr & Stur 1st gu 3s 19894 Et
4
102 1043 Beech Creek 1st go g 4s_ —19361 J
15 D
10112 103
Registered
9378 99143 Beech Cr Ext 1st g 334s.. ___1951 AO
1944 3D
9214 957 Big Sandy 1st 4s
2
10354 10612 Bost & N Y Air Line 1st 48_1955 FA
10334 10612 Bruns & W 1st gu gold 4s..-1938 ii
10112 10412 Buffalo R & P gen gold 58_ _1937 MS
1957 MN
102 10418
Consol 454s
N
103 107
Registered
1934 AO
8434 90
Burl C R & Nor 1st 58
95 983
4
8914 9212 Canada Sou cons gu A 58-1982 A 0
894 9212 Canadian Nat 4348-Sept 15 1954 M S
9812 10334
-year gold 4348__Feb 15 1930 F A
5
9212 993 Canadian North deb s f 78_1940 J D
4
1946 J J
91%
861s
20
-years f deb 834s
10-yr gold 4Hs____Feb 15 1935 F A
10138 105
Canadian Pac Ry 4% deb stock_ J .1
94 100
Carb & Shaw 1st gold 4s_ _ _1932 M S
1938.3 D
9618 9812 Caro Cent 1st con g 4s
10312 10612 Caro Clinch & 0 1st 3-yr 58_1938 J D
1952 J D
11712 119
lst & con g 88 Ser A
1981 J D
9278 10014 Cart & Ad 1st gu g 48
4
95 M N
19 8 J D
84
1st g 4s
8914 Cent Branch U P
4
958 9878 Central of Ga 1st gold 5s__-p1945 F A
9618 9912
Consol gold 58
M N
Registered
4
843 95
9312 102
10
-year scour 8s ____June 19293 D
1959 A 0
9934 1007s
Ser B
puTmoney g 49_1951 J D
R ht
Ceatt Div 5
4
8812 943
Mac & Nor Div let g 53-1946
1946 J J
8358 9018
Mobile Division 55
9238 9712 Cent New Eng 1st gu 4s__1961 J J
4
/
921 Central Ohio Reorg 434a .._1930 M S
FM
95
1
/
954 Cent RR & B of Ga coil g 58_1937 M N
811g 87
Central of N J gen gold 55_1987 J J
1987 Q J
8112 87
Registered
1949 F A
31
30
Cent Pac 1st ref gu g 4s
k19295 D
2834 40
Mtge guar gold 330
Through St L 1st gu 410_1954 A 0
1960F A
Guaranteed g 5s
65=£. b Due July. k Due Aug. p Due Nov
s Option sale.
High
Low
High No. Low
4212 55
55 June'26 3412 5018
4914 26
4712
4
38 483
4758 July'26
3712 May'25
f
2 4
-- 1- 34
34
34
3712
3112
9014 3712
7
_
2314 Aug'25
2558 Oct'25
_
23 - 318
3012
3258 25 - -523 - 73138
22
2814
3014 69
411s 5214
1
4714
4714
5312
40
4714
5012 17
98 10212
102
10214 11
8 24 1065s 10912
10812 1085
4
22 10314 1047
104
8
1037
4
993 10214
10112 23
10118
10112 59 100 10214
101
10114 42 100 10212
8
1017
9814
95
9712
9814 165
4
9812 1011
10058 18
100
1952 MN
Sao Paulo (City) a f 88
.1
San Paulo (State) ext s f 8s 1936
External s f 8s tot rects 1950 J J
External water loan 7s__ _1956 1%1 S
1942 J J
Seine (France) extl Ts
Serbs, Croats & Slovenes 85_1962 MN
1936 MN
(City) extl (58
Solssons
1939 3D
Sweden 20-year 138
1954 MN
External loan 5s
Swiss Confed'n 20-yr s f 88_1940 Si
Switzerland Govt ext 5Hs 1946 AO
Tokyo City 58 loan of 1912 1952 MS
Trondhjem (City) extl 6 Hs_1944 Si
Upper Austria (Prov) 7s_ 1945 3D
Uruguay (Republic) ext 88_ _1946 FA
Externals f 68 let rcts_ _ _ _1960 MN
109 Sale 10814 1083
4 20
10718 Sale 10718
10714 22
9178 76
9114 Sale 9138
85
8
845 Sale 8414
62
9478 82
9414 Sale 941.
11338 Sale 11338 11312 13
10138 106 10118 10118
3
8
9112 Sale 91
913 111
102 Sale 101
10112 16
10112 32
10114 Sale 101
85
8412 Sale 8412
19
10434 Sale 1043
4 105
88
9518 87
95 Sale 9434
10612 10734 10712 June'26
9734 Sale 9718
98
10038 Sale 993
4 10038
8914
4
1
/ 430
90
97
9714 267
9134
9214 81
95
8 25
953
8412
85
29
8414
19
85
30 Mar'26 _ _ _ 3918
3912 35
Range
Since
Jan. 1
10012 103
10112 105
97 994
3
68 4
61
8214 91
6
9858 1037
11012 114
10418 108
9513 10512
9812
96
9858 104
9714 104
97 1023
4
103 107
Belgium 25-yr ext a I 734s 6-19 5 JD
4
1941 FA
20-years f 88
1949 M S
95-year ext 6345
Extl 5 f 6s
1955 J J
Extl 30-yr a I 7s__
1955 JD
Bergen (Norway) 5 f 88
1945 MN
25-year sinking fund 6s 1949 AO
Berlin (Germany) 6348
1950 AO
Bogota (City) ext'l 5 f 88_1945 AO
N
Bolivia (Republic of) 88_
1947
Bordeaux (City of) 15-yr 68_1934 MN
1941 JD
Brazil U S. external 88
7s (Central Ry)
1952 JD
734s (coffee secur) £ (flat)A952 AO
Bremen (State of) extl 78_ 1935 MN
Buenos Aires (City) extl 63481955 J J
131
84
27
477
443
7
10212
10212 Sale 102
10338 13
10338 Sale 103
4
9914 31
9834 Sale 983
8
4 14
643
6434 Sale 645
86 Sale 85
4
/
861 116
10378 10
8
1035 Sale 10212
13
11312 Sale 11312 114
7
10578
1043 1051 10514
4
4
/
10514 435
8
1045 Sale 10438
9612 May'26
10
104
4
1053. Sale 10334
10314 Sale 10212 10338 14
10238 21
10218 Sale 102
1
8
8
1053 ____ 1055
10538
10012 10218
96
99%
95% 9934
9614 100
9534 993
4
9958
98
85
4
893
96I8 9914
100 1023
4
226
143
73
103
23
24
16
11
Week's
Range or
Last Sale
Panama (Rep) eat! 5348- _.1953 3D
Peru (Rep of) external 88_ _1944 AO
1940 MN
Esti sink fd 7348 temp
1940 AO
Poland (Rep of) gold 6s
1950 J J
Extl sink fd g 88
1981 J
Porto Alegre (City of) 8s
Queensland (State) ext s f 78_1941 AO
1947 FA
-year external 88
25
Rheinelbe Union 75 with war 1946 J J
Without stk purch war'ts_1946 53
Rio Grande do Sul extl 5185_1946 AO
Rio de Janeiro 25-yr s I 8s 1946 AO
1947 AO
25-yr extl 88
N
1964
Rotterdam (City) extl 6s
1013
8 51
8 86
997
4 89
993
100
69
4 87
993
8
995 246
8 79
893
99
56
10212 27
10478
993
4
98,4
105
1183
4
10014
8914
987
8
9912
95
100
100
8914
Price
Friday,
July 9.
Railroad
Ala Gt Sou 1st cons A 58_1943 J D
Ala Mid 1st guar gold 5s___ _1928 M N
1946 A 0
Alb & Susq cony 334s
1998 A 0
Alleg & West 1st g 48 gu
1942 M S
g 48
Alleg Val gen guar
July 1995 Q J
Ann Arbor 1st g 4s
Atch Top & S Fe—Gen g 4s-1995 A 0
A 0
Registered
Adjustment gold 4s_ July 1995 Nov
July 1995 M N
Stamped
MN
Registered
1955 J D
Cony gold 4s 1909
1955 J D
Cony 4s 1905
Cony g 48 issue of 1910_ _ _1960 J D
East Okla Div 1st g 48-1928 M S
Rocky Mtn Div 1st 4s_ _..i965 J J
Trans-Con Short L 1st 46_1958 J J
Cal-Ariz 1st & ref 434s A_1962 M S
1946 J D
Atl Knox',& Nor 1st g 5s
Atl & Charl A L 1st A 4 Hs 1944 J J
1944 J J
1st 30-year 5s Series B
1951 J J
Atlantic City let cons 4s
1st cons 4s_ _b1952 M S
Atl Coast Line
1930 M N
10
-year secured 7s
1964 J D
General unified 4345
L & N coil gold 4s___ _Oct 1952 fil N
1948J J
,
Atl & Dant 1st g 48
19485 J
2d 43
1949 A 0
Atl & Yad Ist g guar 48
1941 J .1
Austin & N W 1st gu g 5s
105
3
8
10514
105
105
30
97
8814 94
68
93
4 13
833
10518 32
3
10518
1143
4 24
10412 42
9
75
23
101
9212 47
11012 20
4
963 129
1017g 10318
--__ 10318 May'26
10038 102
102 10038 July'26
841s 8634
8512 June'26
87
4
823 8412
-___ 8412 May'26
9235 96
9458
9514 945
8
7578 8212
8
8138
Sale 8114
8
8912 933
Sale 9158
8
927 105
8814 911s
91 June'26
4
4
843 883
88
1
88
8712 88
8413 89
4
8712 8812 873
8838 10
8314 8314
____ 8314 Jan'26
83
8484 89
4
893 ____ 89 June'26
Fmk 897
8
8
897 Sale 8958
2
8
897
8312 8734
4
4
873 ____ 873 June'26
9834 100
8
993
4
9914 9938 9938
4
8812 893
8
8838 89
8 13
883
883
92
4
88
893 917 91 June'26
8
9474 9912
9612 June'2.1
9618 97
10312 10312
10318 ____ 10312 Apr'26
964 9812
9734 9812 9812 July'26
a4
10234
10234 104 10438 June'26
8512 July'25
86
018
10492* - 79314 10
9318
9338 94
10558 Sale 10512 10558 10 10518 107
9314 983
s
3
9314
9778 9814 9314
91
4
943
5
9212
9212 Sale 9212
76
8212
24
80
8012
8012 8012
75
65
18
75
7418 Sale I 7418
7614 83
1
8138 8212 8218
8218
2 1001s 10112
10018 1003 10018
4
10018
103
8
1003
8
847
8614
8
945
8
813
9178
9114
9158 86
9012 June'26
9678 Sale 965
8
983 112
4
4
883 Apr'26
- - -9858 Sale 9812
983
4 72
10334 Sale 10358 1037
8 48
103 Sale 10234
10314 144
10734 Sale 10712 1077
8 55
9158 Sale 9158
4 52
913
53
101 Sale 10012
101
20
8034 Sale 803
81
8
6238 ____ 6214 Feb'26 _
9
,
95 2 9612 957
8
8
957
94
____ 9034 Nov'25
80
8134 82 May'26
91
9114 9078 June'26
80
7918 June'26
79
94
9512 9312 Jan'26
1
10212 _
10212
10212
9114 Sale 9012
9112 49
8714 Feb'26
_
115512 foil; 10112 June'26
8914 9212
883 9012
s
4
94 983
4
883 88 4
,
9312 98 4
3
10212 105
10212 10334
104 109
8938 9238
98 102
7484 8134
6214
81
s
93 957
10412 ____ 10412 1043
8
4
9538 Sale 95
9538 32
9914 Sale 9914
9912 22
11538 116 11538
4
116
118 Sale 11778
4
11812
98 Sale 9712
2
98
8438 Sale 84
8438 31
94
9712 94 June'26
8318 Sale 83
8318 10
10258 10278 103 June'26
10758 Sale 10758
1075
8 11
8858 ____ 8814 May'26
833 85
4
84 May'26
10514 ____ 10518 June'26
104 10412 104 June'26
10112 __ 1015 Feb'26
8
103 Sale 10278
11
103
10434 105 105
1053
4 15
8718 8812 88 May'26
10234 ____ 1023 May'26
4
10138 ____ 10138 Mar'26
75 Sale 7412
15
75
9812 ____ 9958 May'26
10112 102 10184 June'26
113 Sale 113
4
113
11118
11118 Sale 11118
3
9114 19
9114 Sale 91
9714 Sale ' 9714
2
9714
8914 8912 895 June'26
8
101 Sale 10012 101 -1511
8
1027 10518
3
9314 95 4
3
98 8 9912
11434 11714
117 11834
9311 98
8014 8614
94 94
8118 831s
10112 1037
3
10712 10912
813 8814
4
7912 84
10318 1051s
10218 10438
s
8
1015 1015
8
10212 1057
10178 10614
8614 8814
100 1023
4
10138 1013
s
7512
68
983 99 s
5
4
9838 10134
19858 113
10838 11118
4
88711 913
4 -1
983 9 12
90
87
071. 102
9114 Sale
-111 4 19
8
897 9118
7314 79 8
,
9314 9312
8
1017 10258
8712 92
14
4
871 87
10014 1011%
190
New York Bond Record—Continued—Page 2
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
-4
q
a. I
Price
Friday,
Jail/ 9.
I
Week's
Range Or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No.
Charleston & Savannah 75_ _1936 J J 11812 ___- 11212 Feb'25
Chee & Ohio fund dr impt be-1929 J J1 101 Sale 101
101
lit consol gold be
1939 M N 10412 Sale ,10412 1043
7
4
Registered
10212 June'26
General gold 40
N 1 14 Sale 1 958
S! 1
15
96
2
Registered
1992 M 8933 95
901s July'25
20
-year cony 430
1930 F AlI 988 Sale 1 983
105
4
99
80
-year cony mew's 5e....19461A 0. 152
,
____•137 June'26
Registered
A 0
Apr'26
_
'129
Craig Valley let g be
19401J J 10018 ____ 101
10214
Potts Creek Branch lit 48_1946'J J 87
____. 87 June'26
It & A Div let con g 4s.. 1989i J. 8814 ____ 8814 June'26
2c1 consol gold 45
1989.J J. 857 Sale 8512
1
857g
warm Springs V let g ba_1941 M 8
___ 102 June'26
Chic dr Alton RR ref g 3s_1949,A 0 99185912 70 I 70 June'26
Ctf dep stpd Apr 1926 int
69
6912 6853 June'26
IRailway first lien 3;is__ _19503 J 58
58
5814 578
14
Ctrs dep Jan '23 & sub-coup_ I_ _ _
563 57 I 5614
5
5612
Chic Burl & Q—Ill Div 30_1949 J J 8514 853 8512
1
4
8512
Registered
I.1 .1 ____
8412 Feb'26
Illinois Division 4s
1949 J J 9258 Sale 1 9258
9238 10
Nebraska Extension 4s
1927 M NI 9934 ____ 993
6
4
993
4
Registered
IM N 9918
9912 Mar'25
General 4e
1958 M S 9218 Sale 1 913
4
9314 17
Registered..
'M SI 9078
I 9238 Mar'26
let & ref Si
1971,F34 Sale 105
105
2
/ 1053
1
4
4
Chic City de Conn Rye 56
1__i 47
19271A .0.
47
7
Chicago dr East Ill le 6s._1934 A 0. 10,- 1071210712 June'26
112 - C & E III Ry(new eo) gen 512 1951!M N 79 sale , 7858
793 446
4
Chia & Erie 1st gold be
1982M N 10514 1053 10618 June'26
4
Chicago Great West let 48.._1959 M S 70 Sale 1 6853
7014 658
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
•g I
tr
,
...a.
Price
Friday,
July 9,
Week's
Range or
Last Sale
4..1
P: j
,
4
as ol ,
Rang.
Since
Jan. 1
Low
High
Bid
Higli
AsA Low
High No. Low
)ay & Mich let cons 4 tie___19311.1 J 977 _-_- 9778 June'26 _ _ _ _ I 977 9838
s
310014 1O18 De 5 Hudson s & ref 4e _ — 1943 M NI 9238 Sale 9218
1 & ear
-yHti
927
8 74
905 95
3
8
1023. 1055
30-year cony be
19351A 0, 11134 Sale 11134 11233' 65' 1081 116 4
/
4
,
102 10314
1937M NI 10512 Sale 105
/
1
4
/ 10512 19 102 10512
1
4
92
97
10
-year secured 7s
1930 J D 10712 1073 10712 10734' 7 107 110
4
0 RR & Bdge 1st gu 4e g
14 96
1936 F A 9514 __-- 95 Apr'26 .._ _ _ I 94
- 7- Den & It 0—let cons g 4s 193(1 J J 9012 Sale 8934
g8
9053' 128? 85 s 91
3
124 15014
Consol gold 4 gold 58._ 1938 3 D 9434 sa4e4 95 June'26 ____
Improvement ;0
9
28
J
89
, 9l3
95
129 14312
9918
993
4 74
9512 100
10013 10214 Den & It G West gen 5e_ Aug 1955 MN 6918 Sale 6778
62
70 1 608
70 4
,
83 88
Dee M dr Ft D 1st gu 4s_ _...1935 J J 44 Sale 44
44
1
44
4712
8514 883
8
Temporary ctfe of deposit--------- 40'
_.-0
4412
8271 8012 Des Plaines Val 1st 4 Li a_ _ __1947 M N 0 / _ _ _ _
4 1 44
1
4
IsilaY:26 _ --39 47
Feb 2 31- _ _ _
56469580834 1677000,4 De, & Mack—lst lien g 49..1995 1 D 65
0 72
5
7138 65 65 June'28 __ __ __ __ -. - ---6 - 65
7
.
74
71
1995 J
Gold 4s
Detroit River Tunnel 4)45...,1961 IN N 97 Sale 97
941 9812
4
1
97 I
Dui Mamba & Nor gen 55_1941 1 J 10334 ____ 10312 Apr'26.._...., 10313 10312
87
34 58
Dui & Iron Range let 58..._..l937 A 0 10238 Sale 10238 102381
/
4
3 1011 10312
Dui Sou Shore & Atl g be_ ...1937 I J 8812 8912 9012 June'26 ___
85
9012
11
4
8412 844
0891338 g04342
East Ry Minn Nor Div let 4e '48 A 0 9034 93
91
9112
9112 June'26'____
P.m, 1' Va de Gs Div g be _1930 J J 1 ..3
1003
41
5 1004 10134
/
1
..
10034
Cons let gold tie
8
1956 M N -------- 10412 iony 26" .._. __ __ __ l001 l 043
1
48
i0 1/ l0674
1_ ._7_ 10634 Jul e 6
0 8
4
:
9 1 113 2 Elgin Joliet & East le* g Ss.. _1941 M N
-5
0 ; -1
iiiiiii
4
911 : 9238 Cl Paso & S W 1st bs
731 793
19R5 A 0 10414 10434
3 10412
10258 10618 Plr.e let consol gold 75 ext_ 199 1 S 17978 sate 10412 10412' 5 1023 10 33
93 M 3 0738 S l 17733 187%1 84 10748 8014
6
0
8
0 4
74
9
1
0
0
let cone g 4e Prier
8
1071 10712
4 1: 56
Registered
1997 J J ---- -- -- 7112 Dec'25
let control gen lien g 4e _ __ _1996 1 .1 713 Sale 7158
4
7211 217 (if" Wit
/
4
41
1
011 8 70/
16452 106,
Registered
6814
A -6i_
3
55
6814 Feb'26 ____
Penn col; trust gold 4e
1956 F1
99 1
2
9812 98
905 9812
98
1
6 year cony 4s Set A
,
1953 A 0 7534 Sale 7513
,
67
/ 76 4
1
4
7614 119
Chic Ind & Louley—Ref 69_1947 J J 11318 ____ 11318 June'26
/
4
110 1131
/
1
4
do Series B
1953 A 0 7534 Sale 7558
76
76
_
Refunding gold be
1947 J J 1033 10414 10314 June'26
101 10314 (3"r.minv 4. Series D___ _1953 A 0 8314 Sale 8334 8412 608 6714.76
4
73 s ea_ .
,
Refunding 4s Series C__..1947 J J 9014
79% 80
80
Erie de Jersey 1st 51 6s_ _1956 J 1 110
Jan'26
11012 1
_
5 104 '0
1 '2
General be A
1966 M N 99 Sale I 99
92
9914 18
Genesee River let s I Se...1957J J 110 11012 10934 110 I
/
4
/
1
10973
90 1044 1101
General 6e B
May 1965 J J 10714 108 110714 July'26
1034 199893344 Erie de PRts tau g 3345 B
1940.8 J 881s ---- 89 June'20 ____
88 92
Chic Ind & Sou 50-year 4s-1956 J J
9012 9312 92 Apr'26 __ _ _
891/4 92
Series C 334s
19403 .1 8818 ____ 8912 Mar'26 __
89 8912
95
Chic L S & East let 435_1969 .1 D 9612 ____, 96 June'26
vo1 Est RR ext1 s f 7s
/
4
1954 Ni N 8333 Sale 8318
837
3 37
8258 8451
CM & Puget Sd 1st gu 45......1949 J .1 5212 5312 5158
314
47 5
53
69
Certificates of deposit52 5313 53
11
Fla Cent & Penn let ext g 55_1930 J J 10033 _--- 994 Apr'26 I
53
/
1
_
98 100
Ch M & St P gen g 4e Set A_e19891.1 J 85 Sale 85
811 854
453 93
0038 7
Consol gold be
8512 14
1943 J .1
98 102
/
1
4
1
- 101
101 I
General gold 33.is Set B__e1989 J J 7414 Sale 7414
/
4
7414
1
7014 741 Florida East Coast let 4;0_1959 J D 101--9718 9814 9712 July'26 ____
05
/ 9812
1
4
Gen 4j Series C
,
is
May 1989 J J 9414 95
94 July'26 _ _ _ _
let & ref be Series A
1974 M S
97 10012
9114 Fonda Johns & Glov 4 tie- _1952 M N 9934 Sale 9914 100 1 142
Registered
9114 Apr'26 ____
62 Sale
5838 647
62
19
Gen & ref Series A 4;is__a2014 A 0 5334 Sale 5312
4814 54" Fort St U D Co 1st g 4;is_ _1941 J J 9212 ____ 6012 Dec'25I ____
9148
55
54
9014
_ -Certificates of deposit
Ft W & Den C let g 5;0_ _ 1961 J 0
8
54 Sale 525
4714 54
54
96
__ 107 June'26 ____ 113 - 107 Gen ref cony Bar B be—a2014 F A
Ft Worth & Rio Or let g 4s_ _1928 J J 10678-5314 5412 527
5414 37
9718 9814 9718 June'26 ___
96 98
Certificates of deposit
538 Sale 5214
Frem Elk de Mo Val ist(is_ _1933 A 0 108 10812 108 June'25 _
5358 79
107 108 3
3
let sec 615
1935,3 J 10312 Sale 10312 1037
442 2
8
9 1077112 1°555433'14
,
Debenture 4tis
1932 .1 D 5314 Sale 527g
47
534 102
/
1
531 OH & S A M & P let be
/
4
1931 M N 10012 10112 98 June'26 ____
9714 10112
Certificates of deposit
5314 Sale 5214
463 5312
4
5312 100
2d extens Si guar
1931 J J 10014 ____ 10012 10012
/
4
5 1001 101
Debenture 4s
1925 J D 8312 Sale 525
09
8
54
Galt Hous & fiend 1st be-- _1933 A 0 97 Sale 97
,
9758
4
9312 99
5312 71
Certificates of deposit
5312 Sale 5212
8
96
98%
• 5354313.21 Ga & Ala Ry let cons be. ___o1945 J J 983 _--- 9814
25
-year deben.ure 4s
44476 • 553334 Ga Caro de Nor 1st au g 5e...A929 J J 10018 Sale 10018 June'26 ____
19343 J 5312 Sale 5314
5334 26
10012
4 100 10012
Certificates of deposit
5312 Sale 5212
5312 62
47
5312 Georgia Midland let 3e
1948 A 0 7212 7314 71 Mar'26 ____
7214
83
Chit, & Mo Riv Div be__ _1926 J J 9978 ____ 993 June'26
9812 997 Or It de text let gu g 43.45.. _1941 J .1 96
8
4
/ 977
1
4
957 9773
4
8
993 99% Grand Trunk of Can deb 78_1940 A 0 11512 Sale8 977 June'26 ____
8
Chic& N'weert Ext4e__1888-1928 F A 9978 100
998 June'26
11513
11512 20 114 11612
/
1
4
993 993
8
Registered
4
1886-1926 F A 993
4
993
4 -i
993
4
15 year a f Os
1930 M S 10712 Sale 10714 1071 15 1067 its
/
4
General gold 33s
1987 M N 77
7712 77
7738 15
7453 ni Great Nor gen 7s Series A1936 J 1 1131 Sale 113
l
/
4
1133 105 10914 11412
3
Registered
Q F
7412 7212 July'25
Registered
J J
_ 11318 Apr'26 ____ 1121 11313
/
4
General 45
1987 M N 8712 Sale 863
4
86 8912
/
1
4
8712 63
let & ref 445 Series A___1961 J J 9618 Sale 9618
9614
97
/
1
4
93
6
Registered
Q F 85
8712 8614 May'26 _
1952,3 J 10634 Sale 10614
General 53.45 Series B
1067
8 21 102 108
/
1
4
85
, 4
89.
Stamped 45
1987 M N 8712 88
8914 June'26 _
General fis Series0
19733 J 10112 Sale 10118 10112 45
9714 10212
General 5s stamped
1987 M N 1053 1061 106
/
4
/ 1061
1
4
4
/
4
1
General 4 Ms series D
19763 J 8904
_iiii_
_ _ i ___ i
iii
Sinking fund 8e
1879-1929 A 0 1033 ___ 1037
4
8
6486 4
1037
8
1 1033'114 11-1998.556
Sale 80
-74 Green Bay & West deb ctfe A_ _ __I Feb
10314 103-4
Registered
A 0 10314
10334 June'26 _
Feb 20 Sale 19
Debentures ctfs B
20 ' 15
1312 2014
Sinking fund 5s...„..1879-1929 A 0 10112 ____ 10112 June'26
0 1s
8
3
7
110 12 10 18 Greenbrier Ry let gu 48
0
1940,M N 9053 --- 911
/
4
9114
/
4
3
88% 911
0 12 1007 Gulf Mob de Nor let 5;is_....1950,A 0 1051 foo 106 June'26
13
8
Registered
1879-1929 A 0 1005 ____ 1005 May'26
8
8
/
4
01 106
Sinking fund deb be
1933 M N 10053 1027 10058 June'26 ____
8
Gulf & S I let ref & t g 5e-__61952 J J 1073 -.-- 108
3
106 i
0112
83 103 1003
10114 10114
Registered
MN
10114 May'26
1
1930 .1 D 10712 Sale 10712 1073
10
-year eesured 75 g
I
Hocking Val let co g 440_1999,J J 1
4
7
cons
96
953
4
96
lb-year secured 610 g. _ _ _1936 M ° 11212 11234 11212 11212
18
15
1 18114 18412
Registered
199913 J ------90 May'26 ___
--90
90
May 2037 J D 10234 104 10234
1st & ref g be
9958 10414 Housatonic Ry cons g be
1033
4
5
19371M N 9812 Sale 9812
9812
,
9512 99 2
i
Chic RI & P—Railway gen 461988 J J 8758 8814 8758
8738
5
1937 J I 102 103 10234 June'26
'S 9
H & T C let g int guar
6
:
100 102
3 0,513
J J 8334 85
88884711142 80212
Registered
8512 June'26
Waco & N W 1st Os
1930 M N 1013 ---- 1013 Mar'26 ____ 1011 1013
4
4
4
/
4
1934 A 0
Refunding gold 45
Sal
91
119
903
4
Houston Beit de Term let 58_1937 J J 99
99
/ 99
1
4
9812 100
99
1
A 0 -----Registered
-9012 June'26 _ _ _ _
Houston E & W Tex let g 5e-1933 M N 10018 ___- 10112 June'26 ____ 101 10112
ist guar 5s red
1033 M N 10112 ---- 10112 Mar'26 ____ 100 10112
Ch S L & N 0 Mem Div 45 —1951 I D 8714 ____ 90 May'26 ___ _
863 90
4
Hud & Manhat bs Series A 1957 F A
' 14 Sal
97
971 50
/
4
9212 98
C St L & P 1st cons g be_ —_1932 A 0 10114 10212 10114
10114
8 10114 102
F A ----Registered
-97 Apr'26 ____
97 97
Chic St P M & 0 cons 65......1930 J D 103 10334 1033
/
1
4
/
4
10334
1 10278 1041
4
Adjustment income be____1957 A 0 813 Sale 8112
4
8253 155
754 8238
/
1
Cone (is reduced to 3;is_ _1930 .1 D 9438 ____ 95 June'26
I
95 95
I
984 101
/
1
Debenture be
1930 al S 9834 9934 10114 June'26 _ _ _ _
Illinois Central let gold 45_ 19 5 is4 N _83_1_ i_7_8 9558 June'26 _-__
51 1 J 9_434 95
1
92 971
/
4
77 19 14
984 0
/ 0
1
Stamped
9834 103 100 May'26
Registered
1951 J J 9118 ---- 93 Mar'26
93
93
IChic T H & So East 1st 55_ _1960,J D 8658 8678 8612
J
1st gold 3;is
8
3
10b1 1 J 8712 ____ 8634 June'26 _
864
/
1
3
,
8314 87 2
765 853
8
4
Inc gu be
Dec 1 19601M ° 77 Sale 77
77 1
1
Registered
Chic Un Sta'n let gu 414s A_1963:J J
9634 9718 9612
9712' 16
1st gold 3lie_1951 A 0
8334 Mar'26
_
- - - 4
413 ki3-35
0 : 9 78
4
1st be Series B
1963 J .1 10433 10518 1044 10514! 14 1921 10754
/
1
let gold 3e sterling
1951 111 S 66
n 71
Feb'26 ____
71
Guaranteed g be
1944.J D 10112 Sale 1011 10134'
/
4
Collateral trust gold 4s_--1952 2
7 100 103
June'26
1151 11914
8
let 630 Series C
19633 J 11712 118 118
118 I 11
Registered
Chic & West Ind gen g 0_2,1932 Q M 10514 10614 10612 Mar'26 _ _ _ _
1st refunding 4e
-1 88
8 e 913431
;484149312 g1 1- 9202 444 ::e3 2 :::2i :7 -92
9 2221655 :- l
vn
.
:
18 63
2
4
-year 4s
Consol 50
1962 J J 8812 Sale 8614
8653
8
Purchased lines 3345
812 8512
1952 J I 83
%
85 85 May'26 ____
/
1
4
1962 M S 1041 Sale 10412 1043
let ref 534e ser A
/
4
J J 79128413 July'25 ___ _
Registered
4
3 100 105
: Collateral trust gold 4s......195388% gia- :
04967
1952 M N 1033 ____ 1033
Choc Okla dr Gulf cons be
3138 897
096
892
4
10334
3 10334 10412
4
e 8833
M N
88
/
1
4
6 -8
fr - - -8914
Cin H & D 2d gold 43e. _.1937 J 2 9714 ____ 9714 June'26 _ _ _ _
M N 84
Registered
_- -- 8234 Dec'25
CI St L & C let g 4s_ _ _Aug 1938 Q F 9412 Sale 93
9413
1955 M N 105 106 10518 June'26 _ _ _ _ 1Pit- 16112
2
Refunding 5s
- 8 - Aug 1936 Q F 9314
Registered
9214 Dec'25
15-year secured 51
103 113%13
Sale 103
1934 I J
-is
4 1137
0338 ig 102 4 104
8
,
1942 M N
Cin Lob dc Nor gu 4.g
9012 May'26 ____
1
15-year secured 6;is g_ _ 1930 J J 11358
891- -6.612
2
Cin S & Cl cons let g be_ _ _ _1928 J J -------- 10034
4
1 10018 10112
1003
Cairo Bridge gold 4s
1950 J D 92
927 92 June'26 _
8
%
1113 1234
19038 192
Litchfield Div let gold 38_1951 .1 J 75 Sale 75
75
1
74
781
/
4
mut"- Div & Tenn 33.451953 J J 8112
85
877
8
Cleve Cin Ch & St L gen 4e-1993 J D 87
873 87 July'26
4
-- -- 82 June'26 1
/
1
4
804 83
/
1
9714 99I
1931 J J 99
-year deb 4s
20
9912 9918 June'26
J J 8212 Sale 8212
Registered
8212
7838 8212
1
1993 J D 10418 ____ 10418
09
138
General Si Series B
023! 10437s
90 111000383 148
10418
1
Omaha Div Is gold 3s....--1951 F A 7412 ---- 733 Apr'26 1...
4
73
/ 733
1
4
4
Ref & impt 6s Series A_ 1929 J J 10318 Sale 103
10312 12
St Louis Div & Term g 35-1951 3 3 73% ---- 74 June'261_ __ _ I 74
74
/
1
4
1841 J J 10712 Sale 10712 10712 12
Os Series C
Gold 3345
1951 J I ____ ---- 8714 May'26 ____I 811 87 4
/
4
,
1963 .1 .1 10314 Sale 103
55 Series D
10312 12
Springfield Div Is g 33.a 1951 I 3 837 -- -- 8212 Feb16 _ _ I 824 8212
3
/
1
9338 Sale 9338
91
93 2
Cairo Div let gold 4s_ _1939 J J
,
0312 10
Western Lines 1st g 45
1 92
1951 F A
9018 June'26 _ _ __' 8914 9018
Cin W & M Div 1st g 48.. _1991 J J 8534 Sale 8534
1
811 85%
8534
4
Registered
1951 F A ------84 Aug'25 ___-1
1 95
8618
St L Div let coil tr 2 g4e-1990 M N
1
861
/
4
111 Central de Chic St L & N 0—
21
M N ------8314 Feb'26 .. _ _ Registered
82114 83871'4
31
Joint let ref be Series A
1963 3 0 10212 Sale 102
9912 10312
10212
89
9058
SPr & Col Div let g 4s__ _1940 M S 9118 ____ 9053 May'26 _. ___ _
Gold 55
1951 J D 10412 10712 10412 June'26 ___ .! 104 10512
8112 9
9212 8112 May'26
0
W W Val Div let g 4s. _ _1940 3 1 89
1 D 10118 --- 10214 Apr'26 ____' 10214
Registered
10214
0 C C& 1 gen cone g Os.... _1934 J J 10712 1073 10712 10712 -i 10673 1073
4
4
Oold 3tis
D 79
_--- 7812 Feb'26'..' 78
/ 7813
1
4
4
Clay Lor & W con let g 55..1933 A 0 10112 ____ 102 June'26 --_ _ 10112 1023 Ind Bloom & Weet lst ext 40..1910 A
(I 911s _--- 8814 Aug'25
--Cleve & Mahon Val g Si.. A938 J 3 10014 102
9853 Dec'25 -___
Id Ill & Iowa 1st g 45
n
1950 3 . 9178 _--- 914 June'26 ---- - - s 92
11
/
1
89 4
1935 M N 9714 99
9838 t63e Ind & Louisville let gu 4s__ _1956 1 J 8312 84
964 Mar'26
/
1
Cl & Mar let gu g 43is
84
, 794 84
/
1
6
831 0
10 11 18112 Ind Union Ry gen be Ser A 1965 I J 10212 103 10234 June'26
Cl & P gen gu 4345 Ser A_ _ _1942 J J 10014 ____ 10112 Mar'26
/
1
4
10212
/
1
4
7, 100 104
1948 M N 8534 87
86 May'26
Series C 3;45
Gen & ref 5s Series B
1965 1 J 10218 10212 10214 June'26 ____I 100 10312
/
1
4
1950 F A 8514 ____ 9334 Nov'25
Series D 3145
Int dr Girt Nor let Os Ser A_ _1952 J J 10612 Sale 106
106121 216 163 106
29
7512
06
ifs; 1618
- 1Cleve Shor Line lit gu Oie 1961 A 0 9934 10112 10012 June'26
Adjustment Os, Se
Series A.1952 ADI'l 7478 Sale 7312
75
/
4
3 10812 1081
10712
Cleve Union Term 5;4s_. _1972 A 0 10712 Sale 10714
Stamped
Aprl 7512 Sale 7412
7512
1973 A 0 1043 Sale 10412 1043
80653142 07 2
4
4 88381
4 35 1003 1044 Int Rye Cent Amer let 55___1972 M N 80 Sale 7912
let a f be Set B
8014' 14
6914 75114
7614 80 2
8
8
4
Coal River Ry 1st gu 4s_ __ _1945 J D 885 883 885g June'26 _ __ _
Iowa Central 1st gold be_ —1938 I D 583 5912 5814 June'26 ____
4
/
4
/
1
4
I 681 05
9814 9912
99
Colorado & South lit g 4u.1929 F A 99 Sale 98
16
/
1
4
Certs of Deposit
-I 583 60
4
58 May'26..1 68 85
Refunding & eaten 43411- _1935 M N 9614 963 963
3
1
963
4
8
Refunding gold se
1951 MS 1718 1912 195 June'26 ___
8
1714 23
/
1
4
871 871 James Frank & Clear let 49_1959 J D,
/
4
/
4
/ ____ 8718 'Jan'26
1
4
& 11 V let ext g 48_ ___ 1948 A 0 88
Col
9114 Sale 9012
9114' 14
8851 9114
8715 90
Col & Tol 151 est 45_ __ _ . _ ... 1965 F A 8312 8912 90 May'26
I
I
2
8112 8 12 Ka A de GI R let go 268
75
4
Conn & Passum Riv let 4e . 19431A 0 853 ____ 8212 Jan'26
1938 J I 103 ___- 101
101 101
Apr'26
1930 F 14 91
82 Mar'26
Kan de M let gu g 48
00neol Ry deb 4e
1990 A 0, 87
___- 87 June'26.._..
83
87
6512 73
19543 J 73
673 Mar'26 ____
3
2d 20-year 58
Non-cony 45
1927 3 J 100
__ _- 100 July'26
9978
661 73
/
4
73 I 27
K C Ft S & M cons g 8s.......1928,M N 10214 Sale 10214 1024 __ 10018 10114
Non-cony debenture 45 195511 J 73 Sale 73
/
1
3
103
/
1
4
6612 72
79
72 June'26 -- _ _
K C Ft S & M Rs ref g
Non-cony debenture 4s 19561J J 73
,
A
891 92%
/
4
927
8 21
883 9812 K C & Si R & B let go 4s_ _ _19361 A 0 9214 Sale 9214
4
96 , 51
-year bs g -_ - 1952%1 3 9538 Sale 95 .
Cuba RR let 50
be._1929 0 100 10012 10018 June'26 ____
98 10212
/
1
4
10912 11 105 10912 Kansas City Sou 1st gold 3s_1950 A 0
19361.7 D 10912 Sale 10834
_
let ref 74.4e
7313
74
1936 J D
Ref & lmpt 58
lit lien & ref Os ser-B
Apr 1950 3 3 987 Sale 98
733
:
2
12
931b 9912
7334 79
98 --ii , -152 4 187
-1;
Cuba Northern Hy ist 64.. 1966 J J 98 Sale 97r4 --
18E r,
581
i
;
t
10000
Extended
8
g
1
3
I
1
I
Il
a Due Jan. b Due Feb. 4Due May. o Due Act. p Due Dec. :Option sale.
io
--
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
Price
Friday,
July 9.
Week's
Range or
Last Sale
ozt53
Range
Since
Jan, 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 9.
...a.
191
Price
Friday,
July 9.
Veek's
Range or
Last Sale
co.'3
BO
Mob & Bir prior lien g 5E1_1945 j
1945 33
Mortgage gold 45
1945 J J
Small
Mobile & Ohio new gold 6s_ _1027 3D
51927 Q
1st extended gold 6s
1938 M S
General gold 4s
Montgomery Div 1st g 59_1947 FA
1927 3D
St Louis Division 55
1991 MS
Mob & Mar 1st gu gold 4s
1937 J J
Mont C 1st gu g (3s
1937 • J
1st guar gold 58
Morris & Essex 1st gu 33is_ _2000 3D
Chatt dr St L 1st 6s_1928 AO
Naslav
1937 FA
N Fla & S 1st gu g 5s
Nat Ry of Mox pc lien 4;0.-195'7 33
July 1914 coupon on
Assent cash war rot No 3 on.
1977 AO
Guar 70-year s f 45
Assent cash war rct No 3 on.
Nat RR Mex prior lien 45is_1926
• J
J
July 1914 coupon on
Assent cash war rct No 3 on.
1951
consol 45
lit
A• O
April 1914 coupon on
Assent cash war rct No 3 on.
Ask Low
High No. Low
High
Bid
Ask Low
High No,
73
88 Sale 8758
88
Y Central & Hudson River
85
8834
874 893 91 June'26
/
1
8
91
80 Sale 79
1997
86
Mortgage 3
J
68
83
86
91 May'26
91
81
1997,.1 J
Registered
81
7913 Jun8934
e2
'6
87
8812 8714 Mar'26
1934 as N
96 Sale 953
Debenture gold 48
8534 87
14
8
9558 60
1024 ____ 10218
/
1
1 10013 10218
10218
9234 _ 3 8 9458 Jan'6
6 _7_
318
ttegistered
0438
9358
2
M N
9934
- 997 June'26
8
983 101
8
30-year debenture 48
1942.3
1
80
8112 80
80
784 82
/
1
1
93 Feb'25
Registered
7812 June'26 ---80
7913 Sale 765
77
Lake Shore coil gold 3;0_1998
8
7714
9914 9912 9834
9912 31
9838 9910
79
Registered
1998 F A
7734 June'26
4
9714 Sale 9718
9714
964 974
/
1
12
7834 80
Mich Cent coll gold 33.is_ _1998'F A
79 June'26
96 Dec'25
7712 797 80
8
Apr'26
1998 F A
Registered
945
8
i5,- 10512 10458 June'26
ii2 ---9412
102 10458 N Y Chic & St L 1st g 4s
9412
8
19371A
9758 Sale 97
9758
99
95
1937,A 0 9338 95
9314 Mar'26
Registered
851.
8512 8612 8512
2
8:458 8714
25-year debenture 4s
9612 11
193l.M N 9614 9612 9638
8012 May'26
1931 m N 104 Sale 103
80
803
4
2d (35 Series A B C
10418 23
-575i3 6:de- 9634 9758 4 92 99
104 Sale 1033
Refunding 5;55 Series A 1974,A
4 10412 33,
10334 Sale 1033
4
5 10034 1053
1033
4
Refunding 5)4s Ser B_ _1975:J j 10378 104 104
10418
4
10212 1043 1023 June'26 -- -- 10212 104
8
4
9518 9614 9518
N Y Connect 1st gu 4;;BA1953.F A
9512 14,
9012 Sale 9012
9012
5
8812 905
1953 17 A 10212 1025 10258 June'26
1st guar 58 Series B
8
8
10712 10818 10718 July'26
10512 110
2
N Y & Erie 1st ext gold 48_1947 MN 91 Sale , 91
91
86
8712 8512 Apr'26
.
845 8712
1933 m S 98
3d ext gold 43513
__ -1 94 Nov'25
10938 11013 10938 June'26
109 10934
1930,A 0 10018
1004 Mar'26
4th ext gold Is
/
1
10038 ____ 10034 June'26
10283 D 981
1001a 10C3
___ 99 Mar'26
4
5th eat gold 4s
9212 ____ 9412 Apr'26
9412 95
N Y & Greenw L gu g Is_ _.1946 m N 9834 100
49812 June'26
93 June'26
9214
9058 93
7914 Apr'26
NY & Harlem gold 3;is2000,M N
7912
9278 9534 97
Apr'26
97
97
1 mN
8514 8914 89 May'26
8438 893 N Y Lack & W 1st & ref 5s_ _1973
4
99
__ --1 80 July'25
100
__ 993 June'26
4
1973 m N 10038 ____ 101 June'26
973 993
2
1st dr ref 4;4s
4
9712 981. 0812 June'26
94 100
10618 June'26
NYLE&W 1st is eat__ _1930 M S 10618
8818 8814 88
8812 15
85
903 N Y & Jersey 1st 5s
8
_1932 F A 10118 Sale 10113
10118
11
100 10014 10014 June'26
9958 10034 N Y & Long Branch gen g 43_1941 M S 9012 9312 90 Mar'26
100 10014 10014
1
10014
8
997 101
NYNH& Hart n-c deb 48_1047 m s 7518 _--- 7712 June'26
9012
9014 Sale 9014
6
8658 9012
60 June'25
Registered
MS
10312 10414 10534 June'26
10212 10534
8
Non-cony debenture 3;56_1947 MS 683 ---- 76 June'26
9512 Sale 9514
9512 17
8
9314 957
17
6714
Non-cony debenture 3;is_1954 AO 6714 Sale 66
101 1013 102 June'26
4
101 104
75
75 June'26
Non-cony debenture 4s_ __1955 3 3 74
1053 10612 1053
4
/
1
4
11 105 108
4
10614
25
75
Non-cony debenture 4s_ _1956 MN 75 Sale 7458
10714 108 10714
10738
6714
8 10613 11014
6614 66
1956 33
1
Cony debenture 3;513
10012 105 1051. 106
7 10412 10814
1948 33 10414 Sale 10258
10414 98
Cony debenture (Ss
9934 Sale 1 9934
15
993
4
96 10014
100
1
100
Registered
.1 J
104 105 ,104
104
2 104 107
10014 87
1940 AO 10018 Sale 10018
Collateral trust (is
10418 107 ;104 June'26
10358 104
1957 MN 6812 Sale 6814
25
69
Debenture 4s
_1 92 June'26
9138 9212
8
Harlem R & Pt Ches 1st 481054 MN 883 8912 89 June'26
92--- 6614 July'26
6614 6714
/
1
4
6512 68
2
1004
/
1
N Y At Northern 1st g Is... _ _1927 AO 10038 100 10038
993 10012 9938 June'26
8
75
984 995 NY 0& w ref 1st g 4s_June 1992 MS 74 Sale 74
/
1
8
11
873 2- - - 1 873
4
2
851 89
/
4
4
4
69
873
4
1955 J 13 6812 Sale 6812
General 4s
92 sale 9112
92
5
9
014 9314 N Y Providence & Boston 48.1942 AO 8714-- - 8612 Apr'25
09 100
997 --__ 997 May'26
s
/
1
4
8
8712 May'26
N Y & Putnam 1st con gu 48_1993 AO 8612 91
_ _ 1 10134 Mar'26
4
8614
10134 1015 NY&RB 1st gold Is
100 June'26
1927 St S
641s 653
103- - 4 6518 July'26
6012 67
al' Sale
19
88
N Y Susq & West let ref 58_1937• 3 H
14 77 1 7538
753
8
75
1
624 761
/
1
/
4
1937 FA
73
75
73 June'26
2d gold 4)4e
10012 __-_ 100 June'26
100 1003
7314 Sale 7212
4
7314
1940 FA
5,
General gold 58
815 ____ 85 Apr'26
8
85
85
9758 Apr'26
1943
Terminal 1st gold 59
N 99 102
1023 ____ 102 June'26
8
10078 102
55
78
NY W'cbes & B let Ser I 4%8'46 33 78 Sale 7734
101 May'26
101 101
-65ii8 ---: 9538 June'26
9258 955 Nord fly eat! ci 6;is
8
79
795 7914
8
1950 A
7938 15
79 Mar'26
833
79
803 Norfolk South 1st & ref A 58_1961 F A
s
853 Sale 8518
8
85
/
1
4
8312 - - / 833
48 4
61
4
84
2
8512 Norfolk A: South 1st gold 58_1941 m
83
10018 1003 10018 June'26
4
9812 983 983 July'26
4!
4
9734 983 Norf & West gen gold 65_ _ _1931 NI
4
107 --_- 10612 June'26
9418 9514' 96 June'26
9012 96
4
Improvement & ext 68_11334 F A 1083 110 10913 May'26
10012 10112 10114 June'26
10018 1015
8
107 108 107
107
1
1932 A
New River 1st gold
9518 9614 9412 Dec'25
8
925 Sale 9218
N & W Ry 1st cons g 48_ _1999 A
9258 19
9614 Sale 9614
4
9614
931 9834
9178 May'26
Registered
1996 A 0
9013 92
911. June'26
911.
89
9314 9312 9314 June'26
Dly'l 1st lien & gong 48_1944 j
83
____ 811 Dec'25
/
4
_
____ 15313
15312
152
10
-year cony 6s
1929 M
9238 93
9238 July'26
Pocah C & C joint 4s_ _19411j
99 102 103 Noy'25
10412 105 11313 Apr'26
1974 m
Nor Cent gen At ref 55 A
5834 60
58 June'26
-- North Ohio let guar g 5a
57 14
4
9334
4
1
1945 A 0 933 943 9334
57
62
56 June'26
56
6334 Nor Pacific prior lien 4s
19971Q .1 8878 Sale 8812
893
4 47
1814 Sale 1814
183
4
7
8714
18
23
8714 Sale 8714
1997,Q
6
Registered
13
15
1314 June'26
1238 1614
6578 17
General lien gold 3s ____a2047'QF 6512 Sale 6538
____ 100 102 Sept'25
6312 Apr'26
02047 Q F
Registered
8912 Sale 893
8
893
4 21
85r3 9113
9314 933 9314
4
933
4
7
Ref & !rapt 4;45 ser A .._ __2047 J
9858 99
99
99
2
11238 Apr'25
9758 9934
33
Registered
99 Sale 983
4
983
4
3
1214
8
1125
8 58
9734 993
2047 33 1093 Sale 11214
4
Ref dr impt 68 ser B
1031 Sale 103
/
4
106
9 10214 106
11014 Mar'26
Registered
J J
10112 102 10134 June'26
l0038 10358
10112 Sale 101
2047 3
8
1017
s
Ref & impt Is ser C
8912 903 89
4
89
5
h9
102
927
76
8
Ref & impt 5s ser D
J 102 Sale 10118
20473
9318
93 Mar'26
112 10934 June'26
/
1
4
93
93
Nor Pac Term Co 1st g (Ss_ _1933 .3 a
9414 - -: 94
-•
94
2
94
93
1938 A 0 104 106 10434 May'26
No of Cal guar g Is
863 614 Sale
18
8458 873 North Wisconsin 1st 6s__ _ _1930 J 3 103 104 10314 June'26
4
10113 Sale 101112 10 2
86
' 81718
9614 103
40
8612 Sale 86
'8612 31
8012 8612 Og & L Chem let gu 45 g___ 19 6 3 D 8078 Sale 8034
81
12
4
3
8
J
103 10314 10212
10314
13 10212 10414 Ohio Connecting fly 1st 45_ A943 m S 92
9034 Dec'25 _ _ _ _
925 Sale 9214
8
9012 9534 Ohio River RR 1st g 58
923 198
10114 103 10138 June'26
4
102 June'26 _
1937 A 0 10178 _
General gold 5s
983 Sale 984
4
9914 98
/
1
8914 100
10014
15
Ore & Cal 1st guar g 511
1927 33 10014 Sale 10014
963 D
4
1063 Sale 10618
4
107
52 10134 107
9314 Sale 9214
Ore RR & Nay con g 4s
9214
33
1065 Sale 10658
8
10634 22 10134 10714 Ore Short Line-lst cons g 58' .1 j 10534 10614 10718 June'26
1_ 4 3 3
94
6
7312 Sale 7314
741.
,
65
733 181
4
Guar cons 58
10534 10712 106
100
6
9212 Sale 9212
9212
1
93
38
1929 J D
9814 Sale 9818
Guar refund 48
9814
17
8658 Sale 8638
Oregon-Wash let & ref 40.__1961 3
867
8
8
100
____ 99 Sept'25
92
95
92
9214 20
853 8613 8738 June'26 ----_- Pacific Coast Co 1st g 5s...1946 J
4
7034 V07- Pac RR of Mo 1st ext g ls
8
9314 Sale 9314
9314 _ _ _ _
1938 P A
8214 84
86 June'26
10112 _ _ _ _ 10112 June'26
793 87
4
2d extended gold Is
1038 J
10218 ____ 1023 July'26
4
10078 10312 Paducah & Ills 1st s f 430_1955 J J
984 _
/
1
98
93
1007 10138 10078
8
1004 _ _2_
1(1018 10614 Paris-Lyons-Med RR 614--997k 01
/
1
7438 Sale 7414
744 47
/
1
1958 F A
9212 ____ 9218 June'26 ___
90
9218
S f external 7s
1958 M S 8418 Sale 8334
8412 58
1005 ____ 1003 June'26
8
8
,2 ParirsOrleay s R R s 1 78
pa u i-ta R n 7s
843
8 14
1954 M S 84
843 84
8
100 10038 10013 June'26 _ _ _ _
,i912 100
10112
10112 10134
2
8818 9034 9858
985
8
1
87
9858 Pennsylvania RR-cons g 45 19 2 M
93 M
4
9738 Sale 94 June'26
111 11212 111
111
2 10958 1121 2
Consol gold 48
1948 m
9312 94
933
4
2
9334
1023 ____ 10234 June'26 ____
s
10113 1027
8
45 sterl stpd dol___May 1 1948M
, F
60
10014 10012 9312
9312
5
773 79
4
7934
6
79
7778 815
8
Consol 4)4s
20
9712 Sale 9738
100
A
1013 Sale 10034
8
10138 16 10054 1011
/
4
General 430 Sec A
1965 J
9738 Sale 9738
973
4 31
103
____ 10178 May'26
10184 1017
8
General 58 Ser B
10738 Sale 10512 10618 21
19683
30 Sept'25
10-year secured 7s
8 1075
1930 A 0 10738 Sale 1073
8 32
19
Apr'25
_
15-year secured 6;is
1936 F A 113 Sale 11214
113
11
21 Sale 2034
.2114
43
15 -2212
Registered
112 June'26
A
8713 June'25
40-year gold Is
1964 M
F
10134 Sale 10134 102
49
2512 Sale 2538
2512 10
1734 27
Pa Co-Gu 3;65 coil tr A reg 1937 M
85
8612 Oct'25
3812 July'25
Guar 334e coil trust Ser B_1941 F A
8412 Sale 8412
8412
1
24 Sept'25
Guar 33.0 trust ctfs C_1942 J
84
_ _ _ _ 84 June'26
333 3312 June'26 ____
4
33
- - - 1.5-1-2
2812
Guar 3;0 trust ctfs D
8358
1944 J
8358 June'26
28
Apr'25
Guar 15-25-year gold 48_ 1931 m
82 A
973 9712 9738
8
973 _ _ _ _
8
1812June'26 - - _
--.If-- 181Guar 4s Ser E
8813 8912 8834
883
4 20
19 Sale 19
19 -- -5
13
205
8
1945 33
New England cons 58
1945 J J
Consol 45
NJ June RR guar 1st 4s_ _1986 FA
N 0& N E Isr ref&trap 434s A '52 J J
New Orleans Term 1st 4s_ _ _1953 33
NO Texas & Mex n-c Inc 58_1935 AO
1954 AO
lit 55 Series B
1054 AO
lit Otis Series A
& C ledge gen guar 4 lis_ A945 33
N
NYB&MB lstcong 51935 A 0
N Y Cent RR cony deb 6s_ _1935 MN
MN
Registered
1998 FA
Consol 4s Series A
2013 AO
Red & lmpt 4;is "A"
2013 AO
Ref & inapt Is Series C
AO
Registered
97 105
96 May'26
85
87
87 May'26
86
___ 8514 Apr'26
97 Sale 963
4
97
8613
8612 Sale 8612
997 10014 997
8
8
100
997 Sale 9978
8
1003
8
10514
,
105 4 Sale 105
9534 May'26
963 97
4
4
1003 ____ 1003 June'25
4
4
107
1063 Sale 1063
4
10612 May'26
88
4
873 Sale 8712
9714 Sale 9714
9714
10458
10412 Sale 10414
10318 Apr'26
Kansas City Term 1st Is__ _1960 ▪ J
Kentucky Central gold 4s .A987 J J
Kentucky & Ind Term 43-s_1961 23
1961 ▪ j
Stamped
Lake Erie & West 1st g 5s_1937 ▪ j
1941 J
gold 6s
1997 J D
Lake Shore gold 334s
1997 J D
Registered
1928 M S
Debenture gold 4s
1931 MN
-year gold 48
25
1931 MN
Registered
Leh Val Harbor Term 5s_ _ _1954 FA
Leh Val N Y 1st gu g 4511-1940 J
Lehigh Val (Pa) cone g 48_2003 MN
Registered
MN
2003
General cons 4;is
N
Lehigh Val RR gen 5s Sertes_2003 M N
Leh V Term fly let au g Is.. _1941 AO
Leh & NY let guar gold 4s_ _1945 M S
Lex & East let 50-yr Is gu .1965 AO
1952 M N
Little Miami 4s
1935 A 0
Long Dock consul g 68
Long Lid let con gold 58__h1931 Q
51931 Q
1st consol gold 48
1938 J D
General gold 4s
1932 3D
Gold 48
1949 MS
Unified gold 49
1934 3D
Debenture gold 59
1937 MN
-year p m deb 59
20
•S
Guar refunding gold 4s_ _ _1949
Nor Sla B 1st con g gu 5s.01932 Q 3
Louisiana & Ark let g 58_1927 M S
•S
Lou & Jeff Bdge Co gu g 413-1945
Louisville & Nashville 513_1937
N
1910 33
Unified gold 48
Collateral trust gold 5s_ 1931 MN
1930 MN
-year secured 7s
10
1st refund 54e Series A2003 AO
2003 AO
1st & ref Is Series B
1st & ref 414s Series C_ _2003 AO
1930 J J
N 0 & M lst gold 69
1930 33
28 gold Cs
Paducah dr Mem Div 4s_ _1946 FA
St Louts Div 2d gold 38_1980 M
Mob & Montg lst g 4;4s 1945 M S
South fly joint Monon 48_1952 33
Atl Knoxv & Cin Div 48_ _1955 MN
Lousy Cm & Lox Div g 430'32 MN
1934 J J
Mahon Coal RR 1st Is
Manila RR (South Lines) 45_1939 MN
1959 MN
1st 4s
Manitoba Colonization 58_ 1934 3D
1941 ▪ J
Man GB&N W 1st 3;8
Mich Cent Dot AG Bay City 5s_'31 MS
MS
Registered
1940 ▪ J
Mich Air Line 48
1951 MS
L AcS let gold 3;is
1952
N
1st gold 33'ts
1929 AO
20-year debenture 4s
1940 AO
Mid of N J 1st ext 55
Milw L S & West Imp g 5s_ _1929 FA
Mil & Nor 1st eat 4 Y5s(blue)1934 3D
Cons ext 43s (brown)_ _ _1931 3D
Mil Spar & N W let gu Is. _ _1947 M
Mllw & State L 1st gu 30_1941
1927 3D
Minn & St Louis 1st 7s
1934 MN
let consol gold Is
MN
Temp ctfs of deposit
1st & refunding gold 4s_ _ _1049 MS
& oat 50-yr 58 Sor A__1962 Q F
1927 3D
1st guar g 7s
M St P & AS M con g 48 int gu'38 J J
1938 33
1st cons 55
1st cons 5s gu as to int _ _ _1938 J
1931 MS
tO-year coil trust 8;is
1946 J J
1st & ref 138 Series A
1949 MS
25-year 5;18
1st Chicago Term a f 4s_ _ _1941 MN
Mississippi Central 1st 5s_ _ _1049 33
140 Kan & Tex-lst gold 48_1990 3D
1.10
-K-T RR-Pr 158 Ser A _1962 33
1962 • j
60
-year 4s Series B
1932 33
10-year (3s Series C
Cum adjust 58 Ser A Jan_1067 AO
Missouri Pacific (reorg Co)
1st & refunding 5s Ser A_ _1965 FA
1st & refunding 68 Ser D_ _1940 FA
1st & refund (1s Ser E int_1955 MN
1075 M S
General 48
1938 M N
Mo Pac 3d 78 ext at 4:
5
0110 13?e. s 0)tton
a Due Jan. d Due April. D
13
2
9
35
13
32
5
47
9514 96
81
87
8412 8514
9234 9758
84
873
8
0614 1003
4
96 1003
4
1024 10512
/
1
9412 9634
9954 102
8
8
1043 1087
10613 10613
4
853 9014
9214 9712
10118 1053
4
10318 1031s
Peoria & East 1st cons 48_ _ _1940 A 0
Income 4s
1990 Apr.
Peo & Pekin I.7n 1st 53is__ _ _19741 A ()
Pere Marquette let Sec A 50_1956 J .1
1st 49 Ser B
1956 J 1
India Bait & W 1st g 4s
1943 M N
Gen Is Series B
1974 F A
Philippine fly 1st 30-ys s f 4s 1937 J J
Pine Creek regstd (3s
19323 D
P C C & St L gu 4;is A
1040A 0
Series B 434s guar
1942 A 0
Series C 4;is guar
1942 M N
Series D48 guar
1945 MN
Series E 334s guar gold_ _ _1949 F A
Series F 48 guar gold
1953 J D
Series G 4s guar
1957 M N
8512 Sale 8512
8512
4014 42
42
42
103 104 10314 July'26
10214 Sale 10212
10278
87 Sale 8612
8712
9412
9434 May'26
10712 1697 10914 June'26
- -8
44 Sale 4334
44
_ _ 10513 Mar'25
10638- - / 9112 June'26
1
985 994
8
987 Sale 9918
8
991
/
4
9818 99
974 Apr'26
/
1
9518
- - 9418 June'26
95
_ _ _ _ 9418 June'26
954 _ _ _ _ 9278 Feb'26
/
1
9518
954
/
1
9538
25
8
5
Range
Since
Jan. 1
Low
7612
765
2
9414
941g
9238
High
8112
80%
9614
9418
97
717; SO
78
76
84
77
80
78
923 95
4
92
9453
9312 9734
10234 105
9812 10458
9814 10413
92
(l63
4
10018 104
/ 91
1
4
89
100 2, 155E8
- 1983 99
8
9812
94
791 7914
/
4
-9938 102
10618 10614
1
1003 10112
90
90
7013 77
12
- - -1- 76
62 1
6134 6714
7514
68
674 75
/
1
6714
61
9714 10414
96 100
9613 10012
58
70
848 89
4
100 1003
8
4
673 76
6212 6012
861* ii13
100 10034
/
4
7738 891
73
64
7412
63
97
/ 99
1
4
6938 7834
7714 8214
77:4 864
/
1
4
98 1003
106 1063
4
10912 110
107 10758
/ 9314
1
4
90
9212
89
s
907 9414
138 15614
93
91
1008 1033
8
4
88
9714
8618 91
88
86
6184 66
60
6312
87
951s
1VET1TA 1114
1/
1
110 1104
/
1
4
984 104
/
1
9814 10314
10934 1093
4
1011 10514
/
4
10258 10314
73
82
1 3 10
-66- -238
101 10212
10014 10114
8f+14 9212
10434 10712
1054 10712
/
1
8
967 9812
8334 88
911 96
/
4
9112 9312
100 1013
4
/
1
9614 984
73
/ 7813
1
4
/
1
4
87
82
87
82
10058 102
947
s
94
9112 993
4
9114 95
4
9738 1013
9414 991s
1025 10678
8
107 1083
8
11138 11312
112 11214
2
983 102%
83
84
82
464
861*
85
8418
83%
97
12
883
4
/ 8718
1
4
79
35
42
10014 104
1011g 10412
/
1
8538 884
4
9313 943
1061 11112
/
4
4013 45
- - 166
967 - ;
8
1
965, 991s
9738 973
s
9312 9418
9214 9418
92
/ 93
1
4
953
8
93
192
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
Price
Friday,
JuIp 9.
Pitts Ch2 Chic de St L (09neluded)
Series H 4s
1060 F A
Series I cons guar 4Ms_1963 F A
Series J 4 Ms
1984 m N
General M bs Series A
1970 J D
Gen mtge Ss Series B
1975 A 0
P1tts & L Erie 2d g 58
01928 A 0
Pitts McK & Y 1st gu 6s1932 J J
Pitts Sh & L E 1st g 58
1940A 0
1st consol gold 56
1943 J J
Pitts Vs & Char 1st 48
1943 M N
Pitts Y & Ash 1st cons 5s
1927 M N
1st gen 45 series A
1948 J D
let gen Ss series B
1962 F A
Providence Secur deb 4s___ _1957 M N
Providence Term 1st 4s
1926 M S
Reading Co gen gold 48
1991 J J
Registered
J J
Jersey Central coil g 4s___1951 A 0
Gen dr ref 43is Ser A
1997 J J
Ricbm & Daily deb 5Es stpd 1927 A 0
Rich & Meek 1st g 4s
1948 M N
RIchra Term Ry 1st gu 58
1952 J J
Rio Grande June 1st gu 5s1939 J D
Rio Grande Sou 1st gold 48_ _1940 J J
Guaranteed (Jan 1922 coup on) J J
Rio Grande West Mt gold 45_1939 J J
Mtge & coil trust 48 A_ __ _1949 A 0
R I Ark & Louis 1st 4 Ms_ _1934 al S
Rut-Canada 1st gu g 48
1949 1 J
Rutland 1st con g 4 Ms
1941 J J
St. Jos de Grand Isl 1st g 491947 J J
St Lawr dr Adir 1st g 58
1996 J J
2d gold (is
1996 A 0
St. L & Cairo guar g 4s
1931.5 J
St L Ir M de S gen con g 58_1931 A 0
Unified & ref gold 4s
1929 J .1
Registered
j J
Riv & G Div 1st g 4s
1933 M N
St L M Bridge Ter gu g bs
1930 A 0
St L & San Fran (reorg co) 48 1950 J J
Registered
J J
Prior lien Ser B bs
1950 J J
Prior lien Ser C be
1928 J .1
Pr'or lien 53s Ser D
1942 J J
Cum adjust Ser A 6s_ __ _51955 A 0
Income Series A 88
51960 Oct
&Louis & San Fran Ry gen 88 '31 J J
General gold bs
1931 J J
St. L Peo & N W 1st gu 58
1948 J J
M. Louis Sou 1st gu g Is._ _ _1931 M S
St L SW 1st g 4e bond ctfs_ _1980 M N
2d g 4s income bond ct18-1)1989 J J
Consol gold 45
1932 .1 D
1st termMal & unifying 58_1952 J J
St. Paul dr K C Sh L 1st 4Ms 1941 F A
St. Paul & Duluth 1st 5s...1931 Q F
let consol gold 4s
1968 J D
St Paul E Gr Trunk 4Ms
1947 J J
St Paul Minn & Man con 45_1933 J D
Registered
J D
lit consol g 4s
1933 J D
Registered
J J
ffe reduced to gold 4 Ms_ __1933 J J
Registered
1933 J J
Mont eat 1st gold 4s
1937 J D
Registered
.5 D
Pacific ext guar 48 (sterling)'40 J .1
t Paul Union Depot 6e__1972 J J
Bid
9518
9734
973
4
1035s
10334
106
10158
10038
92
100
92
10414
67
8612
Week's
Range or
Last Safe
Ask Low
High N o
9334 Sept'25
8
8
983 975 June'26
9712 June'26
10412
____ 10412
Sale 103%
104
8
8
1003 1005 June'26
____ 106 Aug'25
102 10112 June'26
1001s Oct'25
9114 May'25
Apr'26
____ 100
9112 Mar'26
_ 10438 June'26
683 June'26
4
70
____ 8318 June'26
99
99
4478 May'25
94
95
94
Sale 9712
9814
100
Sale 100
80 May'26
79
10312 10134 Apr'26
10112 101 June'26
512 Dec'25
7
6 May'25
9114
91 Sale 91
833 84 I 8314
3
833
4
938
9334 Sale 9212
8114 827 811s June'26
92 July'26
9053 93
85 Sale 85
85
9812
9912 June'26
_ 101 Sept'25
101
9614 9612 9614 June'26
10012 Sale 10038
1003
4
9712 Sale 9738
9712
_ 93 Sept'25
93
93 Sale 9212
10018 102 100 June'26
4
833 Sale 8358
837
9
84 June'26
-9914 Sale 9858
9914
10238
8
1023 Sale 10218
10158
10112 Sale 10138
9712 Sale 9714
9712
9418 Sale 9338
9412
10538 10538 10514 June'26
0 34
0
1,003
4
1003
4
10318 10414 104 June'26
96
96 Sale 96
87 Sale 8638
871s
803 813 803
4
4
4
803
4
941 Sale 94
9414
95 Sale 95
9618
9038 Sale 9033
9034
10114 102
9914 Mar'25
8812 9014 8912 May'26
921g---- 91
Jan'26
965 973s 9733 June'26
8
9214 July'25
108 Sale 108
108
- 107 Mar'26
-551- - 8 9912
4 997
993
4
99 May'26
9418 953 94 June'26
8
_
May'26
90
9014 9
90
90214
105 Sale 10412
10512
99
Rang.
Since
Jan. 1
1313
Sale
94
98
100
78
10278
10014
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
9514 If 8
596
973
4
100 10412
9912 1045
8
1005 101
8
0
10 -7- ICU%
-- 8
993 10 -18
4 -0
9112
91
8
10212 1043
63
683
4
8318 8318
9518 99
1
___ _
4
38
5
90 VS'
9414 985
8
993 10014
4
so
80
10138 10213
9513 101
4
10
13
7412
89
75%
87
7818
9712
2
-9114
85
9478
833
4
92
85
0012
12
9538 18
10014 101
05 4 073
,
4
13
140
80
35
94
,
00 4 10012
775, 84 2
,
145
84
80
93
995
9
1017 103
8
9914 103
%
9712
9212
8458 9412
101 105%
100% 10112
10212 104
9418 97
%
8413 88
75
82
91% 05
8913 97%
86
913
4
96
14
30
147
284
1
6
3
12
6
24
- /1:11,
9018 91
96
973
4
4
1077 11593
s
107 107
995 100
2
9812 99
93
953
8
9214 9213
0
8914 9
101% 10512
1
11
1
7
S A & A Pass 1st gu g 4s___1913.5 J
Banta Fe Free & Phen 5s__1942 M S
BaY Fla & West 1st g 8s_ ___1934 A 0
19t g 38
1934 A 0
Scioto V dr N E 1st gu g 4
8-1989 MN
Seaboard Air Line g 4s
1950 A 0
Gold 4s stamped
1950 A 0
Adjustment be
Oct 1949 F A
Refunding 48
1959 A 0
lot & cons (Is Series A_ _ _ _1945 M S
All At Birm 30-yr let g 4s_d1933 M S
Seaboard-All Fla 1st gu Cs A_1935 F A
Seaboard & Roan let 5s___ _1926 J .1
So Car & Ga 1st ext 5;is_ _1929 M N
III&NAiaconsgugbs
1936F A
Gen cons guar 50-yr 5s_ _1963 A 0
SO Pac Col 4s(Cent Pac col)k1949 J D
Registered
J D
20
-year cony 4s
June 1929 M S
20
-year cony be
1934 .1 D
20
-year g bs
1944 M N
San Fran Term! 1st 45_1950 A 0
Registered
A 0
So Pac of Cal-Gu g bs
1937 M N
So Pac Coast 1st gu g 48_ _ _1937 J J
Bo Pac RR 1st ref 4s
1955.5 J
Sale 881t
8812
____ 10238 May'26
____ 110
Jan'26
90 10134 Dec'25
,0
90
8034 July'26
805 82
8
81
8012 8114 803
4
8018 Sale 7912
807
8
75 Sale 747
753
8
96
9534 Sale 9534
9114 917 9114
9114
96
95 Sale 9412
__ 997 June'26
997
10112 102 102 July'26
-10312 ____ 10414 June'26
10712 ____ 10814 July'26
8838 Sale 8812
89
8512 May'26
8118 88
9812 Sale 9814
9838
101
1003 1007 10078
4
10034 101 101 June'26
8
903
8
898 903 9038
2 8512 June'26
10512
l031 161 104 June'26
9414 95
9414 Jan'26
9113 Sale 9114
913
4
Southern-lit cons g 5s_ _ _ _1994 J J
J D
Registered
Develop dr gen 4s Ser A__1956 A 0
Develop & gen 6s
1956 A 0
Develop & gen 654s
1956 A 0
Mem Div 1st g 450-58_1996 J .1
St Louis Div 1st g 4s
1951 J J
East Tenn reorg lien g 59_1938 M
Mob & Ohio coil tr 4s
1938 M S
Spokane Internet 1st g 58_1955 J J
Superior Short Line 1st 5s_ _e1930 H S
Term Assn of St L 1st g 4)is_1939 A 0
lit cons gold bs
953 F A
1944 JJ
Gen refund I g 4s
Tex & N 0 con gold bs
1943 J J
Texas & Pac 1st gold 58_2000 J D
La Div B L 1st g 58
1931 J J
Tex Pac-Mo Pac Ter 53-5_1964 M S
Tol & Ohio Cent 1st gu 58_1935 J J
Western Div 1st g 5s.._ .1935 A 0
General gold 58
1935 J D
Toledo Peoria & West 48_1917 J J
Tol St L & W 50-yr g 4s
1950 A 0
Tol W V & 0 gu 4Ms A_ _ _ _1931 J
19332 J
Series B 4;is
Series C 45
1942 M S
1946 J D
Tor Ham & Buff lst g 4s_
10714 Sale 1063
10712 92 104 108
4
101% 10612
10612 June'26
8114 8618
134
8514 Sale
11214 Sale 18478
82 10718 1137
8
12
185,14
12 2
8
1175 Sale 11712
8
1177
8 35 112 1187
4
10458
10434 ____ 10438
5 1013 10512
9012
9018 Sale 9018
86
3
9018
997 10038
2
10038 1003 1005 June'26
4
8
15
8712 93
92 Sale 9112
92
81
873
4
8414 863 8718 June'26
4
9912 9912
100
____ 9912 May'26
9858 ____ 9812 June'26
9514 9812
101 106
_ 102 July'26
s
4
8718 88
843 873
102-- - 87 June'26
985 102
8
100 102 100 June'26
103 1071,
__ 106
7
10714
993 101
4
10014 10012 1003 June'26
10558-4
1037 ____ 104
8
104
9914 105
2
1017 -- _ 1015s June'26
8
10018 101%
10118 10i13 10078 Mar'26
10012 101%
975 10218
3
10018 101 101 June'26
375
8
23
-_-_ 30
23 June'26
9013 92
8758 905
9013
33
905
99
____ 98 Mar'26
975s 08
99
9658 Dec'25
_
92
____ 90 Nov'25
9 14
6
8912 ____ 90 June'26
8812
10118
108
10214
8
,
84
8
9
10012 1023
4
110 110
d Due May. e Due June. 5 Due July
-
7,
149
94
129
1
26
39
100
6
1
175
83
5
Ulster & Del lit cons g 5s_ _1928 J D 6238 Sale 6238
5
3612 Sale 3612
3612
1952 AO
1st refunding g 4s
94 Sale 9338
94
48
1947 J J
Union Pacific let g 45
92
9312 923 May'26
4
J J
Registered
99% 119
995 993 99 4
8
4
3
1927 j
-year cony 49
20
9912 May'26 - - -.11 J
Registered
897
8 38
e2008 MS 898 Sale 885
refunding 4s
1st &
108
10
e2008 MS 10712 108 108
1st lien de ref be
10212 Sale 10212
1027
3 33
-year perm secured 6s .J928 J
10
a Due Jan
877 90
s
7814 82
7814 82
76
877
8
6914 7512
91
963
8
8812 94
9214 983
4
997 100%
2
10114 102
103% 10414
8
10534 1085
85% 90%
84% 8512
967s 983
4
100 1023
993 101%
4
87
91
85
8512
10314 10434
9414 9414
90
93
2
N J RR & Can gen 4s__1944 MS
Utah & Nor gold 5s
1926 J J
1st extended 4s
1933 J J
Wandalla cons g 48 Ser A.._ _ _1953 FA
Consol 4s Series B
1957 MN
Vera Cruz & P 1st gu 4 Ms_ _ _1934 J J
July 1914 coupon on
J J
Assenting 1st 4 Ms
1934
_
Virginia Mid Ss Series F_ _1931'Si
General bs
1936 MN
Va & Southw'n 1st gu 58_2003 .5.5
1st cons 50
-year 5s
1958 A0
Virginian let 5s Series A_ _ _ _1962 MN
Wabash 1st gold 55
1939
N
2d gold Ss
1939 FA
Ref s f 5Ms ser A
1975 MS
Debenture B 6s registered-1939 MS
let lien 50-yr g term 4s_.1954 .5.5
Det & Chi ext let g 5s
1941 j j
Des Moines Div 1st g 4s 1939 J J
Om Div 1st g 33.is
1941 AO
Tol & Ch Div g 4s
1941 MS
Warren 1st ref go g 3Ms_ _ 2000 FA
Wash Cent let gold 4s
1948 QM
Wash Term 1st gu 33(s
1945 FA
1st 40-year guar 4s
1945 FA
6012
361,
9218
8318
Range
Since
Jan, 1
Week's
Range or
Last Sale
High
Bid
Ask Low
High No. Low
9412 9512 9212 Dec'25
997 COO 2
-1
10012 Mar'26
945
9512 9513
9512 Mar'26
8934
88
-6cA ____ 8934 May'26
8818 88%
903s
8818 June'26
20 Sept'25
21 24
- - - 24
3
0
Apr'26
33
23
3012 June'26
10011
100 Dec'25
-1
6
10212 103 102 May'26
161" 1 . "
10212
10134 10314 10212 June'26
9912
8
903 96
4
9514 Sale 95
9514
993 10312
4
10258 Sale 10214
10234 52
16 10114 104
103 Sale 1027
s
10314
6
0812 101%
10112 Sale 1013
8
10112
69
98% 105
104
10414 Sale 10334
4
933 Feb'25
_
81- ill;
85 - 8612 June'26
8338
101 10212
10218 June'26
102
8414 90
90 June'26
883 4 60
7718 83
8112 817 8214 June'26
s
5
90
87
8881%
893
81
80
_
May'26
8513
84
Apr'26
87
85 - -14 84
83
88%
8512 June'26
8418 _ _
83
9114
9138 Apr'26
98
11
W Min W & N W 1st gu 5s..1930 FA 98 100
0653 98%
9838 Mar'26 -667 753
West Maryland 1st g 4s1952 A0 75 Sale 745
8
8
59
8
75
West N Y & Pa 1st g 58_ _ _1937 I'S 10112 Sale
100% 10212
Gen gold 4s
83% 88
1943 AO
Income g 58
Apr 1 1943 Nov
147 1.b5
8°5
154 'e e 29
n 2
1034j9
Western Pac 1st Ser A bs_ _1946 MS 9912 Sale 6618
995
27
79iE 8 foWs
1st gold es Series B
4
10258
1948 MS 1023 103 10258
1 2003 1064
4
West Shore 1st 45 guar
3
8353 885
s
2361 J J 85% Sale 8512
857
/
Registered
8512
83
8538
2361 J J
8538 12
Wheeling & L E 1st g 58_ _ _ _1928 AO 10018 101 10012 June'26
997 10012
8
Wheeling Div let gold 58_1928'Si 99% 100 2 1003 May'26
8
- 10014 10212
,
Ext'n & impt gold 5s
9858 997
997 June'26
s
9928
1930 FA
Refunding 4 Ms Series A.._1966 MS 89 101 8714 Jun7 24I
807s 8912
e' 3
46
2 745
8
RR 1st consol 4s
8914
81
8814 June'26 1949 Ill S 87% 88
Wilk & East 1st gu g 58_ _ _ _1942 in 7414 74%
6414 7434
Will & S F 1st gold 58
102% 10212
10212 Apr'26
1938 J D 10212
8514 8814
Winston-Salem S B 1st 48_ 1960'Si 873 8812 8338 June' ---36
26
8358
8
8
4
Wis Cent 50-Yr let gen 48
80111 87
1949'Si 83% Sale
Sup & Dul div & term 1st 48'36 MN 89% 9012 9014
8612 91
9014
Wor & Con East 1st 4 Ms_ _1943 .5.5 8014
7614 8612
86 June'26
INDUSTRIALS
Adams Express coil tr g 45_ _1948 MS
Ajax Rubber 1st 15-yr s I 88_1938'SD
Alaska Gold M deb 6s A _ _ 1925 MS
Cony deb (is Series B_ __ _1926 MS
Alpine-Montan Steel 7s
1955 MS
Am Agric Chem 1st 5s
1928 AO
1st ref 5 f 7 Ms g
1941 FA
Amer Beet Sug cony deb 65_1935 FA
American Chain deb a 1 65 1933 A0
Am Cot Oil debenture 68_1931 MN
Am Dock & Impt gu 68
1938 J J
Amer Ice deb 7s__Jtny 15 1939
Am Mach & Fdy f fls
1939
Am Republic Corp deb 68_ _1937 A0
Am Sm & K 1st 30-yr 55 eer A1947 A0
let M (Ss Series B
1947 A0
Amer Sugar Ref 15-yr &L....1937 J J
Am Telep & Teleg coil tr 4s-1929 J J
Convertible 4s
1936 MS
20-year cony 43.is
1933 MS
30
-year coil tr 55
1946'SD
Registered
J D
35-yr s f deb 58
1960 J J
20
-year s f 5;is
1943 MN
Am Type Found deb 6s
1940 A0
Am Wat Wks & Elec 58_ _ _1934 AO
Am Writ Paper s f 7-8s_ _ _1939 ▪ j
Temp interchangeable ctfs deP-
86
863 86 June'26
4
5
103121
103 Sale 103
412 43
4 5 June'26'
_
412 43
4 412 Feb'26
19
91 Sale 91
9114
1
103 10318 103
103
10414 Sale 1033
10412 56
4
9212 94
9212 July'26
10114 Sale 101
10112 23
9414 9434 94 June'26
10614 10614
10614
125 135 121 May'26
10
10218 Sale 102
10214
1
99% 10014 100
100
10114 122
101 Sale 1007
8
6
10712
10712 Sale 10712
104 Sale 1033
4
104% 32
983.1 93
9858 Sale 9814
94
9312 June'26
10018 1008 101 June'26
- 7
103 Sale 103
1033
s 36
103 June'26
15058 Sale 10012
10078 127
90
10578 Sale 10512
106
6
105 Sale 105
105
9758 Sale 975
8
9814 30
6114 179
58 Sale 5512
5712 Sale 5514
813 244
8
87%
85
10112 105
418 5
4
412
90
9111
1023 10414
4
10318 105
9012 10113
9814 102
9312 9714
105% 106%
118 13412
10014 103
98 10014
99 10158
4
106 1083
102 10512
967 983
s
4
94
92
9714 10212
10015 10312
4
1023 103
9758 101
4
103 1063
10314 105
95% 9814
6114
42
4118 613
8
Anaconda Cop Mtn 1st 88_1953 FA
15-year cony deb 7s
1938 FA
Andes Cop Min deb 7s 50% pd'43 J J
Anglo-Chilean Nitrate 7s_ _ _1945 MN
Antilla (Comp ..zue) 75.68_1939 j j
Ark & Mem Bridge dr Ter 55_1964 MS
Armour dr Co 1st real est 4 M 81939 ID
Armour & Co of Del 5 Ms_ 1943 j j
Associated 0118% gold notes 1935 MS
Atlanta Gas L lit 55
1947'SD
Atlantic Frost 7s ctfs dep_ _1934• D
Stamped etfs of deposit
AtIGult& WISSL 5s
1959'S'S
Atlantic Refg deb 55
1937'Si
189
104
1033 Sale 1033
4
4
127
107
1063 Sale 10534
4
130
102
10112 Sale 10034
93
97
9612 Sale 9612
8734 June'26
8734 88
9918 99 4 997 July'26
,
26
92
9178 Sale 9112
54
94
93 4 Sale 9314
,
16
s
1027
1027 Sale 102%
8
10014
99% Mar'25
Jan'25
28
15
201s Jan'26
21
19
7013
693 61;fe 70
4
1
10012
100% Sale 10018
10114 10412
10214 10758
967s 102
9514 1001s
8412 9812
94% 99%
90% 92%
9218 9618
102 1031s
Baldw Loco Works 1st bs_ _1940 M N
Baragua (Coup Az) 7 Ms_ _1937,J J
Barnsdall Corp deb 6s
1940 J D
Belding-Heminway (Ss
1936.5
Bell Telephone of Pa 5e
1948.5 J
let & ref bs Ser C
1960 A 0
Beth Steel 1st & ref bs guar A_'42 M N
30-yr p m & imp I 5s__ _1936 J J
Cons 30-year 6s Series A.- 1948 F A
Cons 30-year 5 Ms Series B 1953 F A
Bing dr Bing deb 60
1950 M S
Booth Fisheries deb s I 6s
1926 A 0
Botany Cons Mills 63.s.,.._ 1934 A C
Brier Hill Steel 1st 53.s
1942 A 0
B'way & 7th Av 1st c g bs_ _ _1943 J D
Ctfs of dep stmpd June '25 bat
Brooklyn City RR bs
1941
Bklyn Edison Inc gen 58 A_.1949'S J
General 68 Series B
1930 .1 J
Bklyn-Man R Tr Sec 6s_ _ _ _1968 J J
Bklyn Qu Co & Sub con gtd Ss '41 M N
let 55
1941 J J
Brooklyn R Tr 1st cony g 4s2002 'S J
3-yr 7% secured notes_ _1921 J J
Ctfs of deposit stamped
Bklyn Un El 1st a 4-58
1950 F A
Stamped guar 4-5s
1950 F A
Bklyn Un Gas 1st cons g 58_1945 M N
1st lien & ref (is Scrim A 1947 M N
Cony deb 530
1938
J
Buff & Susq Iron s f Se
1032.5 D
Bush Terminal 1st 49
1952 A 0
Consol 58
1955.5 J
Bush Term Bldgs 55 gu tax ex 1950 A 0
104 Sale
10412 Sale
9834 Sale
963 97
4
8
1025 Sale
103 Sale
1003 Sale
4
10214 1053
4
103 106%
97 101
06 100%
100% 103%
100 1037
s
95% 10114
98%
93
95% 101
8712 95
0012 95
70
97
8012 954
101 104%
71
763
s
7012 73
9314 9584
103 10534
103% 10612
9214 98
8434
61
79
72
80
48
9512 Cal G dr E Corp unit & ref 58_1937 M N
933 Cal Petroleum e I g 6 Ms__ _1933 A 0
4
0914 100 Camaguey Sug 1st Sf g 78__ _1942 A 0
9912 Canada SS Lines 1st coll if 7s '42 M N
99
903 Cent Dist Tel 1st 30-yr 58_ _1943 J D
4
86
low, 10912 Cent Foundry isle f 6s
1931 F A
4
10214 1033 Cent Leather 1st lien a f 69_1945 J J
k Due Aug.
Price
Friday,
July 9.
t
High
Low
37
t
+ma.
p Due Nov. s Option sale.
104
10512 207
105 June'26
98
983 104
4
9614
23
97
1025
8
73
103
103
10314 38
10034
10114 60
36
10
9
" 10119 49
0
97
94
55
95
9012
25
92
5
95
5
9518
83
23
103
1037
831;
72
49
717
717
72 8
94
11
94
10334
11
10414
10414
1
1041 i
97
113
6434
1
974
643
92 jtine:25
79 ..Iu n 25
16- 28
2013 201s
70
71
993 10'2%
4
10112 Sale
97 S l
95 Sale
92
94
9518 Sale
8312 Sale
10312 Sale
7112 72
7134 73
9418 95
10334 104
104 105
9712 Sale
6212 643
4
7514 79
88
- 13612 Nov'25
12318 Mar'25
94
95
94
9413 11
9418 Sale 94
9418
103 S_a_1!.. 103%
13
5
11318
June316
19 4
'2
148 Sale 1,47134
201
91
June'26
9413 Sale 91 June'26
9 12 S e 9478
94 Sale
,
9
8
9912
1
4
26
86 3
18812 9415
101% 1043
4
110 1133
4
126 152
92
91
87% 91
98%
90
053 100
4
10112 Sale 10112
1013,
104 105 10312
1041t
98 Sale 98
98
10413 Sale 10438
10412
1023 Sale 1023
4
4
10234
94% 9712 97 June'26
1021+ Sale 10112
10213
100% 102
4
1033 1053
8
s
00% 997
1011s 104%
101% 10312
9334 99 4
3
8
100 1023
25
5
31
2
28
New York Bond Record-Continued-Page 5
r.
3
BONDSr
''
N Y.STOCK EXCHANGE
at
Week Ended July 9.
... a
Price
Friday.
July 9.
Veers
Range or
Last Sale
4_
a'...
1
.
g'Z' c:3
Range
Since
Jan. 1
Central Steel let R s f 814-A941 MN
Ch GI L & Coke let gu g 58_ _1937 J J
1927 F A
Chicago Rye let 55
1932 A 0
Chile Copper 6s Ser A
cincin Gas & Elec 1st & ref 58 '56 A 0
1961 A 0
534s Ser 13 due Jan 1
1944 MN
Cities Serv Pow & L s f Os
Clearfield Bit Coal let 48_1940 J J
Colo F & I Co gen s I 58_1943 F A
1934 F A
Col Indus 1st & coil 55 gu
Columbia G & E 1st Is
1927 J J
Stamped
1927 J .1
Col & 9th Av let gu g 5s.._ _ _1993 M 5
Columbus Gas 1st gold 58_1932 J .1
Commercial Cable 1st g 4s2397 Q J
Commercial Credits f 68_ __ _1934 MN
Col tr s I 5)i% notes_ ___1935 J .1
Commonwealth Power 6s___1947 M N
Computing-Tab-Rec s f 681941 J .8
Conn Ry & List & ref g 434s 1951 J J
Stamped guar 4)0.
1951 J J
Cons Coal of Md let & ref 58_1950 J D
Consol Gas(N Y) deb 5)is_ _1945 F A
Comfd Pr & Ltg let 6)48___1943 M 5
Cont Pap & Bag Mills 6)48_ _1944 F A
Consumers Gas of Chic gu 58 1936 J J
Consumers Power 1st 5s____1952 M N
Copenhagen Telep eat 6s___1950 A 0
Corn Prod Refg s f g 5.3
1931 M N
let 25-year s t Is
1934 M N
Crown Cork & Seal 1st a f 68_1943 P A
Crown-Willamette Pap 6s._A951 J J
1935 J J
Cuba Co cony a I 65
Cuba Cane Sugar cony 7s_ __1930 J J
Cony deben stamped 8%.1930.8 J
Cuban Am Sugar let coil 88_1931 M S
Cuban Dom Bug 1st 7)4s_ __1944 M N
Climb T & T let & gen 6s___1937 J J
Cuyamel Fruit let 6s tat ctfs '40 A 0
(
10212 10278 10018 Jan'26 ____
9914 10014
8034 Sale 80
81
12
75
8134
9838 Sale 9838
983
8
3
98 1004
93
94
93 July'26 ____
921 9912
.
10514
10514 Sale 105
15 1023 10512
4
10514 Sale 105
10514
1 10458 106
9158 9412 9412 June'26 ____
90
9412
93 Sale 9258
93
9412
12
90
815s 21
8114 Sale 81
7812 86
10558 Sale 10538
1053
4 42 10414 10612
____ ____ 1047 Mar'26 ____ 10414 11.618
8
75
7712 7512
7512
2
737 82
8
8
10212 ____ 1025 Mar'26 ____
9814 1023
4
101 Sale 101
1013
8 15
9712 103
993 100 10012 June'26 ____
8
99 1003
4
9058 July'25
99
_.
1015 10278 103 June'25 ____- 12 103
8
____ 106- - 9212 923 9214
4
9214
1
8234 9:3
9912
99 Sale 9914
/
1
4
5 99
9912
103
10234 10314 103
13
9218 10318
92 Sale 9178
92
27
88
96
9578 Sale 9512
9578
8
92 100
8
1077 Sale 10734
1077
8 21 10612 10912
4
973 Sale 97
973
4
5
911 9914
/
4
4
10214 1023 10214
10214
3 10014 10212
9534 Sale 953
4
953 ---4
933 975
4
8
Deny City Tramw 1st con 58 1933 A 0
Den Gas & E L 1st & ref s f g 58'51 MN
M N
Stamped
Dery Corp(D G) 1st s f 78_ _1942 M S
Detroit Edison 1st coil tr 55_1933 J J
let & ref 58 Series A_July 1940 M 5
1949 A 0
Gen & ref 55 Series A
1st & ref Os Series B__July 1940 M 5
1955 1 D
Gen & ref 58 Ber 13
Det United let eons g 434s_ _1932 1 J
1941 M N
Dodge Bros deb 68
1942 M N
Dold (Jacob) Pack let 68
Dominion Iron & Steel 5s1939 J 1
Donner Steel let ref 75
1942 J J
Duquesne Lt 1st & coil 68_1949 1 .1
let coil trust 5348 Series B_1949 J J
i
Bid
Ask Low
High No Low
Nigh
12012 Sale 12038 1207
8
4 11514 12318
10238 103 10258
10258
2 10112 103
73 Sale 7258
73
26
6534 81
107 Sale 1065s 107
29 10512 10912
10214 103 10214 June'26 ____ 102 10312
10458 105 10458 June'26 ____ 10212 10512
9512 95
9434 Sale 9434
9134 953
4
80
___- 82 May'26 ---82
8218
9412 9514 95 June'26 ____
9014 953
4
8912 893 8814
4
90
8
8334 91
10014 Sale 10018
10014 13 100 10114
10014
1001 ____ 10018
5 100 101
Oct'25 ____
----- ----10
____ ____
--------9218 Aug'25
97
973 9712
4
973
4
9714 9814 9712 June'26
82
821. 82
8212
101 10112 10078
10114
10214 Sale 10214
1023
8
102 Sale 10178
10218
1075 Sale 10712 108
8
10238 Sale 10214
10238
4
93
93 Sale 923
957 Sale 9512
8
96
72 Sale 7012
72
3612 3634 3614
3614
94
95
94
94
1053 Sale 10534
4
106
10512 Sale 10478
10512
East Cuba Bug 15-yr s f g 7;is'37 NI S
Ed El III Bkn 1st eon g 4s_ __1939 J J
Ed Elec Ill let cons g bs_ _ _ _1995 J J
Eleo Pow Corp (Germany)6348 50 M S
.
Elk Horn Coal 1st & ref 634s.1931 J D
Deb 7% notes(with warr'ts '31 J D
Empire Gas & Fuel 7348____1937 M N
1st & ref 6 tis(with warets)'41 A 0
Equit Gas Light 1st con 58_ _1932 M 5
Federal Light & Tr 1st 58_ _1942 M S
1st lien Os stamped
1942 M 5
1954 J D
-year deb Os Ser B
30
Federated Metals s f 7s
1939 .1 D
Fisk Rubber let a f 88
1941 M S
Ft Smith Lt & Tr let g 58_ _ _1936 M 5
Frameric Ind & Dev 20-yr 7348'42 J J
Francisco Sugar 1st sf 7)is. 1942 M N
French Nat Mail SS Lines 781949 J D
10412 11
10412 Sale 104
95
____ 9514
35
9514
107 June'26
10612
9234 Sale 925
8
93
52
9812 June'26 ____
9814 99
98
9914 May'26
103 Sale 10278
10312 60
9712 Sale 9712
973
4 26
100 10012 100 June'26 ____
9614
9512 9638 9614
1
10212 10314 10234 10234
1
96 Sale 06
96
2
8978
2
8978
8978 90
11514 26
115 Sale 115
85 June'26 ____
843
4
8934 Sale 8934
9014 43
105 Sale 105
105
1
807
80 'Sale 80
s 14
10378 10838
93
997
8
,
103 108 2
8574 9314
9818 100
9914 9914
10112 104
97
98
9912 10034
9212 977
8
100 1043
8
93
97
841. 97
11313 11613
7514 86
88
93
104 1075s
7012 8214
Gas dc El of Berg Co cone g 581949 1 D
Gen Asphalt cony es
1939 A 0
Gen Electric deb g 334s
1942 F A
Gen Elec(Germany)7s Jan 15_'45 J J
S I deb 6348 with war.. _ _ .1940.3 D
Gen'Petrol 1st s f Is
1940 F A
Gen Refr let s f g 6s Ser A_ _1952 F A
Goodrich (B F) Co let 6348_1947 J J
Goodyear Tire & Rub 1st 88_1941 M N
10
-year a f deb g 8s
d1931 F A
Gould Coupler let s f 6s__1940 F A
Granby Cone M S & P con 68 A'28 MN
Stamped
1928 M N
Cony deb 7s
1930 M N
Gray & Davis let cony 8 f 76
F A
Gt Cons El Power(Japan)78_1944 F A
Great Falls Power 1st s f 5(3_ _1940 NI N
10238 ____
10614
91
___10214 Sale
10718 Sale
10012 Sale
10314 Sale
10614 Sale
121 Sale
110 Sale
8814 89
100 101
100 10014
10612 Sale
10434 10514
943 Sale
4
1027 1043
8
4
100'3810212
10418 10613
87
9014
95 10212
9914 10812
9834 10112
10012 10314
104 107
120 122
1093 1123
4
8
8714 93 8
,
100 101
100 101
100 10912
9614 109
9038 9618
100 3 10412
3
Hackensack Water let 481_1952 J .1
8818 Sale
Hartford St Ry let 48
1930 M s 8634
Havana El fly L & P gen bs A'54 M 5 973 gale4
Havana Elec CO11801 g 58_ _ _1952 F A
9738 983
4
Hershey Choc 1st & coil 5)4s 1940 J J 10112 Sale
Hoe(R)& Co 1st 63.6 a temp_1934 A 0 9434 96
Holland-Amer Line 68 Wall _1947 SIN
83 Sale
Hudson Co Gas let g bs
1940 M N 103 10312
Humble Oil& Refining 5348_1932 J .1 10258 1027
8
2
-6
____---- - 5
9498 8
____
9311 9812
13
82
91
7 10078 1037
8
18 10058 1043
8
7 100 1043
s
13 106 10812
141 10018 104
32
90
9712
232
9212 9732
4
6934 83
1
3612 623
4
2
9278 9712
36 105 107
9 1017 10638
8
10212 June'26 --__
7
10534 10618
9018 June'26 --__
10112 10212 48
107
108
237
10058 180
10014
10314
10314
1
10558 10614 19
12058
121
16
11014
11012 23
89
89
2
101 June'26 ____
100 June'26
10534
107 ) 60
105 July'26_193
95 1 an
9412
4
1023 June'26 ____
88
88181
'7
863 88'8
s
951. Aug'25 _ _
973:
0
98 I
921- 2 0110018 June'26 __
9412 10018
10112 10134 71
9918 102
9212
947
8 18
9112 9914
8112
83
12
79
853
4
10278 June'26 __1003 103
8
10258
1025s 2
.
6 10112 103
Illinois Bell Telephone 58_ _ _1956 .1 D
Illinois Steel deb 434s
1940 A 0
Ind Nat Gas & 011 55
1936 M N
Indiana Steel 1st Is
1952 M N
Ingersoll-Rand 1st 58
1935 J J
Inland Steel deb 534s
1945 NI N
Inspiration Con Copper6)i8.1931 lti 5
Interboro Metrop coil 434s1956_ _
A 0
Guaranty Tr Co Ws dep
_
Ctf dep stpd agstd 10% sub_ __ ---Interboro Rap Tran 1st 55_ _1960 .1 J
Stamped
10-year 65
1932 A 0
10
-year cony 7% notes .A932 MS
Int Agile Corp 1st 20-yr 58_ _1932 M N
Stamped extended to 1942_ _ _ _ M N
Inter Mercan Marines f 68_ _1941 A 0
1947 .1 J
International Paper 55
Ref 5 f 68 Ser A
1955 M S
Int Telep & Teleg cony 5345 1945 NI S
10278 Sale 10234
103
20
9714 Sale 967
8
9712
2
9712 9812 98 June'26 __
105 Sale 10434
105
32
100
10114 Sale 10978 Dl01 2 ---ii
8 4
' ec 216
0
10114 Sale 10112 June'26 ____
_ _ _ - 19
11 , Apr'25
_ _ _ _ 12
13 May'26 ____
1012 Mar'25 ____
7338 Sale 7318
735s 231
7338 Sale 73
7312 187
75 Sale 73
753
s 56
9512 Sale 9512
9678 232
9512 Sale 905
9513 19
8
91 Sale 903
s
903
8
3
8
94
9358 Sale 935
135
943 Sale 9412
4
95
81
983
4
9912 63
9912 Sale
10814 Sale 10734
10812 339
'urger's Works as(fleu price).1947 J .1
Kamm City Pow & Lt 58-1952 M S
Kansas 0aEl & Electle 65_1952 M 5
8
Kayser (Julius) & Co let 8 f 7 .42 F A
KallY-SPringf Tire 8% notes_1932 MN
Keystone Telep Co let ba_ _ 1936 J J
Kings County El & P g bs___1937 A 0
Purchase money 6s
1997 A 0
10918 Sale 10918
4
10278 103 1023
10414 Sale 10312
1051. 106 10612
10412 Sale 10414
91 Sale 91
10314 Sale 10314
1237 12412 12334
8
d Due May, 8 OPtion sale.
110
1027
8
10414
10612
1043
4
91
10314
1237,
13
6
21
2
12
1
17
8
10034 1031 2
9434 98
911 98
/
4
10114 105
-- 3- 102 61 4 101 102
11- - - -13
2
121- -- 8
2 7
577578
62
64
783
4
853 971
4
/
4
884 9812
8218 91
8434 98
9138 96
9612 100
10734 11614
BONDS
.
N.Y STOCK EXCHANGE
Week Ended July 9.
IN
t3
Za
t
..,,
193
Price
Friday.
July 9.
Week's
4i
Range
g
Ran or
Last Sale '
Range
Since
Jan. 1
Bid
Ask Low
High
High No. Low
7714 8112
8218
Kings County El let g 4s___1949 F A
8112 June'26
1949 F A
Stamped guar 45
8114 8112 82 June'26 ---82
_ _
Kings County Lighting 5s-1954 J J 10034 ____ 1003
4
10034
2
9718 1003
7
85 2 4
1954 J .1 10914 10912 10912 June'26
1st & ref 63.0
0
106 110
9014 0
__
Kinney(OR)& Co 7)4% notes'36.8 D 1051* 10614 10534 June'26
104 107
Lackawanna Steel let bs A__1950 M S 9838 Sale 9838
985 --11
8
.
Lac Gas L of St L ref&ext 58_1934 A 0 1005 10078 10058
10078
8 100 10114
8
Coll & ref 530 Series C___1953 F A 10312 Sale 10312
5
10334 24 102 8 105
____ 100 June'26
99
Lehigh C & Nay 8 f 4345 AI954 J J
98 100
Lehigh Valley Coal 1st g 58_1933 1 J 101 10138 101 June'26
10018 10112
1954 F A 10Ci12 ____ 9912 June'26 -_-_-_-_
1st & ref a (Is
9912 10018
4012 Feb'26
Let Ave & P F 1st gu g 58_1993 M S
397 4012
8
123 --ii 192812 10261s
1
1 11222 i 2
Liggett & Myers Tobacco 78_1944 A 0 lh- 51e- 123
Registered
A 0 117
____ 12012 May'26 ____
1951 F A 10012 10218 102
/
1
4
2
99 10334
10218
bs
Registered
1 100 100
100
____ 100
11512 12118
1944 F O 120
A A
Lorillard Co(P) 78
9818 ____ 12118 June'26
11812 11812
Registered
A 0 115
____ 11812 June'26
1951 F A
6s
9912 Sale 100 June'26 ---;
Registered
9414
_ 9514 Oct'25 ____
F A
551- 1
8
.4 16(1..77
Louisville Gas & Electric 58_1952 M N 10058 Sale 10012
1005
8 38
Louisv Ky 1st con
loLower Austrian Hydro-Elec C930 j j 9234 95
92'2 June'268812 --4-9
8912 9412
8212 88
1944 F A
lets!63-45
8612 Sale 86
•
1942 A 0 9812 Sale 9812
Manati Sugar 7)48
99
5
Manhat Ry(N Y) cons g 48_1990 A 0 6712 Sale 6714
69 169
11
93: 9312
6734 22
2d 45
2013 J D 66
6278 6212 June'26
95
13
5
A
Manila Electric 75
953 M N __
942 m s oi
,
7
9
6
_ 11478 June'26 --.5_; 10312 18714
1
Manila Elec Ry & Lt 5 f 58.._1
Sale
97
9911
Market St Ry 7s Series A_ _1940 Q J
18
9814
98 Sale 9734
Mrtr Ed 1st & ref g Os Ser B_ 1952 j A 10778 Sale 10778
953 F j
1077
8
I 104 10814
1st & ref Is Series C
10014 20
10014 Sale 10018
Metropolitan Power Os
1953 J D 10412 ____ 10412
9
05
:
2 1021 1011
10434
7112 7412
7412 14
Met West Side El (Chic) 4s_1938 F A
7412 Sale 7414
,
Mid-Cont Petr 1st 13)0
1940 M 5 10414 Sale 104
10412 15 10114 10173
Midvale Steel &0cony P f 5s 1936 M S 97 Sale 9612
923 98
4
35
97
MilwElecRy&Ltref&ext434s'31 J J96 99
5
8
9812 9812 9812
9812
1
General & ref 55 A
1951 J D 100 Sale 100
9838 100 4
10018
,
3
9012 97
1st & ref 55 B
1961 J D
8
9614 78
9614 Sale 955
04 05
1st & ref g 68 Series C
9
1953 M S 10434 Sale 1043
4
1043
4
5 1093 19972
Milwaukee Gas Lt 1st 4s__ _1927 M N
995 sale 995
8
8
993
4 10
9978 102
Montana Power 1st 5s A_ 1943 J J 10158 Sale 101
10134 32
9612 983
4
Montreal Tram let &ref 58_1941 J J
975 9734 975
8
8
975
s
1
12
Gen & ref s f 55 Ser A_ _ 1955 09293
A
93 June'26 _ _ _ _
93
94
Morris & Co 1st s f 4 As_ _ _1939 J J
8614
8612
8614 87
5
Mortgage-Bond Co 4s Ser 2_1966 A 0 80
_
____ 81 May'26
10-25-year Is Series 3___ _1932 1 .1
97
_ _ 97
Murray Body lst (1)0
1934 .1f D 9134 - 14 91
92
7
20
923
9888342 c98883814
2
9834 03
100 1 0 4
Mu Fuel Gas let gu g 55_ ___1947 M N 1023 ____ 10212 June'26
8
__
Mut Un gtd bonds ext 4% _ _1941 M N 10118 ____ 100 . Mar'26
__
Nassau Elec guar gold 45_1951 .1 J
1931 J D
National Acme 73.4s
Nat Dairy Prod 6% notes1940 MN
Net Enam & Stampg 1st 58_1929 J D
Nat Starch 20-year deb 58_1930 J .1
National Tube 1st Is
1952 M N
1948 J D
Newark Consol Gas bs
New England Tel & Tel bs 1952 J D
1st g 4)4s Ser B WI
1961 M N
N Y Air Brake 1st cony 68-1928 M N
New Orb Pub Sery let Is A 1952 A 0
1955 J D
1st & ref 58 ser B
-year 1st g 4s 1951 F A
NY Dock 60
NY Edison let & ref 63.4s A.1941 A 0
1944 A 0
let lien & ref 55B
N Y Gas El Lt & Pow g 5s_ _1948 J D
Purchase money g 45
1949 F A
NY L E& West C &RR btis 1942 m N
N YLE& W Dock &Imp 55A943 J .1
NY Q El L & P let g 5s_ ___1930 F A
NY Rys 18t RE & ref 4s_ _ _1942 J J
Certificates of deposit
30
-year adj Inc 5s.....Jan 1942 A 0
Certificates of deposit ______
N Y Rys Corp Inc Os_ _ _ _Jan 1965
Prior lien 6s Series A
1965 J J
NY & Rich Gas 1st Os
1951 M N
NY State Rys let cons 4348_1962 M N
let con 63.4s series B
1962 NI N
NY Steam let 25-yr Os Ser A 1947 M N
NY Telep let & gen 51 434s_1939 M N
30
-year deben 8 f 6s_ _ _Feb 1949 F A
20-year refunding gold 68_1941 A 0
Niagara Fall Power 1st 58_1932 J J
Ref & gen 68
Jan 1932 A 0
Niag Lock dr 0 pr 18t 58 A__1955 A 0
No Amer Cement deb 6;is A 1940 M S
1952 M S
Nor Amer Edison 65
Secured s f g (134s Ser B_ _1948 M S
Nor Ohio Trac & Light 68_ _ 1947 M 5
_
Nor States Pow 25-yr 58 A1941 A 0
A 0
Registered
let & ref 25-yr Os Ser B_ _ _1941 A 0
North W T let fd g 4)0 gtd_1934 J J
5818 6434
6012 Sale 60
6012 16
98 10014
5
9912
9912 Sale 9914
9512 99
9838 Sale 9814
983 119
4
101 103 101 June'26
10018 103
9914 101
9914 101
9914 June'26
104 ---l. 10134 10414
104 10412 104
i027
4
2
10012 1033
June'26
1027
s
1027 Sale 10
8
20
10223144
64
: 94
'
9412 137 19971 193314
9438 Sale 943
8
102 1023 103 June'26
4
10038 103
9034 9614
9538 Sale 9558
23
9614
9014 9612
9512 Sale 9512
9558 22
8112 8613
8418 Sale 8312
84
8
11712 13 102 10434
115 1 18
1165 Sale 11612
8
10312
103 Sale 103
6
10518 10718 10518
10518
5 104 10534
91
92
8918 92
2
9112
9112
101
0032 ia r:2
____ 10214 NA py 2 -__ _ _
6 ___
5
:
_ _ _ _ _ _ __
M 16:4
.
101 Sale 101
101
1 mpg um:
54
52
60
__ 55
Apr'26
46
60%
58 Sale 58
58 ---5
1014
5
8
512 June'26 ____
5
10
7
Apr'26 ---22
37
29 Sale 283
4
29
74
8314 84
8412 July'26
100 1083
8234 821'
4
1112
____ 102
102
5458 Sale 5412
55
22
5314 5 4
91
72
7312 72
103 10334 10418
102
7418
3 10913 104
1
: 8212
98 Sale 9818
991s
97
985
8 67
110 Sale 110
1103
4 25 1097 11114
s
10834 Sale 10858
1083
4 51 10713 10913
10158 Sale 10158
10218
4 10034 103
4
10534 106 10534 June'26 __
1043 1061,
99 1013
10118 26
11)1 Sale 10034
4
9712 Sale 9718
95 100
9712 34
/
4
1035 Sale 1035
8
8
34 1011 105
10418
4 10378 106
105 10578 105
10518
923 99
4
9714 Sale 963
4
9734 37
9734 101
10018 60
997 Sale 9958
8
9314 Jan'25
6
- 61- 8 2
in:i- 1-051- 105
7
105 ---L 19 2 1619612 9814 9712 May'26 __ _
5
Ohio Public Service 7)45 A1946 A 0
1947 F A
1st & ref 79 series B
Ohlo River Edison 1st 68_ _ _1948 J J
Old Ben Coal let 65
Ontario Power N F 1st 58
19 3,F A
1944 F
Ontario Transmission 5s.1945 M N
008 Steel 8s
1941 F A
let 25-yr 5 f g 7345 Ser B_1947 F A
Pacific G & El gen & ref 58 _ _1942 J J
Pee Pow & Lt 18t&ref 20-yr 56'30 F A
Pacific Tel & Tel let bs
1937 J J
Ref NI Is series A
1952 M N
Pan-Amer P & T cony s f 68_1934 M N
let 10
-year 78
1930 F A
Paramount-lidway 1st 5)is_1951 .1 J
Park-I,ex et leasehold 6)4s_ _1953 J J
Patti, Passaic G & El cons 58 1949 M S
Peop Gas & C 1st cons g 68_ _1943 A 0
Refunding gold 58
1947 NI S
Philadelphia Co coil tr 69 A_1944 F A
15
-year cony deb 5)iii__ _ _1938 M 8
Phila. & Reading C & I ref 58_1973 J .1
10514 Salo
9178 Sale
0978 102
10012 ____
10712 108
10212 103
100 Sale
10014 Sale
10218 Sale
10134 10178
108 Sale
1055 10614
8
9734 Sale
903 Sale
4
10258
113 Sale
10212 Sale
10458 Sale
101 Sale
10078 Sale
Plerce-Arrow Mot Car deb 851943 M S
Pierce Oils f 88
Dec 15 1931 J D
Pillsbury Fl Mills 20-yr 68_ _1943 A 0
Pleasant Val Coal 1st g a f 56_1928 J J
Pocah Con Collieries 1st s f 551957 J .1
Port Arthur Can & Dk 68 A1953 F A
100 116
1st NI 68 Series B
1953 F A
10014 1033 Portland Elec Pow 1st 68 13_1947 M N
4
10138 106
Portland Gen Elec 1st 58_1935 J .1
105 10713 Portland Ry 1st & ref 58_ _ _ _193(1 NI N
10278 108
Portland fly Lt & P 1st ref 581942 F A
92
90
1st I & ref (is Ser B
1947 M N
102 104
fet & refund 734s Ser A1946 MN
1207 12378 pert° Rican Am Tob 813_ _
8
_1931 M N
11258
113
8
5
1113
4
11134
7
1043
4
1047
8
9012
9178
9934
10138
9978 June'26 ____
2
10712
10712
1025 June'26 5;
8
9934
10014
100
10014
Z
10218
10218
10158
1013
4
28146i
10812
109
23
1053
4
106
971.
8912
g738
4 26
'
4
10238 June'26 ___
113
7i
113
102
10212 35
10413
17
105
10012
11
101
10012
101
11218 1131s
10 8 121,
1883 19712
993, 02 4
10114 10612
10658 10714 10612
4
107
106 Sale 106
3
106
10212 103 10218
10218
1
9912 -___ 997 June'26 _ -- _
8
9014 92
9138 June'26 ---104 10412 10414 June'26 ____
104 10513 10412
1041.
1
10112 Sale 10112
18
102
102534 s 51e4 1025
, 101, 9
9
0
9 3 9134
.
5
10134
95
6
1
92
10112 102 10112
102
16
107 108 10612
1061.
4
106 Sale 105
106
3
103 108
/
1
4
10312 107 s
7
014
10814 104
91 2 10
1 1 134 113
1 238
9938 101
/
1
4
105 1083
4
1E2 1
8 11E3
4
11
3
i())1 1 1
10 72 1
7
103 s 107 s
7
NI 2
:
28384
911
1900 2 11002
110 4 113
9812 10314
10312 1053
4
985 10113
8
9015 93
102 10512
10112 10512
99 104
3
99 2 10212
92 5 96
5
883 941
4
/
4
99 103
10534 1085
1
4
105 1061
194
THE CHRONICLE
New York Bond Record-Concluded-Page 6
[Vol,. 123.
Quotations of Sundry Securities
All bond prices are"and Interest" except where marked "1."
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 9.
Price
Friday,
July 9.
Pressed Steel Car cony g 5s_ A933 .3.3
Prod dr Ref s f 8s(with waents)'31 3D
Without warrants attached.._. JD
Pub Serv Corp of N J sec 65_1949 F A
Pub Sery Elec dr Gas 1st 5301959 AO
1st & ref 530
1964 AG
Pub Serv El Pow & Ltis 613_ _1948 AO
Punta Alegre Sugar deb 75..1937J .1
Remington Arms 58
1937 MN
Repub I & S 10-30-yr 55 s 1_1940 A
Ref & gen 53 Ser A_1053 j j
-is
Rhine-Westphalla Elec Pow 73'50 MN
Rime Steel let 78
1955 FA
Robbinskt Myers s 1 7s
1952 JD
Rochester Gas dz El 75 Ser B1946 MS
Gen Mtge 53is Series C.._ _1948 M S
Rogers
-Brown Iron gen & ref 7542 MN
Stamped
MN
Bid
Ask
95 Sale
11118
_
111 1 -11-14
10312 Sale
10434 Sale
10434 Sale
1073 Sale
s
10712 10814
8834 Sale
985 993
8
4
9514 Sale
9834 Sale
8912 90
57
58
11138 Sale
105 10518
52
6012
5114 54
Range
Since
Jan. 1
Week's
Range or
Last Sale.
High
Low
High Na Lou
13
94
98 8
,
95
9434
111 June'26
11014 11284
1 10934 11214
111
111
4
10338
10334 48 100 1043
20 1033 1053
10434
4
105
4
10434
6 1037 10512
10434
s
10738 1073
8 15 106 108
18 104 111
10712 108
3
8014 9112
883
4
883
4
2
9714 10194
9934
993
4
95
921e 9512
9512 13
95 100
9712
983
4 93
907
8
88
5
8978
90
56
6812
58 July'26
11114
11112
3 11118 114
10 10458 106
10518
1051s
4
521s 733
55 June'26
5114 6512
52 June'26
St Jos Ry Lt tit dr Pr 5s__1937 MN
St Joseph 8th Yds 1st 430_1931 J J
St L Rock Mt & P 56 stmpd_1955 J J
St Louis Transit gen Imp 55_1924 AC
St Paul City Cable cons 5s_ _1937 J J
Saks Co 5 f 75
1942 FA
Saxon Pub Wks(Germany) 75'45 MS
San Antonio Pub Sery 1st 65_1952 .1 J
Sharon Steel Hoop let 8s Ser A'41 MS
Sheffield Farmi 1st & ref 68-s'42 AC
Sierra dr San Ersn Power 55_1949 FA
Sinclair Cons Oil 15
-year 7s_1937 MS
1st In col tr 6s C with warr 1927 JD
1st lien 630 Ser B
1938 3D
Sinclair Crude Oil 3-yr Os A _1928 FA
3-yr 6% notes B Feb 15_ _1926 FA
Sinclair Pipe Line 8 f 5s
1942 AO
Skelly 011 63S % notes
1927 AD
Smith (A 0) Corp let 630_1933 MN
95
9534 9618 June'26
953g June'26
98
783 Sale 7834
4
783
4
7612 Apr'26
943
4
_
9714 June'26
110 Sale 110
9
11014
99 Sale 9758
983 120
4
1
105 10514 10512 1051.
4
10734 108 108
108
3
10712 Sale 10712
10734
9712
6
9712 Sale 9712
9914 Sale 983
9914 68
4
44
10518 Sale 10538
106
941.g Sale 94
945s 90
104
10078 Sale 10058 101
1003
4 10078 22
9112 Sale 91
9112 84
110
140 Sale 14018
143
1
100
100 10014 100
9114 97
9538 96
8
817
78
7012 7612
9514 98
4
10718 1103
9234 9834
10138 1067
8
1071s 109
10678 10812
9112 98
93s, 9938
4
104 1133
87 9458
10014 10312
1003 101,
8
2
8
87 917
1113 118
8
10012 10212
South Porto Rico Sugar 75_ _1941 JD
South Bell Tel & Tel 1st s f 581941 J J
Southern Colo Power 6s_ __ A947 .3.3
Erwest Bell Tel 1st & ref 5s 1954 FA
Spring Val Water g 55
1948 MN
Standard Milling 1st 5s
1930 MN
1st & ref 530
1945 MS
Steel & Tubs en s f 7s Ser C 1951 j
Stevens Hotel 1st 68 ser A__ _1945 J J
Sugar Estates (Oriente) 78_1942
Superior 011 1st s f 78
1929 FA-I
Syracuse Lighting let g 5s_ _1951 JD
Tenn Coal Iron dr RR gen 55_1951 .3.3
Tennessee Elec Power 1st 68_1947 JD
Third Ave 1st ref 4s
1960 J J
Ad) Inc 58 tax-ex N Y__ _a1960 AO
Third Ave Ry let g 58
1937 j j
Toho Elec Pow 1st 7s
1955 MS
Tokyo Elec Light 8% notes_1928 F A
Toledo Edison 1st 75
1941 M S
Toledo Tr L & P 53 % notes) 1930 j
Trenton G & El 1st g 55_
1949
S
Trumbull Steel 1st s 1 65_ __A940 FA
Twenty-third St Ry ref 55.1962 J J
Tyrol Hydro-El Pow 7s 1955 MN
10812 Sale 10734
10812
10278 Sale 10234 1027
8
102 Sale 10034 10218
10234 103 10258 103
9912 July'26
9958
10018
10018 Sale 10018
101
101 Sale 101
losi.i
108 Sale 10734
_ 10112
98
98
981s 9734
- 95
93 Sale 95
10158 June'26
8
1033
s
1033 Sale 10:33
8
1053. Sale 10518 1055s
641s
6414 Sale 6338
573
57 Sale 5714
4
9612
9612 Sale 96
95
9478 Sale 943
8
9834 Sale 9834
99
108
10758 Sale 10734
99 Sale 99
99 12
10214
- - 10234 June'26
96 Sale 9512
955
8
65
705s 6918 June'26
97 Sale 06
963
4
3
17
54
23
4
107 1093
1011s 10312
974 1027
8
8
1003 103
9914 9912
9858 10112
9778 10114
10712 109
Underged of London 430_1933 J J
Income 6s
1948 J J
Union Elec Lt es: Pr 1st g 58_1932 M S
Ref & ext 5s
1933 MN
1st g 530 Series A
1954 J J
Union Elev Ry (Chic) 58_1945 AO
Union 011 1st lien s f 5s_
1931 j j
30-yr 6s Ser A
May 1942 FA
1st lien 5 f 58 Ser C
1935 FA
United Drug 20-yr (is_Oct 15 1944 AC
United Fuel Gas 1st s f Os_ _ _1936 ii
United Rys St L 1st g 4111934
United SS Co 15-yr 6s
1937 MN
United Stores Realty 20-yr 8s '42 AO
U El Rubber 1st & ref 55 Ser A1947 J J
10-yr
% sec notes
1930 FA
S Steel Corprcoupon____d1963 MN
I f 10-60-yr 5slregistered _d1963 MN
Utah Lt & Trac 1st & ref Es., _1944 AO
Utah Power & Lt 1st 5s_ _1944 FA
Utica Elec L dr P 1st 5s
1950
j
Utica Gas & Elec ref & ext 5s 1957 J .1
Vertlentes Sugar lit ref 75_ _1942 JD
Victor Fuel lit sf5s
1953 J /
Va-Caro Chem 1st 78
1947 JO
Certificates of deposit
Stpd as to payt 40% of prin
1st 78
1947
Ctf of deposit
Ctf of deposit stpd ______
730 with & without war__1937 JD
Certifs of dep without warr_
Certifs of dep with warrants_
Vs Iron Coal dr Coke 1st g 5s 1949 MS
Vs Ry Pow 1st & ref 58
1934 J J
Walworth deb 6 3S s(with war)'35 AO
1st sinking fund 65 Ser A.,,1945 AO
Warner Sugar Refin 1st 75_ _1941 JO
Warner Sugar Corp 1st 7s_ _ 1939 J J
Wash Wat Power s f Es_ _ _ _1939 J J
Westchee Lts g 58 stmpd gtd 1950 JO
West Ky Coal let 7s
1944 MN
West Penn Power Ser A 5s_ _1946 MS
1st 75 Series D
1946 MS
let 58 Series E
1963 MS
let 530 Series F
1953 AC
West Vs C dr C 1st 6s
1950 j
Western Electric deb 5s_ _ _ _1944 AO
Western Union coil tr cur 55_1938 j
Fund & real estate g 430_1950 MN
15-year 630 g
1936 FA
Westinghouse E & M 7s_ __ _1931 MN
Registered
N
White Sew Mach 6s(wIth warr)
'36 j j
Wickwire Spen Steel 1st 7e..-1935 J J
Certificates of deposit
Certificates of deposit stamped MN
Wickwire 89 Steel Co 7s Jan 1935 MN
WIllys-Oyeriand s f
s_ _ _1933 M S
Wilson dr Co 1st 25-yr s f 6s_1941 AO
Registered
1928 JO
-year cony s f 6s
10
Certificates of deposit......
10-yr cony s f 734s
p1931 FA
Certificates of deposit
1941 AO
Winchester Arms 73.s
Younger' Sheet & T 20-yr 68_1943 J
a Due Jan. d Due April.
5
1
8
9
2
14
_
25
6912 Wu
0711
95
8
100 1015
10218 1^4
8
1025 106
5512 6512
4112 6572
9253 982
9012 96
9914
96
1073 10934
4
98 993
4
lows 10234
9412 97
81
75
9414 9758
9118
Apr'26
96
9434 May'2
9153
6
10114 1013 10111 July'26
4
10034 101 10'158 June'26
4
101 10114 101
10158
85
____ 8512 June'26
10118 102 1013g June'26
10
108
10712 Sale 10712
29
99
9858 Sale 9858
6
107
10612 Sale 107
10312 36
103 Sale 103
7612 773 7614 June'26
8
883
s
8812
8812 89
10412 10
104 10412 10378
9312 75
93 Sale 93
1063
4 29
1065s Sale 10614
10614 199
106 Sale 106
- 10534 June'26
2
108
- -_ ;
39
93
9212 Sale 9212
6
97 Sale 967
s
98
10212 Apr'26
10212 1033 1023s June'26
8
15
9812 Sale 98 4
,
983
4
6412 Apr'26
5314 58
75 107 10734 June'26
_
107. June'26
04
96
90
95
.
1005 1021
3
10018 l(2
10012 10s,
7712 8512
1001s 10158
1003 1 1 814
8
9518 99
10312 16712
10112 104
,
741 79
8812 95
lua 105
913 1;5
4
10614 10832
103 10734
10553 10612
8618 94
96
9934
1005 1021s
8
10018 10258
9012 9912
53 4 64is
,
105 108
10514 108
4
10458 Sale 106
106,
8
10634 June'26
10712 Jan'26
_
87
_ ___ 110 Feb'26
-- - 80 Feb'26
Jan'26
_
107
9112 95
92 July'26
9914 Sale 9914
9953 19
4
8934
893
8934 90
4
9411 Sale 9414
943
4 24
833
8312 Sale 8312
4 11
64 Sale 5312
6514 46
10278 10312 10278 June'26 ____
10278 ____ 10234 May'26 ____
13
10134 Sale 10134
10218
10118
7
101 102 101
105 Sale 105
10512 17
101 1013 101
8
8
101
3
10518 10512 10518
10518
6
823
82 Sale 81
4
1043 108
4
10412 1091.
1067 10812,
8
107 11112
80 11378
107 107
9114 98
9712 100
9512
89
9114 96
8014 100
6312 887
8
10112 1027
8
102 1033
8
100 1025
8
9978 103
105 1083
4
4
991 10314
1043 106
8
81
01
102
10112
103
10212
9812
9812
11134
1123
8
106
1055
8
10534 June'26
95
9512
60 June'26
6014 Mar'26
7012 Mar'26
53 July'26
10214
10234
98
983
4
93 Fela'25
4312 May'26
41 May'26
41 May'26
4218 June'26
10412 Salo 103
10412
10414 Sale 10334
10414
1001s 10314
8
101 1033
9614 983
4
111 117,
8
104 107
1053 1053
4
4
9412 96
57
7012
6014 6014
7013 7012
5018 6812
1013 103,
4
4
9558 101
102 Sale
10212 Salo
9812
11134 sale
1055 Sale
8
95- Sale
50
70
88
____ 80
5278
10234 Sale
9814 Sale
--
p Due Dec. s Option sale.
18
34
38
2
42
89
40
28
33
10
4
31
50
10
14
,
Standard Oil Stocks Par t Bid
Railroad Equipments IPeed. Basis
As
Anglo-Amer 011 vot st___El *183 1812 Atlantic Coast Line (lis
5.05 4.90
s
Non-voting stock
4.80 4.70
.E1 *173 1734
Equipment6 3is
8
Atlantic Refining
5,10 4.95
100 11412 115
Baltimore & Ohio 65
Preferred
Equipment 43i5 & Es...- 4.75 4.60
100 11712 11838
Borne Scrymser Co
100 260 265 Buff Koch dr Pitts equip 65_ 5.10 4.90
Buckeye Pipe Line Co..._ 50 *5012 51
Canadian Pacific 430 & Os- 4.85 4.55
Chesebrough Mfg new
5.05 4.90
25 *73
7412 Central RR of N J 65
Continental 011 v t c
5.10 4.96
10 *2178 22 Chesapeake & Ohio 65
Crescent Pipe Lino Co
4.95 4.75
50 *1512 17
Equipment 6358
Cumberland Pipe Line_ _100 10734 108
4.75 4.60
Equipment 55
Eureka Pipe Line Co_ __ _100 55
5.10 4.95
57 Chicago Burl & Quincy 6s
Galena Signal Oil com _ _ _100 1912 2012 Chicago & North West 65
5.10 4.95
Preferred old
4.90 4.75
100 7312 74
Equipment630
Preferred new
101) 70
74
elite R I & Pac 430 & 58-- - 4.85 4.70
Humble 011 dr Ref
5.15 5.00
Equipment Os
25 *62
6278
Illinois Pipe Line
100 134 137 Colorado dr Southern 65_ _ _ _ 5.15 5.00
Imperial 011
5.05 4.90
8
t *355 3578 Delaware & Hudson 6s
Indiana Pipe Line Co_ _ _ 50 *68
5.00 4.75
6812 Erie 430 & 5s
5.15 5.00
International Petroleum t *3212 3234
Equipment 65
5.10 4.95
National Transit Co .12.50 *15
1514 Great Northern 6s
4.80 4.65
New York Transit Co_ _ _100 4612 481i
Equipment Es
4.75 4.65
Northern Pipe Line Co_ _100 *743 7512 Hocking Valley 53
4
5.10 4.95
Ohio Oil
Equipment 6s
25 *5912 60
Penn Mex Fuel Co
25 1818 20
Illinois Central 43i5 & 5s--- 4.70 4.55
5.05 4.90
Prairie 011 & Gas new__ _ 25 *52
Equipment 6s
5212
Prairie Pipe Line new._ _100 12414 125
4.80 4.70
Equipment 7s & 630
5.10 4.95
Solar Refining
100 190 193
Kane% ha & Michigan 68
5.00 4.80
Southern Pipe Line Co new. 27
30
Equipment 43.13
South Penn 011
25 *36
37 Kansas City Southern 534s- 5.10 4.85
Southwest Pa Pipe Lines.100 *5012 5112 Louisville dr Nashville Cs... 5.05 4.90
Standard 011 (California)_ _ _ s601, 6012
4.30 4.70
Equipment630
Standard 011 (Indiana)_ _ 25 *647 651s Michigan Central 55 & 65... 4.95 4.75
8
Standard Oil (Kansas)_ 25 2518 2512 Mlnn St P & 88 M 43.15 & 58 5.10 4.85
Standard Oil (Kentucky) 25 *12014 121
Equipment 630 & 7s--- 5.20 4.90
Standard Oil(Neb) new. 25 *4758 48
Missouri Kansas & Texas 68- 5.25 6.05
Standard Oil of New Jer_ 25 4412 4458 Missouri Pacific 6s & 630
5.20 4.90
Preferred
10(1 11618 116, Mobile & Ohio 43S 8& 58-- - 4,90 4.70
Standard Oil of New York 25 *335 333 New York Central 430 & Fie 4.70 4.55
4
8
Standard Oil (Ohio)
5.05 4.90
Equipment 68
100 298 300
4.80 4.70
Preferred
Equipment 7s
100 11812 11912
Swan Sz Finch
100 17
1812 Norfolk & Western 434s.__. 4.60 4.50
Union Tank Car Co___ _100 92
4.95 4.75
933 Northern Pacific 75
4
Preferred
100 117 118
Pacific Fruit Express 78.... 4.95 4.75
Vacuum Oil new
Pennsylvania RR CQ 55 & Cl 5.00 4.60
4
25 102 1023
5.00 4.75
Washington 011
10
- -- - Pitts & Laka Erie 6315
5.10 5.00
Other Oil Stocks
Equipment 6s
Atlantic Lobos Oil
4.65 4.50
dr 55
t
-Is
8
*112 15 Reading Co 43
Preferred
50 *312 4 St Louis & San Francisco 511- 4.85 4.65
Gulf 011
25 *8518 857 Seaboard Air Line 5315 & 68- 5.20 4.95
s
Mountain Producers
4.65 4.55
10 *25
2514 Southern Pacific Co 43-15.
Mexican Eagle 011
4.80 4.70
5 *412 612
Equipment 78
National Fuel Gas
4.80 4.60
100 148 150 Southern Ity 43is & 55
Salt Creek Cons 011
8 9
5.10 4.95
10 *87
Equipment 68
Salt Creek Producers_ _ _ 10 *3318 3312 Toledo & Ohio Central 68-- 5.10 4.05
----------- 4.80 4.70
Union Pacific 78
Public Utilities
truer Gas & Elec
Tobacco Stocks
t *8512 8612
6% pref new
1 *94
American Cigar common 100 120
99
Deb 6s 2014
100 99
M&N *100 101
Preferred
Amer Light dr Trite corn.100 221 225
73
Amer Mach & Fdy new -100 71
Preferred
101, 107 110
114
Preferred new
Sauer POWer & Lt pref
222
101, 9512 97 British-Amer Tobac ord_ LI *22 - 1
-Amer
Deb Os 2016
£1 *213 2214
M&F
4
Bearer
9812 100
Amer Public Utll corn _ _.l00 70
80 Imperial Tob of GB & Irel'd *2712 2812
7% Prior preferred__ 100 92
95 lot Cigar Machinery__ _ _100 95 100
4% partic pref
& Met_100 60
100 86
90 Johnson Tin Foil
Associated Gas dr El pf___t *49
42
Mach ndrews & Forbes_ _100 40
51
Secured g 63 1954 J&J *10312 104
100 100 103
Preferred
-is
Blackstone Val GitrE corn 50 *97
100 37
3712
Mengel Co
97
Cities Service common
75
20 *42
4212 Porto Rican-Amer Tob_ _100 69
Preferred
72
100 865 871s Universal Leaf Tob cora _100 70
3
4.73,
Preferred B
100 98 100
.. 10
--- ... I Preferred
100 123 126
Preferred B
-B
100 74
Young (J S) Co
Cities Service Bankers Shares *207 -_ - _ II Preferred
100 104 108
8
Coni'w'Ith Pow Corp new_ t *38
38141
Preferred
ioo 8714 8734 Rubber Stocks (Cleveland)
Elec Bond & Share pref_100 108 10912 Falls Rubber corn
(t) s
978
Elm Bond & Sh Secur
- 19
25 * 58
69 . Preferred
Lehigh Power Securities__ t *143 15 Flrestone 'T ire & Rub corn 10 *1081 110
-- - 8
4
Mississippi Illy Pow corn 100 60
100 101 1023
4
70
6% preferred
100 981., 9912
Preferred
100 95
7% preferred
97
:
First mtge 5s 1951_ _jk,j 101 102 General Tire & Rub coin. 25 * ___ 145
S F g deb 7s 1935_ M&N 102
1 0 1060 107
Preferred
Nat Pow & Lt pref
t *101 103- Goodyeal Tire & R con1-100 3512 38
Income 7s 1972
Goody'r T & Rot Can pf 100 r _ _ __ 9512
JarJ 10314
North States Pow corn_ _100 104 10514 India Tire & Rubber new (t) *31
32
*10
Preferred
Mason Tire & Rub com-(t)
100 101 105
9 - 10
Nor Texas Elec Co com_100 20
100
Preferred
25
Preferred
Miller Rubber preferred_100 100
100 43
47
• Pacific Gas & El 1st pref_100, 99 101
100
38
Mohawk Rubber
Power Securities corn
73
Preferred
10
Second preferred
253
4
t. *16
20 seiTire & Rubber (t) *24
Coll trust 6s 1949_ _J&D *92
100 95
96
Preferred
95
Incomes June 1949_ _F&A *80
83
Puget Sound Pow dr Lt....100 29
Sugar Stocks
31
6% preferred
50 *114 214
100 8212 8512 Caracas Sugar
7% preferred
Cent Aguirre Sugar corn. 20 *78
100 d102 105
80
1st & ref 55s 1949 .J&D. 9912 10012 Fajardo Sugar
138 140
Republic Ry dr Light_1001 83
0
Federal Sugar Ref com 100 40
50
86
Preferred
Preferred
100 105 108
75
60
South Cal Edison 8% pf 25 * _
_ _ Godrefeaulc Sugar, Inc_ _ -(t) *11n 3
P sch rr
Standard G&EI 7% pr p1100 101 103
100
Preferred
-17
Tenn Elec Power 1st pf 7% 102 103
Holly Sugar Corp coin-(t) *28
32
Western Pow Corp pf_ _100 9312 96
100 75
Preferred
80
West Missouri Pr 7% pref__
94
National Sugar Refining_100 114 11512
97
...100 60
New Niquero Sugar.
75
Short Tern Sesuritles
Santa Cecilia Sug Corp Df100
Anaconda Cop Min 65'29 J&J 10278 10314 Savannah Sugar coin-(t) l35 145
Chic It I & Pac 55 1929_J&J 10014 10058
Preferred
100 112 115
Federal Sug Ref Cs'33_ M&N 92
96
Sugar Estates Oriente pf_100 55
05
Missouri Pacific Ss '27_J&J 10014 10012
Sloss-Sheff S&I Os '29_1'da,A 10278 10314 Indus. & Miscellaneous
1
Wls Cent 530 Apr 15 '27_
10012 10034 American Hardware
25 *79
81
Babcock & Wilcox
100 118 120
Chicago Joint 5th Land B
Bliss(E W) Co new
22
(t) *20
530 Nov 1 1951 opt 1931__ 10212 104
Preferred
60
50 *52
5s Nov 1 1951 opt 1931__ 10012 10214 Borden Company corn..
97
*96
May 1 1952 opt 1932__ 101 10214 Celluloid Company
5s
21
100 19
4%s Nov 1 1952 opt 1932__ 10014 10112
Preferred
100 6812 71
430 Nov 1 1952 opt 1932._
99 10014 Childs Company pref__ _100 115 117
43,0 May 1 1963 opt 1033.. 10014 10112 Hercules Powder
100 152
Os Nov 1 1963 opt 1933_ 10114 10234
Preferred
100 11312 11512
430 Nov 11904 opt 1934_9912 10034 International Silver pref _100 102
430 Oct 11085 opt 1935_. 993 1003 Lehigh Valley Coal Sales 50 *92
4
4
94
Pao Coast of Portland. Ore-Phelps Dodge Corp
100 122 125
5s 1955 opt 1935___M&N 10114 10314 Royal Baking Pow com_100 155 1(35
5s 1954 opt 1034.. M&N 101 103
Preferred
100 102
Singer Manufacturing_.,100 354 357
1
Singer Mfg Ltd
7
11 *5
74i1- 71
- 2
6
64
72
41
40
83
72
41
1015 10412
8
10114 10414
•Per share. t No par value. b Basis. d Purchaser also pays accrued dividend.
a New stock. f Flat price. k Last sale. n Nominal. z Ex-dlyidend. y Es
-rights.
g Ex 50% stock dividend. s Sale price. r Canadian quotation.
1
BOSTON STOCK EXCHANGE-Stock Record See Next
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
July ,,3.
Monday,
July 5.
Tues•day,
July 6.
Wednesday, Thursday,
July 7,
July 8.
Friday,
July 9.
Sales
for
She
Week.
STOCKS
BOSTON STOCK
EXCHANGE.
195
Range Since Jan. 1 1926
Lowest
Highest
PER SHARE
Range for Precious
Year 1925.
Lowest
Highest
Railroads.
173 173 *17212
1715 173
8
- 172 172
66 Boston & Albany
100 159 Jan 9 175 Feb 13 156
Feb 16434 Jac
82
8112 8112 8112 82
- 12 8112 8214
644 Boston Elevated
82
100 77 May 3 8212July 8
Jan
7514 Mar
86
*99
99
99
____
*99
100 89 Feb 27 102 Mar 20
5 Do pref
Jan 10414 Dec
92
118 118- 118 118
118 118
100 1154 Jan 16 122 Jan 7 109 Mar 130
157 Do let pref
Dec
105 10512 10171- 106
- -10512 10512 105 105
100 9812 Jan 9 112 Jan 2
100 Do 2d preferred
Dec
94 Mar 116
5412 5412 5412 5412
5512 56
5412 55
100 35 Mar 30 571 1June 18
245 Boston & Maine
10
4912 Dec
Apr
55
*53
*54
55
*53
56
100 32 Apr 14 53 June 30
1112 Apr
Do pref
46
---Dec
74
*73
7312 74
73
73
17
--Do aeries A 1st pref __ A00 59 Apr 15 76 June 8
Apr 65 Dec
____
____ *110 112 *110 111
*110
100 84 Apr 15 112 June 8
29 Apr
Do aeries B 1st pref
8712 Dec
9-------- 9012 91
91
100 74 Apr 15 93 June 22
7912 Dec
Apr
25
----80 Do aeries C 1st pref
*135
*135
*135
-- Do series D 1st pref
3512 Apr 116 Dec
100 105 Jan 29 145 June 8
100 100
9912 100
100 100
94 Apr 16 100383une 14
Dec
96
99 Nov
634 Prior preferred
____ *188
*188
Feb 180 May
100 217512 Mar 19 182 Jan 2P 167
Boston dr Providence
18
.57 *____ 58
57
---125 East Mass Street Ry Co_ _10() 51 Apr 22 61 Jan 0 26 Sept 6212 Nov
64
64
64
6514 6514
65
60 July
100 5912 Apr 29 71 Jan 2
73 Dec
290 Do let pref
62
62
62
62
*6112 62
62
62
51 Aug
100 56 May 6 69 Jan 13
70 Dee
230 Do pref B
43
43
4412 4412 *4212 44
4212 43
35 Sept
100 40 Apr 29 4914 Jan21
50 Dec
165 Do adjustment
563 *55
4
563
4
_ _ _ _ *55
*55
100 50 Feb 10 60 Feb 3
56 Dee
23 May
Maine Central
8 4412 4512 443 4512. -453
4534 4638 45
4
100 3178 Mar 30 4638July 6
463 Dec
4
28 Mar
1,821 N Y N II & Hartford
*8912 96
+91
00 Dec
Northern New Hampshire_100 81 Apr 8 90 June 16
70 Feb
*125
*125
Jan 125
Oct
Norwich & Worcester pret_100 120 Apr 22 125 May 20 100
122 122
12014 122
120 121
122 122
100 111 Jan 0 122 July 7 96
Jan 113
Oct
57 Old Colony
____ *101 103
101 101 *101
Feb 101
Dec
10 Vermont & hfassachusetts_100 9934 Mar 12 10314 Feb 4 87
Miscellaneous
314 Mar 29
4
*378
8 4
4 4
*37
*33
4
4
5 Jan 7
212 Mar
5 Dee
5 Amer Pneumatic Service_ __25
8 2212 2314 2318 231s
2234 227
50 2112 Mar 3 2514June 3 1612 Mar
2413 Dec
780 Do pref
8
140 14012 1403 14034 141 14112 14114 14178
1,282 Amer Telephone tic Teleg_ _100 13912June 24 15034 Feb 15 1303 Jan 145
8
Dee
5112 51
5012 51
51
51
49
5012
No par
50 &nr2O
71 Jan 2 6112 May
87 Au
853 Arooskeag hlfg
*723 76
4
*7234 76
*723 76
4
No par
7214July 2 78 Feb 23 7014 May
Do pref
8634 Aug
*18
21
*18
21
*18
21
------ Art Metal Construe, Inc__ 10 20 J au 16 2112 Jan 23 14
Jan
16 Aug
591, 5938
59
5912 601
60
59
60
5211 Apr 14 6334 Jan 10 4612 Aug 6712 Dec
375 Atlas Plywood t 0
10 - --------113
81112 12
912June 19 1714 Jan 2
12
315 Atlas Tack Corp
Dec
912 Aug
21
*163 1712 1712
712 *17
4
1712 17
1418May 11
2012 Jan 14
17
90 Ber.con Oil Co corn T CNo par
8412 8412 84
8412 85
85
8314May 24 9812 Jan 2 9712 Nov 10912 Oat
85
8518
315 Bigelow-Hartf Carpet_No par
10912 10912 *109
____ *109
84 Boston Cons Gas pref 63-i %100 10512 Jan 25 10912June 21 103
Jan 10814 Atu,
6514 66
60
66
65
65
57 May 8 6812 Feb 1
430 Dominion Stores, LtdNo par
2814 Jan
74
Oct
- _100 104 Jan 5 11218June 9 99 June 100
---- __
Do pref A
Dec
*2 -- -1 -;2- -24
24
134May 20
1112 Apr
10
312 Jan 21
134
13
4
11 East Boston Land
63 Sept
8
414
41.2
414
412
412 412 *412 6
312 Mar 8
412 Jan 19
360 Eastern Manufacturing- 5
3 July
634 Jan
6412' *6312 6412 *6212 64
*63
25 57 Apr 15 8812 Jan 22 42 Mar 8978 Dee
____ 3 Eastern SS Lines, Inc
_
4112 4112 *4112 42 ,*x41
42
0
par 3834 Apr 15 45 Jan 6 35
No 10
Do pref
Jan
4614 Oct
96 I *93
*93
96
*93
96
92 June 25 9912 Jan 9 89
Jan 100 July
1st pref
*x20
201
4 1912 1912 1912 1912 1912 1912'
1912 July 7 2(1 Feb 5 18 Aug
245 Economy Grocery Stores
2312 Sept
229 229
228 230
227 228
229 229
Jan 213 May
100 x207 Jan 15 250 Feb 11 200
141 Edison Electric Ilium
*1412 16
*1418 16
15
15
17
38
Oct
83 Galveston-Houston Elec 100 14 June 22 2512 Feb 25
Jan
*1212 1312 13
13
*1212 133
4
1134 Apr 12 17 Jan 22
10 General Pub Ser Corp com__
3712 3714 37 4 371, 373
4
363 3714 37
4
8
- - -Aug
3214
,
3414 Apr 20 405 Jan 12
No par
43 July
094 Gilchrist Co
9914 9912 9914 997
5712 Jan 11512 Dec
8 9914 995
8 9914 9912 1,520 Gillette Safety Razor No par 8812 Mar 30 11312 Feb 6
1112 12
12
*10
*1012 12
11 May
25 10 May 6 1278 Feb 11
73 Greenfield Tap & Die
1512 June
*5712 5814 5712 5712 *5712 58
T2 - - -157 2
4
110 Hood Rubber
No par 572 July 7 683 Feb 4
52 May
Oct
72
Internet Cement Corp_No par 52 alay 17 6814 Feb 9
5212 Jan
Oct
80
*.10 .45
-- International Producte_No par .10 Jan 2 .25 Mar 24
.05 Dec
Jan
2
25
25
25
Do pref_
100 .30 May 19 .55 Jan 5 .10 Dec
1012 Jar
*-6i- 95
95
95
95
95
135 Kidder, Peab Accep A pref_100 z93 Apr 15 9514 Jan 9
8212 Jan
9512 Nov
---8
8 18
818 818
818
614 Apr
9 4 Feb 1
3
7 Mar 24
10
185 Libby, hfeNeill dr Libby
814 ---921 Jan
Stock
4
9
6
93
93
4 93
4
7
63
4 7
6 July 8 1218 Jan 18
25
1,452 Loew's Theatres
1114 Aug
137g Jars
8412 85
84
85
84
8412 84
85
160 Massachusetts Gas Coe__ _100 80 Apr 20 8612 Feb 26
68
Feb
85 Dec
Exchange *6712 68
Stock
67
67
68
67
6312 Jail
6714 6712
100 65 Jan 6 7018 Feb 20
185 Do pref_
Oct
70
108 108
10712 108
10712 10712 *10512 107
366 Mergenthaler Linotype_No par /104 June 2 1110 May 1 157
Oct
Jan 197
Exchange
Closed; *_ _ _ _ 1312 *_--- 1312 *1212 1312
Mexican Investment, Inc
10
734 Apr 22 1458hlay 26
714 Sept
1634 Jan
*9412
97
*94
97
_ Miss illy Pow stpd prof., 100
9614 Nov
- - *94
89 Apr 9 96 Jan 4
8712 Jan
Independ- *253 27
Closed;
278
8
8 *25
41p Jan 5
23
4 23
4
10 Natlonal Leather
218May 17
10
384 Dec
63 Jan
4
29
29
2812 2812 2814 2814 27' 28
520 Nelson (Herman) Corp__ _ 5 1512 Jan 9 2914June 13
1158 Dec
17
Dec
ence Day
Extra
*.35 .50
.30 .30
.30 .50
405 New Eng 011 Ref Co tr cas___ .20 Jan 2 .95 Apr 29 .10 Dec
2 June
5
9
*6
6
9
*5
200 Do pref (tr Ws)
5 July 7 1012 Jan 8
100
53 Apr
4
12 Sept
Holiday
Holiday
99
____
*99
99
99
99
99
99
165 New Eagland Pub Serv prior pf 96 Mar 2 100 Jan 6
_
*1
2
*1
2
212 *1.
8 Feb 18
2 May 11
27 Dec
8
11
Feb
INew Eng South Mills_ _No par
10
10
10
10
10
60i Do pref
100 10 July 6 28 Jan 29
20 Dec 55
Jan
11312 11312 11312 1133 11312 114
113 114
4
455!New Engl'd Telep & Teleg _100 11078 Apr 1 11834 Feb 17
99
Apr 12212 NOT
93
93
913 9134 *91
93
4
No Amer Util 1st pf full paid__
80
89 Feb 15 96 Feb 25
90 Sept 100 May
*1914 1934 *1912 197 *1912 20
19
1914
18 Feb 1
27 Feb 25
20' 1st pref 25% paid
8
20 May
28 Mat
,
3512 36
36
3612 3512 36
3512 351
320 Pacific Mills
100 3512 July 6 55 Jan 2
50 Dec 8112 Jan
*41
_
*41
Plant (Thos G), 1st pref _ _ _100 40 Mar 25 6814 Jan 12
32 Aug
Oct
75
*16
____ *16
*16
_
17
Reece Button Hole
10 15 Feb 8 17 Jan 12
1514 Aug
Apr
18
*114
178
178
*112
10
Reece Folding Machine
*114
112 Jan 19
134 Apr 28
17
8
114 Nov
284 Jan
10472 10512 105 1053 105 10512 10412 1047
638 Swed-Amer Inv par pref _ _100 98 May 28 106 Feb 19
4
8
9914 Dec 101
Dec
11212 11234 11234 113
11218 1123 11214 11212
213 Swift & Co
100 111 Apr 21 117 Feb 20 10914 Apr 120 Feb
4
66
66
66
70 Torrington Co
66
66
66
25 54 Mar 31 70 Jan 4
*65
66
4512 Apr 7312 Dee
1134 1134 *11
12
*1018 1112
712 Jan
100 Union Twist Drill
7 Jan 5
5
1512 Feb 11
3
Oct
4734 48
520 United Shoe Mach Corp_ _ _ 25 47 Mar 31
5234 Feb 20
4
473 473
4
-1403 July
4 473 4814 48 i8 4
4
50 Nov
2818
28
2814 28
25 28 Jan 2 30 June 25
28
230 Do pref
*28
2814 28
2612 Jan
29
Oct
10512 10712 *105 10712 *105 10712
115 U S & Foreign Sec 1st pref f p_ 100 May 19 135 Feb 16
98 Mar 12412 Dec
8012 8112 7918 8013
8112 8112 8012 82
60 May 30 90 Apr 3
690 1st pref 75% paid
2412 Jan
73 Nov
9401Watdorf Sys,Inc, new sh No par
1834 19
1858 19
1834 19
17 Jan 6 21 Msy 28
1834 19
1412 Aug
1934 Jan
36
29 Jan 18 40 Feb 6
36
*35
3518 3512' *35
60 Walth Watch cl B com_No par
5
Jan
34 Dec
54
*54
54
23 Do pref trust ctfs
56
*53
14)0 52 Jan 23 59 Feb 10
5412
1714 Jan
57 Dec
*104 110 1*106 110 *106 110
100 102 Jan 29 11012 Apr 13
Do prior pref
65
Jan 105
Dec
*1611 17
*1614 17
1618 17
16
16
20 123
55 Walworth Company
41May 28 23 Jan 27
163 June
4
2714 July
4612 47
50 44 Mar 25 5012 Feb 18
467i Warren Bros
4612 461 *46
4612
Jan
37
5012 July
*41
42
42
42
*41
50 39 Apr 15 43 hlsy 24
*41
42
30 Do let pref
42
37511 Jan 4312 July
*43
_ _ _ _ *43
431 *43
50 42 Apr 16 47 Feb 1(1
DO 2d pref
4312
4012 Jan
48 Dec
*1234 13
*1234 13
Will & 13aumer Candle corn_
13 May 12
*1234 13
1712 Jan 2
11 Mar
2178 Dee
Mining
*.12 .25 *.15 .25 *.12 .25 *.12 .25
Adventure Consolidated__ 25 .05 Mar 15 .20 Feb 1
.05 Dec
Jan
25
*.05 .20 *.05 .20 *.05 .20 *.05 .20
Algomah Mining
25 .10 Feb 2 .10 Feb 2 .10 Mar
Jan
25
*a.70 .90 *a.70 .80
.65 .70 *.70 .S5
110 Arcadian Consolidated
25 .25 Mar 27 .90 Jan 4 .50 Dec
3
Jan
1078 1078 *103 1114
4
11
11
912 Mar
914May 25 1234 Jan 2
11
275 Arizona Commercial
5
1114
2
153 Feb
+3412 35
3378 3378 *337 35
34
34
8
29 June 2 553 Jan 4
95 Bingham Mines
1
2814 July 6014 Oct
4
1418 1418
1418 1418
1414 1414
1418 1414
229,Calumet & Heels
25 1314June 7 1612 Jan 7
1238 June
1878 Jan
*.25 .30
.30 .30 ..25 .30 *.25 .30
200 Carson Hill Gold
1 .20 June 10 .50 Jan 2 .20 May .90 Aug
1412 1412
1418 1412 1414 1414
1414 1412
875 Copper Range Co
25 13 May 20 20 Jan 4
Jan
18 Dec 33
*278
*278 3
3
234
23
4
27
8
660 East Butte Copper Mining_ 10
314
2341M ay 18
4 Feb 3
3 June
614 Jan
*61.40 .75 *a.40 .65
.40 .40 +.40 .60
20,Franklin
25 .35 May 21
114 Jan 20 .04
Jan
138 Jan
1
*.50
*.50
1
*.50
1
.50 .50
250 Hancock Consolidated
25 .50 Feb 25 .80 Feb 13 .50 June
134 Feb
*1612 17
*1612 17
1614 163
4 165s 167
8
660 Hardy Coal Co
1
14 Mar 29 2114 Jan 4
Jan
1512 July
23
114
*1
112
*1
4
1' 1
1
1
350 Helvetia
25 .84) Mar 27
2 Jan 11
1 Dec
311 Feb
178 180
178 178
178 178
176 176
110 Island Creek Coal
1 141 Mar 29 184 June 8 121 Mar 165 Dec
*101
101____ *101
*102 104
Do pref
9912 Jan 4 10212 Jan 28
1
9414 May 10012 Dec
*9
10 10
1014
10 10*9
10
45 Isle Royale Copper
25
912June 7 1314 Feb 10
97s Apr
2012 Jan
1
*.95
.99 .99, .90 .90 *.90
118
35 Keweenaw Copper
25 .50 Jan 2
114 Apr 28 .50 June
112 June
*.80
•.80
1
1 I
.75 .75 '
1%75 .99
10 Lake Copper Co
25 .75 May 19
14 Jan 4
Apr
Jan
1
3
*1
114 *112
114
*1
13
4
114
*1
La Salle Copper
25 .80 June 12
212 Mar 15
1 Dec
1
4 Jan
134 *112
13
4 *112
lir*112
17
8 *112
13
41
Mason Valley Mine
5
,
13 Jan 26
4
238 Feb 20 .95 Sept
23 Jan
4
.25 .25
*.30 .45
.25 .25 *.30 .45,
40 Mass Consolidated
21 .25 Mar 16 .70 Feb 13 .40 May
114 Jan
a60 .70 a.60 .75
.60 .60 *.60 .76
80 Mayflower-Old Colony
25 .55 May 17
112 Jan
3
.50 Nov
Jan
3312 3412 3358 3334 3312 3378 *3338 34
180 Mohawk
25 30 Mar 30 37 Feb 10
Jan
2512 June 41
2114 2112 2158 22
21
21
2112 22
3
New Cornelia Copper
5, 1812IMay 19 2218 July 1
18 Mar 25
Jan
*.06 .20 *.06 .20 *.06 .20 -------------- New Dominion Copper
.05 Jan 30 20 June 10 .10 July .85
Feb
22
22
22
*22
2
New River Company
100 24 Apr 20 25 Feb 4
25
31 Aug
Apr
*45
*45
*45
50
50
50
*45
50
Do pref
100 50 Jan 4
72 Feb 11
40 June 65 Aug
614
*x5
5
5 18 *53
8 53
53 *,6
80 Nipissing Mines
4
8
5 July S
5,
77 Jan 27
8
438 July
63 Jan
4
212
23
8
214
*218
214
*214
212
324 North Butte Mining
212
15
2 Apr 13
334 Jan 9 .89 June
37 NOV
8
1
*a.99
a.99
1
.90 .90 *.99
1
15 Ojibway Mining
25 .50 Jan 4
1 Apr 29 .15 Nov
114 Jan
163 1638 *16
8
1612 167
.1512 1512
17
140 Old Dominion Co
8
25
14 May 26
1912 Feb 10
Jan
1634 Dec 27
1212 1134 12
*12
12
12
*113 1112
4
100 P'd Cr'k Pocahontas CoNo Da
, 1012 Mar 29
15 Jan 2
1878 Sept
1012 June
19
•18
18
*18
18
19
1734 173
55 Quincy
4
25
15127May 24
237 Feb 25
8
3912 Jan
19 Apr
29
*28
*28
28
28
20
*27
28
15 St Mary's Mineral Lan& __ 15 2512May 25 3812
Jan
Feb 10
2812 Apr 48
512 *5
*5
512 *5
512 *5
Seneca Mining
512
478June 1
11 Nov
958 Jan 4
714 Nov
0.36 .50 •
*.36 .50 .
.36 .50
.35 .35
120 Shannon
10 .35 May 18 .80 Jan 5 .50 May
112 Jan
*.60 .75 *.60 .75
.55 .55 *.60 .75
35 Superior & Boston Copper...10 .35 Apr 21
Jan
2
Poi Mar 1
.70 May
*x734 8
73
4 77
8
77
8
75
8
4 1,040 Utah-Apex Mining
75
8 73
6 Jan 6
5
1114 Feb 6
811. Jan
3 8 Jan
7
*114
138
114
138 *114
138
138
114
900 Utah Metal & Tunnel
1 .50 Jan 8 2111. Mar 13 .40 July .98
Jan
•.36 .50 *.35 .50 *.35 .36 *.35 .50
Victoria
25 .4i) Msv 24
114 Jan
75 Feb 23 .22 Nov
*.15 .25 *.15 .25
.
.12 .15
.15.25
w y n nn ot
136 W l n o a
,
Jan
25 .12 July 8 .25 Feb 9 .10 Dec .48
1
411 FP. 1 .45 Mar 22 .nr.
P.14
2e
An? 21
•Bid and asked Prleat no Baled on this day. a Assessment paid. is Ex-stock dividend. I New stock. z Ex-dividend. y Ex-rights. s Ex-dividend and rights
------
F
196
THE CHRONICLE
Outside Stock Exchanges
Bonds-
Boston Bond Record.-Transaetions in bonds at Boston
Stock Exchange July 3 to July 9, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds
AtIG&WISSL 58_1959
Chic Jet Ry & U 5 Y 5s'40
E Mass St RR Ser C 65'48
Hood Rubber 7s
1937
Mannheim Pal El Cos 7s'41
Mass Gas 4%s
1929
4s%
1931
Miss River Power 58_ _1951
New Eng Tel & Tel 5s..1932
Swift & Co 5s
1944
Western Tel & Tel 5s_ _1932
Range Since Jan. 1.
Low.
High.
Mar 74
$8,000 67
70% 70% 71
Jan 101%
101% 101 101% 4,000 99
Apr 86%
85
1,000 77
85
85
104% 104% 104% 2,000 104% Jan 106
96% 96% 10,000 96% July 9634
98% 99% 3,000 98% Jan 99%
Jan 99
98% 9835 4,000 96
Mar 101%
1,000 99
101 101
100% 100% 100% 2,000 100% Feb 102
100% 10035 10014 1,000 99% June 101
101% 100% 10135 3,000 98% Mar 101%
Feb
July
June
June
July
June
June
June
May
Mar
Jan
[Vol,. 123.
Friday
Last Week's Range Sales
Sale
for
ofPrices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Bait Elec stmpd 5s _ _1947
.
1023' 1023' $1,000 101% Jan 1023' June
Carolina Central 45.... _1949
83% 83% 5,000 82% June 83% July
Commercial Credit 66_1934 98% 98% 9835 1,000 98 June 100% Feb
Cons G,E L & P,435s.1935
9835 98%
1,000 95% Feb 98% Apr
Preferred 58
1965
101% 102% 6,000 100% Jan 102% May
6% notes series A__1949 107% 107% 107% 4,000 105% Jan 107% July
Fair & Clarks Trac 58_1938 94
94
8,000 90% Feb 94 June
94
Maryl'd Elec Ry 1st 581931
95% 95%
1,000 94% Jan 973' Mar
635s
1952 96
96
96% 3,500 91% AM' 973' Mar
Monon Val Trac 5s... _1942
93
500 8734 Jan 933' June
93
United E L & P 4%s_ _1929
99% 99% 1,000 983' Jan 99% June
United Ry & Elec 4s_ _1949 69% 69% 8935 1,000 69
Mar 7135 Mar
Income 4s
1949 49% 49% 4935 19,000 48
Mar 50% Mar
Funding 5s
1936 70
70% 37,000 673' Jan 72 May
70
6% notes
1927
5,000 973' Jan 99 June
99
99
68, when Issued... _ _1949 96
Mar
96
9,000 913' Jan 96
96
Wash 'Balt .6. Annan AA 1 041
Rd 1.4
Rd 1.4 RR
4050(1
R4 1
4 Inly
75t1 Feb
* No par value.
Chicago Stock Exchange.
-Record of transactions at
Philadelphia Stock Exchange.
-Record of transactions Chicago Stock Exchange July 3 to July 9, both inclusive,
at Philadelphia Stock Exchange, July 3 to July 9, both compiled from official sales lists:
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Elee Pow Co pref _100
102 102
American Stores
* 763' 74% 78
Bell Tel Co of Penn pret
50
111% 112
Cambria Iron
40% 40%
Congoleum Co Inc
*
1
22% 24%
Eisenlohr (Otto)
100
14% 14%
Electric Storage Batt'y _100
85
85%
General Asphalt
100
73% 74
Giant Portland Cement_50 40
40
41
Insurance Co of N A_ _--10 52% 52% 53%
Keystone Telephone_
50
5
5
Keystone Watch Case_ _ _ _* 74
74
74
Lake Superior Corp__ _ A00
2% 2%
Lehigh Navigation
50 112% 112% 113%
Lit Brothers
10 27% 27% 27%
2% 2%
Man Rubber
10
2%
Penn CentL&P,com&pf _ *
72%
72
Pennsylvania RR
50
53% 54
Pennsylvania Salt Mfg_ _50 74
74
75
Phila Co (Pitts), pf 5% _ 50
38% 3835
Preferred (cumul 6%)_50
5034
50
Phila Electric of Pa
25 50% 50
53%
Power receipts
25
4% 4%
Phila Insulated Wire
*
68
65
Phila Rapid Transit _ _ _ -50 56%
56%
56
Phila & Reading Co
*
39% 39%
Philadelphia Traction__ _50 61% 61% 61%
Reading Company
50
98%
96
Scott Paper Co, pref_ _ _100 100
100 100
Stanley Co of America_ -_• 67% 64
6735
Tono-Belmont Devel_ _ _1
3% 3%
1
Tonopah Mining
64 6%
Union Traction
50 40
39% 40
United Gas Improv't_ _ _50 113% 113% 118%
Victor Talking Machine_ 1
84
82
West Jersey & Sea Shore_50
47%
47
Bonds
Amer Gas & Elec 5s.2007
96
95
Consol Trac NJ 1st 5s 1932 59
59
59
Elec & Peoples tr ctts 4s'45 60% 60
60%
Inter-State Rys colt 4s 1943
51
51
Keystone Telep 1st 5s_1935
91
91
Lehigh C&Nav gen 4%8'24 9931 99% 100
Penne RR gen 435s_ _ _1965 97% 97% 97%
Phila Co Stmpd sk Id
& red
1951
99% 99%
Phila Elec 58
1960
102% 103%
1966
1st 58
103% 104%
1953 10734 10735 1073'
53's
1941
6s
1084 108%
53's
1972 102% 102% 102%
Phil & Read 2d ext 5s_1933
1003' 100%
Spanish Am Iron 6s_ _ _1927
100 100
TTnItprl Rvs',mid tr MI 4a '40
fil
RI
Range Since Jan. 1.
StocksLow.
July
30 102
Mar
11.951 60
50 109% Mar
30 38% Jan
968 13% May
330 12 June
Jan
91 73
Mar
720 58
May
326 31
Mar
381 49
July
5
50
Jan
73 60
2% June
200
1,570 97% Mar
Mar
545 25
2% Jan
100
Mar
122 71
1F,460 48% Mar
Jan
230 71
Mar
50 37
225 48% Apr
54,881 41% Apr
3% Apr
611
Jan
430 50
Jan
196 51
50 37% May
40 56% Jan
Apr
530 82
Jan
10 89
May
7,238 55
2118 Apr
466
411. Jan
1,045
Jan
808 38
27,258 84% Mar
Mar
106 80
Mar
135 43
$7,000
2,000
2,000
2,000
15.000
4,000
2,000
1,000
14,500
13,700
1,000
4,000
17,000
2,000
2,000
in
-on
89%
58
57%
50
91
97%
97%
High.
110% June
94% Jan
113% June
40% June
244 July
20% Feb
85% June
July
74
Jan
50
6434 Jan
7% Jan
July
74
4% Jan
120% Feb
33% Jan
Jan
8
Feb
91
55% Jan
Feb
91
39% June
50% July
67% Jan
Apr
5
July
68
571% Feb
48% Feb
Feb
65
98% July
Feb
101
67% July
4% Jan
734 Feb
43% Jan
144% Jan
8534 June
47% July
Feb 101% May
Jan 69% Feb
'Jan 65% Feb
June 56% Feb
Jan 93% Feb
Apr 100% May
July 97% July
96% Jan
Jan
102
Mar
102
103% Mar
107% Mar
100% Apr
1003' July
July
100
57 June
99% May
103% Apr
1043' June
108 June
108% Feb
May
103
100% July
July
100
Jan
65
* No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange July 3 to July 9, both • inclusive, compiled from official lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Wholesale pref _ - _100
4
Arundel Corp new stock.. _' 33%
Atlan Coast L(Conn)_ _ _50 233
Benesch (I) corn
* 40
25
Preferred
10
Central Fire Ins
50 1543'
Century Trust
Ches & Po Tel of Balt pf100
100
Commerce Trust
Commercial Credit
* 27%
Preferred
25
25 24%
Preferred B
100
63' Preferred
Consol Gas, E L & Pow_ _* 53
100
6% preferred
100 1103'
63'% preferred
100
7% preferred
100
8% preferred
Consolidation Coal_ __ ..100 37
Delion Tire & Rubber--- -*
8
East Roll Mill new stock_*
50 120%
Fidelity & Deposit
Finance Co of America_ _25
9%
Finance Service, Class A 10
10
Preferred
Houston Oil pref tr etfs_100
Manufacturers Finance_25
1st preferred
25
2d preferred
Maryland Casualty Co_ _25
_.,.* 46%
Merch & Miners, new.....
Monon Vall Trac, pref _ _25 2235
1
•
Mortgage & Accept, corn..
50 36
Preferred
Mt V-Woodb M pf v t r100
New Amsterd'm Cas Co_10 50
50
Northern Central
Penns Water & Power_100
United Ry & Electric_ --50 18%
U 5 Fidelity & Guar___ _50 202%
50
Wash Bait AG Annap_
'Profprreql
50 22
99
99%
333, 33%
231 233
40
40
27
27
26
26
1543' 155
113% 114
60
60
273' 28%
23% 24
24% 25
93
93
51
533'
107% 107%
110% 111
113 113
127 127%
37
37
8%
8
31
32
120% 120%
935 93'
18% 19
10% 103'
8634 86%
52% 524
20% 20%
22% 22%
95% 96
45
464
22% 22%
1
1
36
3635
62% 65
50
50
80
80
148% 148%
18% 19
201 203%
8
8
22
22
231
465
56
100
2
95
3
110
22
79
26
31
70
366
6,000
292
46
18
69
50
110
35
100
72
73
10
100
5
95
200
309
115
211
570
137
186
8
20
875
423
500
12
Range Since Jan. 1.
Low.
High.
June
98
28% Mar
Mar
190
37% May
26% Jan
25% June
154% June
110% Jan
573' Feb
May
26
233' June
243' Apr
90 June
45
Jan
Jan
102
108% Mar
Mar
109
Jan
124
Mar
36
5% Apr
30 June
117% Mar
93' July
183' May
94 June
Mar
81
May
51
20% June
21% Apr
94
May
41% Ain
Apr
20
1
June
28% June
62% July
49
Mar
78% Jan
141
May
17
Jan
187
Mar
8
Mar
22 May
Feb
101
Jan
36
2623' Jan
Jan
40
Jan
27
28% Feb
Feb
182
116 June
61% Mar
46% Jan
263' Jan
27% Jan
Feb
99
573' Feb
107% July
1114 June
113% June
128% Feb
Feb
53
8% July
Feb
48
Feb
124
Jan
12
21% Feb
10% Feb
Jan
89
68% Feb
Jan
23
24% Feb
Jan
102
5335 Feb
234 Apr
23% Jan
46
Feb
83
Apr
564 Jan
82 June
Jan
171
194 Mar
219% Jan
15% Jan
25L4
Jan
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Adams Royalty Co com__* 28
27% 28
All America Radio ci A__5 13% 13% 13%
American Pub Serv pref 100 94% 93% 95
Amer Seating pref
38% 39%
Common v t
34% 34%
American Shipbuilding_100
75
76
Amer States Secur Corp A *
3% 4%
Class B
2%
2% 2%
Warrants
%
%
%
Armour & Co(Del) pref 100 94
9434
93
Armour &.Co pref
100 86
84% 86%
Common cl A v t c_ _25
15% 16
Common el B v t c_ _25
8%
Armour Leather
15
3
3
3
Assoc Investment Co corn* 35% 35% 35%
Auburn Auto Co com__25 51% 51% 52%
Balaban & Katz v t c_. _25
72% 73
Beaver Board pref ctfs_100
38
38
Bendix Corp CIA
10 32% 32% 34
Borg & Beek corn
10 36
3535 36
Brach & Sons(E J) com__* 31% 30% 31%
Bunts Bros
10 17
17
17
Central Ill Pub Serv pref_* 88% 87% 88%
Central Ind Power pref_100 87
86
87
Cent Pub Serv (Del) corn * 15% 15% 15%
Central S W 7% pref
93% 92% 96%
Prior lien pref
95% 95% 96
Warrants
24
19% 24%
Chic City & Con Ry pref..*
3% 3%
Chicago Fuse Mfg Co_
*
30
30
Chic N S & Milw com_ _100
45
45
Prior lien pref
100 100
99% 100
Preferred
100
76
76
Chic Rys part ctfs ser 2.100
%
%
Commonwealth Edison_100 13834 138 138%
Rights
4% 4%
Consumers Co, new
5
635
6
Continental Motors
11% 11% 11%
Crane Co
25
50
51%
Preferred
100
116% 117
Crown(Wm)Pap, 1st pfd..*
98% 98%
Cuneo Press A
50
45% 45%
Decker (Alf) de Cohn,Inc_*
3135 3134
Preferred
100
105 105
Deere & Co, pref
100 108% 10834 109
Diamond Match
100 118
118 120
El Household Util Corp.10 15
14% 16
Elec Research Labor'y___*
9
10
9
Evans & Co, Inc, class A_5 27
27
27
Fair Co (The)
29
29
29
Preferred
100
106 106
Fitz Simons & Connell
Dock & Dredge Co
30% 30% 30%
Foote Bros(G & M)Co_ _* 11
11%
11
Godchaux Sugar
2% 2%
Gossard Co (H W)
34
34
34
Great Lakes D & D__ --100
143 145
Greif Bros Coop'ge A corn.*
39
39
Hammermill Pap, pref_100
107% 110
Hart,Schaffner&Marx_100 111
111 111
Hupp Motor
10 23% 23
23%
Illinois Brick
25 50%, 5035 51%
Illinois Nor Util, pref--100 91
91
91
Interstate Power Co, pref_* 94% 94% 94%
Jaeger Machine Co
25% 25%
Kellogg Switchb, new.. -10
15% 15%
Preferred
100
101 101
Kentucky Hydro-El, p1.100
9434 9435
Kraft Cheese Co
25 60% 58
61
Kup-heimer & Co (B)Inc_5
35
35
La Salle Ext Univ (I11)__10
9%
9
sm 8% 8%
Libby, McN&Libby,newl0
Maytag Co
21
•
21
Mer Mfrs See Pa pfd......-25 36% 3534 36%
Middle West Utilities_ _ _ _* 115
114% 115
100 107
Preferred
106 107
100 116% 1154 116%
Prior lien pref
Midland Steel Products_ _* 45
44
45
Midland Util prior lien_100 102
102 102
100 99
Preferred A
99
99
Morgan Lithograph Co_ _* 56% 5635 57
128 128
Nat Carbon pref, new.. _100 128
24
24
25
Nat Elec Power A w I.. _ _
Preferred
100 94% 94
94%
2% 2%
10
National Leather
28% 27
28%
National Standard corn.. _*
North Amer Car common_* 3035 30% 31
94
95
Nor West Util pr in pfd 100
9335
100 9335 93
7% preferred
Novadel Process pref.. ___* 2635 26% 26%
*
16% 16%
Omnibus v t ctfs w a
21% 21% 2135
Penn Gas & Elec w I
21% 22
Pick Barth & Co pref A....5
12% 12% 12%
Voting trust Ors
48
55
5 54
Pines Winterfront A
138 140
Pub Serv of Nor III
Pub Serv of Nor I11--..100 139% 139% 140
115% 116%
100
7% preferred
106% 107
Quaker Oats Co pref.._ _100
Real Silk Hosiery Mills_ _10 46% 44% 46%
20
20%
10 _ _20
Reo Motor
40% 42
So Cities UM cl A corn..__* 41
24%
24
Colo Pr Elec A corn ..25
So
5435 55%
Standard Gas & Elec pref50
-Warner Speedom * 73% 73% 754
Stewart
100 11235 1124 113
Swift & Co
15 19% 19% 20%
Swift International
25 46% 45% 47
Thompson (J R)
84
8535
Union Carbide & Carbon_* 84
44
44
44%
United Biscuit class A......
Range Since Jan. 1.
Low.
High.
1,375
150
130
.575
100
125
1,496
110
2,960
549
705
34
280
160
40
1,850
668
10
2,060
1,525
80
10
460
115
250
465
285
5,650
20
30
35
375
53
350
1,065
31,600
300
850
104
75
20
20
135
.50
50
145
635
470
100
155
50
27% Jan
Apr
9
92 May
38% July
33% June
70 May
1% May
Mar
1
34 May
90 May
79% May
13 May
5% May
2% May
35 June
40% Mar
Mar
64
Mar
32
25% Mar
Jan
28
2734 May
Apr
14
87 May
July
85
Apr
12
8935 Mar
93 June
10% Jan
3% July
30 June
37 May
9934 Jan
74 May
35 June
137% Apr
454 June
5% June
9% May
50
July
113% Mar
9735 Mar
45% July
30 June
102
Jan
106
Feb
Mar
116
1334 May
9 June
25 May
27 May
104% May
37% Feb
19% Jan
July
99
42 June
June
36
95% Jan
8% Feb
5% Feb
June
1
Mar
98
92% Mar
25% Feb
Feb
17
634 Feb
37% Mar
72% Mar
76% June
40
Feb
344 June
36% June
37% Feb
17
July
Jan
91
Jan
93
1534 June
96% July
Feb
100
24% July
Jan
7
Jan
35
61% Feb
Mar
101
Jan
83
1% Jan
145 June,
4% June
10% Feb
13% Jan
Jan
60
11734 Jan
100% Jan
Feb
50
32 June
105 June
109% Feb
129% Feb
Jan
25
3234 Jan
30% Feb
3334 Jan
Feb
107
195
285
35
141
145
50
46
50
645
1,130
190
25
310
270
28
106
7,810
50
500
535
25
80
1,355
565
136
115
482
300
535
15
1,165
300
175
7,450
525
30
20
950
50
70
325
790
4,510
407
400
20
110
4,350
150
440
100
140
3,110
613
4,000
3,320
1,655
800
Jan
26
9 May
% May
31% Mar
Mar
122
May
36
107% July
110 June
Mar
19
Jan
37
90 May
92 June
24% May
15% June
100% June
91% June
55 May
2934 Jan
9 May
7% Mar
Mar
20
34 May
108 May
97% Jan
106% Jan
41
Mar
Mar
98
Jan
96
42% Mar
125
Feb
19% Mar
92
July
2% May
26
May
26
Mar
93
Jan
91% May
26% June
14% May
19% June
19 May
12% July
3335 Mar
128% Apr
129% Apr
112
Jan
105
Feb
31
June
19% June
40% July
22
Apr
54% June
68% May
110
Apr
144 Apr
42
Apr
72% Jan
38
Mar
32 June
15% Jan
Feb.
7
Jan
39
171
Jan
40% Feb
110
Apr
125
Jan
28% Jan
52% June
92
Mar
94% June
29% Feb,
17 June
102 June
95
Jan
90% Jan
35% July
14% Jan
10
Feb
23
Feb
3635 May
134% Jan
11134 Feb
123% Feb.
49% Feb
104 June
99% June
65
Feb.
128
Apr
26
Jan
96% Feb
4% Jan
28% June
32
Jan
99
Jan
96
Mar
28 June
21% Feb
24
Feb,
22% Feb
12% July
59% Jan
140 June
140 June
116% Mar
108 June
5835 Jan
2535 Jan
42
July
25% Jan
64% Feb
Jan
93
Feb
117
22% Jan
48
Feb
864 Mar
58% Jan.
JULY 10 1926.]
THE CHRONICLE
197
_
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Law.
High.
United Lt& Pr A w i new_• 1634 16
B w i new
*
1714
Preferred ci A w i a......8 8734 8.5%
Preferred el B w I a_
*
4954
United Paper Board__ _100 23
23
20 159
156
U S Gypsum
10
Vesta Battery Corp_
1134
*
9
Wahl Co
9
Williams Oil 0 Mat corn.* 1934 1954
*
Wolff Mfg Corp
831
834
Wrigley Jr
' 5254 5234
0
Yates Machines part pf _ * 2734 2734
Yellow Tr& Coach Mfg B 10 2234 2234
Rights_
1
1
Yellow Cab Co Inc (Chic) * 45
4434
16% 1,825 1334
500 15
1734
200 81%
8754
585 4234
5034
250 22
23
16334 6,100 125
100
834
1134
150
734
9
2034 10,470 1434
834
185
734
53
515 49
28
2,005 26
25
335 21
200
1
1
4554 1,995 4234
Apr 26
Apr 31
Mar 92
Apr 51
Mar 38
Mar 163
May 25
June 1434
May 23%
Apr 10%
Apr 5534
Mar 32
May 33
July
1
Mar 5031
Feb
Max
May
Feb
Mar
July
Jar
Feb
Feb
Feb
Jar
Feb
Feb
Jul3
Feb
Bonds
Chicago City Ry 5s_ _ _1927
Chicago Rye 45, Ser B _1927
Commonw Edison 5s..1943
cudahy Pack 1st M g 55'46
HousG G Coati;6%41931
Lake St Elev 1st 55_ _1928
Metr W Side El 1st 45_1938
Northwestern Elev 55_1941
Pub Serv 1st ref g 55_1956
ay.... I. On 1 oh a 5,, Ca 1 0415
74
$6,000 67
Mar 7934
30
4,000 2934 July 40
105
7,000 10034 Mar 105
9534 1,000 9454 Jan 9534
98
9,000 9534 Apr 99
9734 5,000 95
Feb 9734
75
6,000 73
Mar 75
84
100 80
Jan 8434
9934 11,000 9754 Jan 9934
1110 i.e
9 nnn
on 7.6 .5.n inns,
Jar
Jar
July
July
Fe!
July
Jar
Juno
May
74
2934
74
2934
10434
9554
9736
9734
7434
84
9934
75
1 WI
Southw Ben Tel pref __ _100 11434 11434
Stix Baer & Fuller
* 29% 2934
Wagner Electric corn.. *
21
Preferred
100 68
68
Wm Waltke corn
* 48
48
Preferred
_100 10734 10754
Mining
Cons Lead & Zinc Co_ ---*
Street Railway Bonds
StL & Sublay genmtg 55'23
United Railways 45_ _ _1934
1934
-D
4s C
.
A
Am Laundry Mach com_25
American Prod
Amer Rolling Mill com_ _25
Preferred
100
Buckeye Incubator---100
Carey (Philip) pref__ _ -100
Champ Fibre pref
100
Churngold Corppomtion_*
City Ice & Fuel
*
Cooper Corp new prof.
.100
Dalton Add Mach com_100
Eagle-Picher Lead com--20
Early & Daniel com
*
Preferred
100
*
Giant Tire
*
Gibson Art corn
Hatfield-Reliance pref_100
Johnston Paint pref__ --100
Kroger corn
10
New preferred
100
McLaren A Cone
*
Paragon Refining corn.. _25
Procter & Gamble com__20
6% preferred
100
Pure 011 6% pref
100
8% Preferred
100
U S Can corn
•
U S Playing Card
20
US Print & Litho com _100
Preferred
100
*
U S Shoe corn
112
111 113
2534 2534 2554
48
4634 48
10934 10934 10935
3134 3134 32
11234 11234
105 105
5134 5134 5334
2334 2334
100 100
64
64
31
2934 3334
4434 45
93
93
93
35
35
3734 3734 3734
100 100
100 100
11534 11434 11534
112
112 112
18
18
3
7%
734 8
15934 15534 15934
11234 112 112%
97
9634 97
109 110
4034 4054
138
13634 138
87
87
87
91
91
7
7
7
Banks
Citizens National
100 223
Fifth-Third-Union units100 319
223
319
223
319
Public Utilities
Gino & Sub Tel
50 85
8434 85
Cinc Gas & Else
100 8934 8854 8934
Cin Gas Transportation 100
120 120
C N & C Lt & Trac com 100 8934 8851 8934
Preferred
100 6934 70
70
Ohio Bell Tel pref
100 111
10934 11134
849
261
1,487
74
125
5
10
264
27
13
5
2,541
17
35
20
172
10
1
787
5
4
255
852
122
137
18
30
149
2
94
332
Range Since Jan. 1.
Low.
High.
108
Mar
2434 May
4794 Mar
109 May
30
Jan
100
Mar
103
Apr
5334 July
2334 July
9934 June
60
Mar
2634 Mar
3734 Mar
93
July
3334 Jan
3634 Feb
100
July
98 May
10434 Mar
110
Mar
18 June
654 Mar
13934 Mar
11034 Feb
8534 Jan
10534 Jan
40 June
135 May
14734 Jan
2734 Mar
59
Feb
111
Apr
3354 Feb
115
May
106
June
78
Feb
2534 Jan
108
Feb
7134 Jan
35
Feb
46
May
100
Mar
39
Mar
39
Mar
107 May
10234 Apr
13514 Jan
11234 June
2034 Apr
954 Jan
165 May
11634 Apr
98 June
11034 Apr
63
Feb
145
Feb
91
June 100 May
534 Apr
891 June
13 212
2 318
127 81
221 88
15
131 8134
31 64
795 109
Jan 223
May 330
Apr
Mar
July
Mar
8534 June
9354 June
June 93 June
Apr 7034 June
June 11134 Max
May
Jan
Jan
Jan
June
July
2334 2454
77
82
82
$1,000
7634 7734 8,000
77
77
10,000
7934 Apr
75
Jan
74
Jan
95
Max
7834 AIN
7834 Ape
9934 99%
9954 July
993 July
A
99% Ju13
9944' Jnba
1090
(1(1 84'
0(1 84'
654
2,000
1.000
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Amer Wind Glass Mach 100
Preferred
100
Amer Wind Glass Co. pf 100
Arkansas Natural Gas__10
6
Blaw-Knox Co
25
Byers(A M)Co, pref__100
Carnegie Metals
10 1434
Devonian Oil
10
. 7
Houston Gulf Gas
Indep Brewing, pref _ _ _ _50
634
Jones & Laugh SO,pf_ 100
Lone Star Gas
25 3494
Merchants Sav & Trust.100
Nat Fireproofing, pref_100
Ohio Fuel Corpomtion__25 39
Ohio Oil & Gas
5
Oklahoma Natural Gas_25 2954
Pittsb Plate Glass, com.100 280
Pittsb Steel Fdy, corn.
...8
Salt Creek Consol Oil_ _ _10
874
San Toy Mining
Sc
1
Stand San Mfg, com____25 10034
West'house Air Brake_ _50
West Penn Rys, pref- _100
23
June
28
Max
Range Since Jan. 1.
Low.
62
62
50 62
86
86
32 8134
109% 10931
20 10634
534 634 1,215
534
54
55
75 45
102 102
33 98
100 14%
1434 1431
1454 1434
50 1234
7
734
490
534
634 634
300
534
11634 11654
164 114
5,048 30
3154 35
71
71
30 71
3454 3434
50 3234
3654 3974 19,220 33
200
5
5
5
2734 2934 2,224 2734
277 28034
113 270
29
25 29
29
8% 9
1,090
8
4c
5c
6,000
3c
10034 101
351 100
127 127
15 106
95
95
10 9034
July
May
Jan
Feb
Mar
Apr
July
Apr
Apr
Feb
Jan
Apr
July
May
Apr
July
July
June
July
Apr
Jan
May
Mar
Jan
High.
80
9134
112
7
.56
102
21
17
10
8
11631
5634
71
39
3934
5
34
310
36
10
.5c
11834
128
95
owl
Jan
Jan
Feb
Jan
Jan
July
Feb
Jan
Feb
Feb
June
Jan
July
Feb
July
July
Jan
Jan
Jan
Feb
July
Jan
June
July
BondsPittsburgh Brew 6s_ _ _1949
9134 9134 $1,000 9134 July 96
Mar
•No par value.
-Sold last week and not reported: 25 Blaw-Knox Co. corn. at 5334: 20
Note.
Duquesne Light, pref, at 115; 20 Standard Sanitary Mfg. Co., pref.,.at 11634.
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from July 3 to
July 9, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended July 9.
Stocks-
Indus. & Miscellaneous.
Ala Great South, corn...50
Tractions50
Preferred
mo
Gino Street Ry
Alpha PortI Cement__ _100
50 3234 3254 3334
518 32
Mar 35
Feb
74
Ohio Trac met(den)__ _100 70
Aluminum Co.corn
70
70
100 70 June en lure.
100
American Arch Co
* No par value.
Amalgam Leather, corn_ _* 13%
100 88
Preferred
St. Louis Stock Exchange.
-Record of transactions American Cigar corn_..100 122
100 100
at St. Louis Stock Exchange July 3 to July 9,
Preferred
both Amer Cyanamid,class B.20
inclusive,. compiled from official sales lists:
Amer Eiectrice Corp vi c-•
Amer Gas & Elec. com_ _ _* 86
Friday
Sales
Amer Lt &Trac,com_ _100
Last Week's Range for
Range Since Jan. 1.
Amer Pow & Lt pref.._100 96%
Sale
ofPrices.
Week.
StocksAmer Pub UM panic pref. 88%
Par. Price. Low. High. Shares.
Low.
High.
Amer Roll Mill, corn_ _25
AmSeatingCo(new corn)vtc 33%
Banks
38%
Cony preferred
Boatmen's Bank
156 156
100
30 153
Jan 160)4 May Amer Superpow Corp, A..* 26
First National Bank
100
235 235
5 228
Jan 255 June
• 2734
Class B
Nat Bank of Commerce-100
161 161
2 155
Jan 171
25 2534
Prior preferred
Feb
Trust Companies
American Thread, pref.._ _5
Mercantile Trust
15
Armour Leather
40934 415
100 415
31 409% July 425
•
Mississippi Val Trust- 100
Mar Arundel Corp
296 296
10 287
Jan 298 May Assoc Gas& Elec, class A
33
St Louis Union Trust- 100
321 321
5 316
June 323
1%
Feb Atlantic Fruit & Sugar---*
Street Railways
Atlas Portland Cement •
Auburn Automobile,com25
St L Pub Ser corn 68% paid 16% 16% 16% 1,299 16% July
20
May Balaban& Katz, corn vtc25
Common full paid
16% 16%
54 16
June 18
'25 7934
May Bancitaly Corp
Miscellaneous
Bliss(E W)& Co
•
Best Clymer Co
Bohn Alum & Brass
59
59
25 57
May 68
50 9534
Boyd-Welsh Shoe
40% 41%
235 3534 Map 4434 Mar Borden Company
67c
Feb Bradley Fireproof Prod..
Brown Shoe, corn
100 30% 30% 31
192 29% June 44%
Feb Brazilian Tr, L & P,ord100
Century Electric Co.._ _100 115
115 115
1 110
Apr 116
Ely & Walker DG 1st pf 100
108 108
25 107% Mar 109 June Brill Corp(new) class A_ •
•
Class B....
2nd Preferred
100 29% 29% 29%
102 2834 May 3334 Apr
•
Jan Brillo Mfg., corn
Fulton Iron Works pref.100 85
89
85
55 85
July 99% Feb Brit
-Amer Tob ord bear £1
Globe-Democrat pref-100 110
110 110
.5 110
July 113% Feb
Ordinary registered_ _£1
Hamilton-Brown Shoe _25
45% 45%
20 43 May 57
June Brockway Mot Trk, com_•
Huttig S & D corn
• 33% 33% 34
43 31
June 4234 Jan Brooklyn City RR
10
7%
Hydr Press Brick pref__100
83
83
17 83
July 97%
240
International Shoe com •
150 151
15 125 May 175% Jan Bucyrus Co common__ _100
*
Preferred
10734 107%
100
117 107 June 111% Jan Buff Niag & E Pow,com25 24%
Jan
.
Preferred
Johansen Shoe
35
34% 32
135 38 May 45
Jan Burroughs Add Mach pf 100 106
-Christy C P pf_100
Laclede
60
60
15 50
May 98
20
Jan Butler Bros
Mo Portland Cement- _25 56% 56
56%
535 4834 Mar 67
50%
Jan Can Dry Ginger Ale
Nat Candy, corn
8234 82%
100
200 70
Apr 92
134
Apr Car Ltg & Power, corn_ _25
Pedigo-Weber Shoe
34
34
33
150 27 May 34
July Caterpillar Traction_ ---25
Polar Wave H F A
32
32
32
120 31% May 37% Feb
100
corn
Rice-Stix Dry Goods corn 8
.
31% 31%
70 2134 May 24% Feb Celluloid Co
100 70%
Preferred
seruggs V-B D G corn..100
24
24
76 24
July 30
• 124
Apr Celotex Co corn
100 90
90
1st Preferred
90
10 90
July 92 May
100
Preferred 7%
Scullin Steel, pref
100 107)5 107 107%
20 105
Apr 107% July Centrifugal Pipe Corp_ _ _* 24
Sheffield Steel corn
26
26
26
90 24
May 24% Jan Checker Cab Mfg class A.*
4
Sieloff Packing corn
19
19
19
88 18 June 22
Jan Chic Nipple Mfg Ci A__ _50 43%
Skouras Bros A
50% 51
190 46
Mar 59
50 26%
•'OA .111 'rim 5
Jan
Class B
.
4334 4334
40 42)4 June 52% Feb
100 116%
Childs Co pref
High.
Pittsburgh Stock Exchange.
-Record of transactions.
at Pittsburgh Stock Exchange July 3 to July 9, both.
inclusive, compiled from officials sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Low.
55 11234 Mar 11534
20 29
Mar 35
20 20 June 3434
40 65 May 85
70 40
Apr 4934
5 104
Apr 10734
• No par value.
T.,
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange July 3 to July 9, both inclusive, compiled from official lists:
11434
2954
21
68
4854
10734
Range Since Jan. 1.
24
Miscellaneous Bonds
St. Louis City 4345_ __1929
•No par value.
Stocks--
Mang
sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
119% 200
120 95
Mar
125 126
10 94% Mar
130 131
30 115
Jan
74
74%
600 5434 Jan
120 120
100 119
Apr
13% 13)4
500 12
May
88
100 74
88
Jan
122 122%
80 110
Feb
100 10034
20 97
Feb
35% 35%
200 35% July
1034 10%
100
Mar
9
85% 86% 5,500 64
Ma
223% 230
925 195
Ma
95
97
430 92
Apr
88% 88%
10 87 June
46% 46%
50 45% July
33% 35% 2,100 32% June
38% 39% 6,300 3834 July
26
26%
800 1934 Mar
26% 27% 2,700 21% Mar
25% 25%
300 23
Mar
3% 3%
900
354 July
2% 2%
100
May
3354 33%
100 32
Mar
30% 33% 8,200 25% Mar
1% 154 2,000 89c
Jan
45
47
300 447 , June
/
52% 52%
100 41% Mar
72% 73
350 64
Mar
78% 79% 2,300 78% June
20% 20%
100 16% May
14% 14%
100 13% June
95% 97
900 91% Mar
58c 69c
7,500 50c May
97% 97%
500 89
Mar
38
38
400 33% May
16% 18%
200 14% May
8
8;i
150
6% Apr
22
22
100 121% July
21% 22%
200 12174 July
27% 27%
100 24% Apr
7A
7% 1,700
7 May
230 240
250 179
Jan
31% 31%
100 23% May
24% 24%
200 24
Feb
106 106
20 10534 Apr
28% 29
300 28% July
50% 52
8,700 40% Jan
1%
134
500
1
June
139 141
20 139
July
20% 20%
40 15
Feb
70% 70%
40 51
Feb
121% 124
100 117 June
91
91
25 88
20% 24% 24,100 15% June
May
4
4
100
4
July
43% 43%
400 42
Feb
2634 27
200 25% Apr
116% 116%
20 114
Apr
High.
180% Feb
126
July138
Feb
76
Feb
13234 Feb.
15% Feb
88
July
122% July
100% July
47
Feb.
11% Feb
99% Jan
264
Jan
97
July
89
Mar
59% Feb
36% July
40% June
37% Jan
39
Jan
26% Feb
4
Jan
5)4 Feb.
35% Jan
35% Jan
234 Feb
55% Mar
73
Mar
76% June
79% July
22% June
175( Jan
110
Jan
134 Jan
97% July
5754 Jan
33
Jan
9% June
31% June
3034 June
29% Mar 9% Feb
335
Feb
38% Feb
25% May
107
Feb
30
Apr
53% June
2% Mar
141
July
28
Apr
70% June
124
July
92 June
27
Jan
9% Feb
44% June
27% June
11954 Jan
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par Price. Low. High. Shares.
20
Cities Service corn
100
Preferred
10
Preferred B
Colombian Syndicate
Com'wealth Power Corp
Common
100
Preferred
Warrants
Consol Dairy Products---*
Con Gas,E L&P Bait corn*
Consol Laundries, w 1_ _*
_Continental Baking, comA*
Common B
100
8% preferred
Continental Tobacco --*
Copeland Products Inc
-Class A with warrants_ *
£1
Courtaulds, Ltd
Curtiss A eronl & M,com_*
Davies(Win) Co A
*
De Forest Radio Corn_
Devoe & Raynolds el B_ *
Doehler Die Casting
*
Dominion Stores, LtdDunhill Internat
Dupont Motors
Durant Motors, Inc
Eitingon-Schild Co, com_*
Elec Bond tic Share, pf _ _100
Elec Bond & Share Secur_*
Elec Invest without warr.*
Emporium Corp
Engineers Pub Serv, corns
Preferred 7%
Fageol Motors Co, corn. 10
100
Fajardo Sugar
Fall River Electric Light_ _
Federal Motor Truck_ _10
Federated Metals
Feltman-Curme Shoe St A
Film Inspection Machine.*
Firestone T &R,7% pf.100
Ford Motor Co of Can_100
Forhan Co, class A
Foundation Co
Foreign shares class A_ _*
Fox Theatres. class Acorns
Franklin (H H)Mfg com_.
100
Preferred
Freed-Eisemann Radio_ _ _*
Freshman (Chas)Co
Garod Corp
General Baking, class A *
Clasa B
General Elec (Germany).
'General Public Serv, com_*
*
Seven per cent pref..
Gillette Safety Razor_ _ _ _*
Girl (Chris'n) Spg & Bump.
Glen Alden Coal
Goodyear Tire & R,com100
Grand (F W)5-10-25c St.*
Grimes Rad & Cam nee_ _*
Happiness Candy St,ci A_*
Founders shares
Hazel Atlas Glass
25
Hazeltine Corp
•
Hellman (Richard), com_*
Hires (Chas) E Co
Class A, corn
Hollander(H)& Son, com*
Industrial Rayon.class A_*
Jot Concr Ind Fdrs shs_ _10
*
Internat Util, class A
Class B
Johns-Manville, Inc
Heiner Williams Stamp_
10
Keystone Solether
25
Kraft Cheese
Land Co of Florida
Landover Holding Corp
1
Class A
Class A stamped
Lehigh Coal dr Nay
_50
Lehigh Power Securities
New Consol Corp
Lehigh Valley Coal Sales.50
Lehigh Val Coal ctfs new__
Libby, McNeill & Libby_10
Libby Owens SheetGlass.25
McCall Corporation
McCord Rad & Mfg v t c_*
100
Mengel Company
100
Mercantile Stores
Mercurbank (Vienna)
5
American shares
*
Mesabi Iron Co
Metropol Chain Stores__ _*
Middle West Util, corn_*
loo
Prior lien stock
Midland Steel Products...*
*
M‘liN ale Co
M 11 It bber, pref - _100
com.*
I ud Pow,
Mohaw
•
Mohawk VP lley Co
Moore Drop Forge class A •
Municipal Service Corp_ _*
Narragansett Elec Ltg_ _50
Nat Elec Power, class A..*
War Power& Light, pref _
Nat Pub Serv, ci A,corn....'
Common,class B
Nat Sugar Refining..___100
5
Nelson(Herman)Co
Neptune Meter. class A_ *
New IVIex & Ariz Land.. _ _1
N Y Telep,6%% pref_100
Northeast Power, corn.._ _*
Northern Ohio Power Co_*
Northin Ont L & P. pf _100
Nor StatesP Corp,com.100
100
Preferred
Ovington Bros partic pref..'
Pacific Steel Boiler
Fender (David) Grocery At
Penn Ohio Secur Corp.._ _*
Penn Water & Power-100
Peoples Drug Stores
25
Phila Electric. corn
Pick (Albert) Barth & Co
Common vot trust ctf_ _1
•
Preferred A
Pitts & L E RR, corn......50
Pratt & Lambert. Inc _ _ _•
Procter & Gamble, com-20
Puget Sound P&L,com-100
Purity Bakeries, class B *
100
Preferred
ryrene Manufacturing _10
Itand-Kardeir Bu new. w
[VOL. 123.
THE CHRONICLE
198
42
86%
21116
38%
87%
56
334
52%
25
78
11%
1934
30
18%
14%
634
34
68%
38%
37%
93%
137%
4734
4434
39%
80
6%
23
56%
6%
99%
14
163%
36%
334
6
46
19
Low.
High.
42% Mar
86% June
7% June
334 Jan
5,300
42
86% 1,100
300
7%
215to 12,200
3734
82%
734
2
Feb
Apr
Feb
Mar
38
3934 7,900
300
87% 87%
550
53
5634
800
2% 3%
51% 53% 8,200
7,900
25
25%
7734 78% 2,300
11% 11% 11,500
800
92% 94%
19% 19% 2,800
29
82
30
254
3
44%
22
65
8%
86%
11%
Mar 42% Jan
Jan
Mar 88
Feb
Mar 76
5% Jan
June
Feb
Jan 58
Mar 2834 Feb
Mar 121% Feb
May 30% Jan
Feb
Mar 102
yay 20% June
41%
85%
7%
21116
21%
29%
16
29%
134
41
14%
61
21%
28c
34
108%
68%
3834
3734
22%
93%
4
137%
46%
44%
12
39%
2134
33%
19%
30
43%
15
66
21%
28c
736
,
34%
110
69%
39%
37%
23
9334
434
139%
47%
46%
13
39%
98% 98% 99
495 502
500
16
16
16%
1734
25%
Range Since Jan. 1
17%
25%
21
79%
6%
21%
4%
54%
5%
33
13%
105
99
14
183%
35%
63
3
6
6
46
14%
13
Apr 27% Jan
100 17
2,000 29% May 3534 June
2,300 1554 May 23% Jan
Mar
200 29% July 33
51e June 104 Jan
900
400 35% June 101% Feb
Jan
700 11% May 18
550 57 May 67% Jan
100 18 May 26% Jan
1,000 28c July 28c July
23,800
33.4 May 134 Jan
Mar 37% Jan
200 33
July
190 104% Jan 110
Jan
5,300 5634 Mar 86
2,100 30% Mar 7434 Jan
100 26% May 39% Jan
1,000 21% Apr 29% Jan
Apr 9434 June
100 86
334 July 10% Jan
500
Feb
190 124% Apr 169
400 41% June 4754 July
Mar 49 June
900 32
Jan
400 12 June 22
200 3934 June 39% June
7% Jan
334 May
2,500
Jan
500 9734 May 100
Mar
Apr 655
320 440
Jan
600 13% Mar 20
Jan
900 15 May 55
18%
5
26% 4,100 1934 Mar 34% Jan
Jan
500 19% May 33
22
75 78% June 86% Feb
80
334 Mar
800
834 Jan
6%
23% 3,700 17% Jan 28% Apr
Jan
7
1,300
234 Feb
5
56% 5,600 44% Apr 79% Jan
5% Mar 17% Jan
6% 16,300
July
100 22% Mar 33
33
10 12% May 16% Feb
13%
May 106% Feb
75 90
106
Feb
Mar 114
8,000 89
100
July
May 14
200 12
14
600 13834 Jan 171
May
164%
Mar
3734 ,7900 28 May 50
Jan
Mar 85
100 50
63
Jan
7
6,400
4
154 Anr
8% Jan
6
July
600
7
7% Jan
200
534 June
6
July
100 45 June 46
46
July
Apr 19
4,400
19
Feb
July 19
200 13
13%
834
July
Apr
Feb
Mar 22
Mar 05
Mar 4534
9%
Mar
MaY 219
Mar 46
May 25%
Apr 52
June 145
Jan
July
June
Feb
Jan
June
Jan
Jan
Jan
14%
92%
42
14%
91
42
8%
143
142%
45
22
22
36% 36%
115
114%
33%
114%
36
64
13
80%
z24%
101%
20%
15%
114
27%
13%
113
19%
1334
84
105
10%
12%
12%
14634
57%
158%
29%
98
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
July
Jan
Jan
26
600 23 June
24
100 27% Apr 36%
27%
834 July 19%
8% 1,800
Apr
8%
2
200
3%
May 39
400 31
33%
91%
434 Mar
200
534
Mar 165
898 130
164
Mar 18%
100 15
18
67e 23,700 10e Apr 67c
400 5434 May 88%
61
Mar 473,4
300 21
26
5
400 27% Apr 39%
38% 39%
934
Apr
8
100
934
Mar 120%
200 103
114 114
23%
27%
834
8%
3
3
33
534
153%
158
18
18
66e
52e
6034 60%
25%
2334
15
93
43%
8%
143
45
22
37%
115
2,600 10
525 80
3,300 38%
200
754
100 133
100 37
100 17
150 34
200 100
34 July
1% Mar
24% Mar
107% May
Jan
98
Mar
41
21% May
98 June
20% Mar
Mar
30
5954 June
12% Mar
Feb
75
15% Mar
Mar
97
15% Mar
Mar
10
Mar
102
19% Mar
23% June
9% Apr
110% Apr
17% Mar
Mar
11
Feb
78
98% May
9954 Apr
934 June
Apr
11
42% Apr
634 May
130% Mar
Mar
20
Mar
40
3% 3%
1% 1%
3334 33%
114% 115
116 116
43
43
23
23
100 100
26% 27
36
36%
63% 64
12% 13
so%
79
23% 25
101% 101%
19% 20%
15
16
112% 114
2734 28%
25
25
13% 14
113 113%
19% 20%
13
13%
8334 84
103% 105%
100% 101%
934 10%
12
12%
46% 46%
6% 7%
147 148
27% 27%
52% 53
300
100
100
600
150
100
100
300
1,400
300
200
800
50
4,400
175
3,100
3,400
200
600
100
3,600
175
6,300
2,900
40
800
200
200
300
300
4,300
40
100
200
12%
21
146%
56
158
29%
33%
97
11%
384
800 10
100 20
10 130
800 31
120 142%
1,100 28
200 24
140 91
700 10%
200 344
12%
21
146%
57;4
158%
30%
34
98%
11%
384
*
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Feb
Jan
Jan
Mar
Feb
Jan
Jan
Jan
July
June
June
Jan
June
June
Jan
Jan
Jan
Jan
June
June
Feb
Jan
834 June
Jan
174
3434 Mar
Jan
67
44
254
4934
135
122%
48%
25%
103
284
37%
67
13%
86%
26%
102%
24
16
129%
z2934
25%
14%
115%
36%
26%
84
136%
102%
11
16%
5034
Apr 12% July
Feb
Mar 23
Mar 162% Jan
Mar 6034 Feb
Jan
Jan 163
June 66% Jan
Mar 3934 Jan
Mar 99 June
Mar 11% July
Anr 48
Jan
Friday
Sales
• Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Realty Associates. corn_ *
Rem Noisel Typew,comA * 34%
10 20%
Reo Motor Car
Republic Mot Truck v t c *
Rickenbacker Motor
4
Royal Bak Powder, com100
Safety Car Heat & Ltg_100 129
Serval Corporation A_ _ _ _* 24%
Certificates of deposit_ _ _ 23%
Sherwin-Wins Co, com_25 41
Sierra Pac Elec Co,corn 100
Silica Gel Corp corn v t c_ _ 2034
Singer Manufacturing_ ..100
Singer Mfg Ltd
Sleeper Radio, v t c
10e
Sni Viscosa ord (200 lire)
Dep rcts Chase Nat Bank
9
Southern Cities Mil, com25 40%
South'n Colo Power, A....25
Southern G & P Class A_
class A *
South'n Ice P
S'eastern Pr & Lt corn......' -.2634
Participating preferred_* 65%
Warrants to pur corn stk..
9
$7 preferred
Southwest Bell Tel pref 100
Sparks-Withington
_*
Stand Motor Construe_100
Standard Pow & Lt. cl A.25 19%
9
Stand Publishing class A 25
Standard Screw, corn.. _100
Standard Tank Car. coin.* • 934
New preferred
52%
Stutz Motor Car
24%
Superheater Co
100
Swift & Co
Swift International
10 1934
Tampa Electric new.._ ..100
Timken-Detroit Axle......10 11%
Tobacco Prod Exp Corp..-*
Todd Shipyards Corp.. _ _ -*
Trans
-Lux Day Pict Screen
Class A common
8%
Trumbull Steel common_25 10%
Truscon Steel
10
Tubize Artif Silk class B.._* 200
Tung Sol Lamp Wks,cl A.* 1834
United Artists Theatre Circ
Allot ctfs for corn & pf stk
United Biscuit, class B _ _
14%
United Elec Coal Cos v t * 33
United Gas Imprvt
50 114%
United Lt dr P coin A new * 16%
United Profit Sharing_ _ __I 10%
S Dairy Prod, class B....' 13
U S Gypsum. corn
20 161
US Light & Heat, com_ _10 203(
Preferred
10
U S Stores Corp. class B_
Universal Pictures
31
Utilities Power & Lt el B..* 14%
Utility Share Corp
Van Camp Packing pfd_50 24%
Victor Talk Maching_ ..100 82%
Warner Bros Pictures,Inc *
Warner Quinlan Cow 1
* 28
WessonOil&Snowdrift,vte*
Preferred
Western Auto Supply Dart
pref with warrants.. _ *
Western Power pref
_100
White Sewing Mach pref.*
Williams 011-0-Mat Heat-.
Yellow Taxi Corp, N Y *
Range Since Jan. 1.
Low.
High.
226 226
34% 34%
20
2034
534 5%
4%
4
163 163
128 130
23% 24%
23% 23%
41
41
28% 2834
19% 21%
35034 355
6% 6%
10c
10e
10
200
700
100
1,600
10
80
2,000
1,800
100
100
2,100
80
100
1,000
220
3034
19%
5
3
141
123
15%
1634
35
23
11%
295
5
100
June
Mar
Apr
May
May
Apr
Jan
Mar
Mar
Feb
Mar
Mar
May
May
July
245 June
52% Jan
25% Jan
16% Jan
934 Jan
213
Jan
132 June
30% Jan
25 June
43
Feb
28% Jan
22% Jan
385
Jan
9
Jan
24 Jan
9
40%
24%
22
26
26%
65%
9
100
113%
15
2%
19
9
102%
9%
52%
24
159
112%
19%
51
9%
3%
38
400
400
100
400
100
3,400
700
700
100
30
300
200
600
3,700
50
1,500
25
2,300
25
300
4,500
200
4,600
200
1,900
9
27
23 •
22
24
2134
59
7
96%
111%
10
July
Apr
Mar
Mar
May
Mar
Mar
Mar
Apr
Jan
May
June
May
July
July
Apr
June
Mar
Apr
Apr
May
June
Mar
May
Jan
13%
49
27
27%
32
46%
66%
15%
100%
115%
2834
2%
24
19%
102%
14%
61%
3734
159
11634
22%
67
11%
4%
40
June
Jan
Jan
Feb
Mar
Jan
Apr
Feb
June
June
Jan
Mar
Feb
June
July
Jan
Jan
Jan
July
Feb
Jan
May
Jan
Jan
June
1,800
300
100 22
160 161
300 17%
June 14
Jan 13%
Mar 3034
Apr 240
May 19
Jan
Feb
Jan
Jan
June
600 100
100 100
14% 17% 12,000
200 23
32 • 33
11434 118% 16,900 84
16
16% 20,900 12%
9%
10% 11
300
13
100 13
13
260 125
160 161
400 16
19% 20%
6% 6%
300
5%
3%
100
6
6
29% 34
1,900 29%
600 14
14% 14%
400
734
9% 9%
1,500 20%
26
21
900 68
81% 83
8
300
93( 9%
28
28% 2,400 2334
50 494
53
53
25 92%
95
95
June 101
June . 17%
Mar 44%
Mar 144%
May 28
June 14%
July 22%
Mar 161
Mar 25%
7%
Mar
June 14
July 41
Apr 18
May 1434
Apr 38
Apr 96%
June 1434
Mar 3034
June 53%
June 95
June
June
Feb
Jan
Feb
Jan
Jan
July
Apr
May
Jan
Feb
Feb
Feb
Mar
Jan
Jan
June
June
July
Mar
Mar
Mar
July
Mar
Jan
Jan
Feb
July
Apr
9
41
24%
22%
26
27
65%
9%
100
114
15
2%
19%
1034
102%
9%
52%
25
159
113
20%
51
11%
4
38
8% 8%
104 1134
2334 23%
190 200
18% 18%
25%
94%
4734
19%
15%
25%
94%
47%
20%
15%
100
10
100
1,200
1,500
434
4%
300
1734
9
102%
634
50
19%
132
110
1434
48
8%
3%
29
22
91%
38
19%
9
28
99
50%
21
17%
Rights.
Commonwealth Edison.._.
Former Standard 011
Subsidiaries.
Anglo-Amer Oil (vot sh) E1
Borne-Scrymser Co_ ---100
Buckeye Pipe Line
50
Chesebrough Mfg
25
Continental Oil v t c
10
25
Crescent Pipe Line
Cumberland Pipe Line_100
Eureka Pipe Line
100
Galena-Signal Oil com_100
100
New preferred
Old preferred
100
Humble Oil& Refining.._25
Illinois Pipe Line
100
Imperial Oil (Can)
50
Indiana Pipe Line
National Transit.. _ _ _12.50
Northern Pipe Line.._ 100
25
Ohio Oil
25
Prairie Oil & Gas
Prairie Pipe Line
100
100
Solar Refining
25
South Penn 011
So West Pa Pipe Lines 100
Standard Oil (Indiana).. _25
Standard 011 (Kansas) 25
25
Standard 011(Ky)
Standard Oil (Neb) new_25
Standard Oil of N Y.._ _ _25
Standard 011(0) com...100
100
Swan & Finch
25
Vacuum Oil
4%
1,100
270
500
500
2ri 14,900
7
100
16
110
108
100
150
2
0
57
19;4 57
10
72
72
73% 73%
30
6254 6534 7,100
140
135 137
4,200
250
500
100
1,800
6,500
; 1,000
5586
124 124 3:1
5 76311 5673617
95 851
170
3
7%
197 193
31
1,100
100
51
1
5164
64% 65 34 9,800
1,000
800
12034 12
25% 2
01
1,400
47% 48%
33% 34% 24,300
40
300 304
150
17% 18
102 10434 2,400
18%
1734
261
240
51
51
73
22
7
23
2
16
107% 107%
62%
35%
6834
59%
52
124%
191
37
64%
25%
120%
47%
33%
300
17%
102
18%
261
51%
4% July
4% July
May
Jan
May
Jan
Apr
Anr
July
May
June
May
May
Mar
June
May
Jan
June
Jan
June
Mar
Mar
June
June
May
Mar
Mar
Mar
Apr
Apr
May
Mar
Mar
194 Jan
261
July
59% Jan
75% July
25% Jan
16
Feb
137
Jan
63% Jan
32% Jan
85
Apr
9734 Jan
68% Apr
14434 Apr
38% Jan
70
Mar
20% Jan
8034 Feb
67% Jan
60% Feb
127% Mar
212 June
50
Jan
56
Mar
70% Jan
36% Jan
134% Jan
5134 May
47% Jan
362
Jan
23
Jan
109% Jan
16%
226
49
65
1934
13%
107%
47%
17
70
70
53%
131
32%
58
14%
70%
57%
48
122%
184%
3435
49
6134
25
108
42
30%
292%
1534
9434
Other Oil Stocks.
1
Allen Oil
Amer Contr Oil Fields__
•
Amer Maracaibo Co
Anglo-Persian Oil, Ltd........
Arkansas Natural Gas _10
Atlantic Lobos 011, corn..
Beacon Oil Co corn
Carib Syndicate
Consol Royalties
1
•
Creole Syndicate
Crown Cent Petrol Corp....'
Darby Petroleum
Derby Oil & Ref preferred..
1
Euclid Oil
1
Gibson 011 Corp
Gulf Oil Corp of Pa
International Petroleum *
Kirby Petroleum
Leonard Oil Develop't__25
Lion Oil Refining
Livingston Petroleum........'
20c
75c
6%
23%
1734
1554
12%
2%
1%
434
85%
32%
8%
23%
20c 200
750 85c
6% 7
2334 23%
134
17
15%
9%
12%
2%
1%
18
Pa
434
85%
32%
2%
8
23
70e
1%
17%
17%
10
13
24
1%
18
lin)
5
86%
34
3
8%
23%
70c
1,000
900
4,600
400
200
200
2,200
24,700
500
4,200
2,200
200
200
6,100
23,500
2,200
14,400
200
6,000
2,600
3.000
5c May
75e July
5
Mar
23% July
5% June
1% Apr
14% Mar
94, Mar
834 Mar
10
Mar
1% Mar
50c May
12% Mar
88c Mar
95c Mar
82
Apr
28% Mar
234 Jan
6% Apr
20
May
70c July
20c
6%
14%
23%
3%
19%
22%
10%
15%
75,4
1%
19
33(
7%
93%
37%
12%
25%
13,4
July
Feb
Jan
July
Jan
Mar
Jan
Feb
Feb
Jan
Jan
July
June
Feb
May
Jan
Jan
Feb
Feb
Feb
Jan
JULY 10 1926.]
THE CHRONICLE
199
Ard,rid
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Other Oil Stocks
Par Price. Low. High. Shares.
(Concluded)
25
Lone Star Gas
Margay Oil new
Mexican Panuco Oil_ _ _ _10
1
Mountain & Gulf Oil
Mountain Producers__ _.10
100
National Fuel Gas
5
New Bradford Oil
New England Fuel Oil_ _ _*
North Central Texas Oil_ _*
1
Northwest Oil
Ohio Fuel Corporation_ _25
Pandem Oil Corp
Peer Oil Corp
Pennock Oil Corp
25
Red Bank Oil
Reiter-Foster Oil Corp___*
-Can Oil Syndicate.*
Royal
Ryan Consol Petroleum_ _*
Salt Creek Consol Oil_ _ _10
Salt Creek Producers_..10
Shrevep't El Dorado P L.25
Tidal Osage voting stock_*
Tide Water Assoc Oil _ _ 100
Preferred
Venezuelan Petroleum__ _5
Wilcox Oil dr Gas new._ _ _*
Woodley Petroleum Co_ _ _*
1
"Y" Oil Sr Gas
4%
1%
2515
5%
10%
815
39%
815
74c
15
24%
810
6%
33%
24%
97%
7
3154
•7
24c
Range Since Jan. 1.
Low.
Olgh.
31% 34%
600 31
June 56
14
200 15 June 16
14
4% 4% 2,100
3% Mar
5%
1% Mar
1% 1%
1,600
1%
2534 25% 8,000 23
Apr 26
Apr 159
148 148
10 131
57 Mar
A
57
4 6% 1,500
6
7% 11% 3,700
Mar 11%
2
200
8% 8%
8% July 1215
40
4c
1,000
30 May
70
40
Mar 40
37
1,900 33
7% July
7% 8;i 1,100
935
50c May
1,000
60c 74c
2%
15% 1,400 14% June 22%
15
24% 25
600
634 Feb 38
2036 24% 10,600 1454 Jan 24%
80c 87c
6,400 20c Apr 95c
6% 6%
300
494 Apr
%
9
300
9
Apr 10
8
33% 34% 4,800 28% Apr 36
13% 1334
Jan 13%
100 11
300
8% 814
7% Apr 10
2415 24% 6,900 21
Apr 27
97% 97% 1,200 97% Mar 9914
436 Jan
6% 7% 4.600
734
31% 33% 1,700 22
Mar 36%
7%
7
434 May
1,000
7%
24c 26c
Sc
9,000
Jan 35c
Jan
June
Feb
Jan
Jan
Feb
Jan
July
Feb
June
July
May
Feb
Feb
May
Feb
June
.Jan
Feb
Jan
July
Jan
Mar
Mar
Mar
June
June
May
Mining Stocks.
9c
Sc
Arizona Globe Copper__ _1
1 78c
730 80c
Beaver Consol
8c
8c
Calumet & Jerome Copp_l
10 14% 14% 14%
Carnegie Metals
20c 20c
Comstock Tun dr Drain.10c
3%
394
Consol Copper Mines__ _ _1
Sc
5c
Cons Nevada Utah Corp_3
14% 14%
25
Copper Range Co
2%
234
Cresson Con Gold M & M 1
12% 12%
Engineer Gold Mines,Ltd 5
6c
7c
Sc
1
Eureka Croesus
4c
4c
Gold Min_ _1
First Thought
Sc 100
9c
Forty-nine Mining Co__ _ _1
1% 1%
134
Golden Centre Mines_ _ _ _5
4c
4c
Golden State Mining_ _10c
Sc
8c
Golfdield Consol Mines_ _1
6c
6c
1
Florence
Goldfield
180 I9c
18c
Hawthorne Mines, Inc__ _1
17% 17%
25c
Hecia Mining
50c 58c
Jerome Verde Devel_ _50c
1%
134
1
Kay Copper Co
1% 1%
5
Mason Valley Mines
Mining Corp of Canada_ - _ -----4c
3c
50c
National Tin Corp
21
21%
New Cornelia Copper_ _ _5
190% 194%
100
New Jersey Zinc
62
Newmont Mining Corp_10 60% 60
5% 511
5%
5
Niplasing Mines
15
15%
Noranda Mines Ltd
600 61c
1 60c
Ohio Copper
26c 35c
Parmac-Porcupine Min_ _1 35c
10c 10c
Plymouth Lead Mines._ _1
254 2%
Premier Gold Min. Ltd_ _1
160 16c
1 16c
Red Warrior Mining
4c
Sc
4c
1
San Toy Mining
5%
5
5
South Amer Gold & Plat_ _1
4c
Sc
5c
1
Spearhead Mining
90
9c
9c
Standard Silver-Lead.__ _1
3% 3%
3%
1
Teck Hughes
315 3%
315
Tonopah Belmont Devel_l
6%
6% 615
1
Tonopah Mining
9c 12c
Tr -Bullion S & Dev--100 12c
27% 28
United Verde Extens_ _50e
7c
Sc
Sc
U S Continental Mines,new
7%
7% 8
5
Utah Apex
334 354
334
Copper Mining_ _1
Wenden
5c
4e
West End Exten Mining_l
30c 30c
5 30c
Yukon Gold Co
4,000
70 May 310 Feb
Jan 96c Feb
1,100 45c
1,000
8c June 16a Feb
900 14% July 21
Jan
1,000 20e July 20c July
4,900
115 Apr
May
1,000
3c May
70 June
100 13% May 20% Feb
1,700
1% June
2%, Jan
800 11
Mar 28% Feb
9,000
3c Apr 10c June
5,000
4c June 10c
Apr
16,000
5c Feb 19c Apr
6,400
1
Mar
3 May
1,000
Jan
2c
6c June
8,000
4c Feb 22c June
7,000
7c Apr 18c Feb
20,000 12c Apr 32c Feb
200 15% Mar 1934 Mar
400 50e June
Feb
11,200
194 June
2
Mar
400
154 June
Feb
1,000
3% July
July
5,000
3e July
70 Jan
200 18% Mal 21% Feb
175 180
Mar 210
Jan
2,800 4614 Jan 62
July
2,900
5 June
Jan
600 12% Mar
18% Feb
2,900 470 Mai 750 Jan
24,000 20c Mar 350 Feb
2,000
8c
Jan 28c Mar
500
211, Ma/
Mar
2,000 16c July
35c Feb
18,000
3c Mar
6c July
3,100
Feb
3%
5% July
6,000
2c Feb
6c May
1,000
7c
Jan
12c
Jan
3,700
2111, Jan
3% July
600
214 Api
4% Jan
2,600
Jan
5
7% Feb
6,000
3c May 13c June
200 27
Mai 33
Feb
8,000
60 June 10c
Jan
700
6% Feb 1114 Feb
1,800
234 May
Jan
5,000
30 Mar 17c
Jan
1,000 300 June 740
Jan
Bonds
Allied Pack, deb 85_ _1939
1939
Debenture 65
Aluminum Co of Am 781933
68, new._ _2014
Am G dr El
American Power & Light65.old without warr_20113
2016
6s, new
Amer Roll Mill 6s_ _1938
1936
Amer Seating 68
1928
Amer Thread 13s
Amer W Wks & El 68..1975
Anaconda Cop Min 68_1929
Andian Nat'l Corp 6s_1940
without warrants
Appalach El Pow 5s w 1 '50
Assoc Gas & Elec 68_ _1955
Assoc'd Sim Hardw 6145'33
1949
Atlantic Fruit 8s
Bait & Ohio RR 55-2000
Beaver Board Co 8s_ _1933
Bell Tel of Canada 58_1955
Berlin City Elec.6;55_1928
1929
6158
Beth Steel equip 78_ _1935
Boston dr Main RR 65 1933
Brunner Turb & Eq 7355'55
Buffalo Gen Elec 55_ _1956
Burmeister & Wain of
Copenhagen 15-yr 681940
Canadian Nat Rys 78_1935
Carolina Pow & Lt 55_1956
1987
Chic dr N W 4%8
1966
Cities Service 65
New, when issued
Cities Serv 7s, Ser D _ _1966
Cons G. E L & P 68 A_1949
1952
510 Series E
1965
58 series F
Consolidated Textile 85 '41
Container Corp 68_ _ _ _1946
Cuban Telep 7158_ _ _ _1941
Cudahy Pack deb 5358.1937
1946
5s
Detroit City Gas 6s..1947
Duke-Price Pow 1st 6s 1966
East Term Off Bldg 6348'43
Eitington-Schild Co 68 1935
Elec Refrigeration 68- _1936
Europ'n Mtg & Inv 710'50
1933
Federal Sugar 68
1946
Flat 20-yr 5 f 75
Rubber 5158- --1931
Fisk
Florida Pow & Lt 55-1954
New
Galena-Signal Oil 78-1930
General Petroleum 65_1928
79 $20,000 70% May 89
77
79
Jan
70
70
1,000 64 June 80
Jan
106% 10614 106% 5,000 106 34 Jan 107% Feb
100% 100% 100% 112,000 98% Apr 101% June
99% 99%
99% 99%
103
103
9914 99%
102%
9534 95
103
9634
97%
95%
9734
9635
98%
10215
100
90
99%
9314
9315
106
10734
106%
102%
so
99
110
107
10215
100
96
104%
99%
85
93%
96%
94%
9514
92
99%
99%
103
100
102%
9514
103%
104,000 96
98,000 98
1,000 101
89,000 99%
1,000 102%
71,000 92%
33,000 102%
Jan
May
Jan
July
Feb
Mar
Mar
100%
10015
103%
100%
103%
95%
103%
June
June
Apr
July
Jan
July
Jan
101 10114
96% 96%
96% 9715
9515 95%
23% 23%
97% 98
95
97
100% 101
100 100
98% 98%
102% 102%
99% 100
88
90
102% 103%
3,000 98
Mar 101%
131,000 96% July 97%
138,006 92% Mar 97%
11,000 95
Jan 9654
4,000 19
Mar 33%
118,000 94% Mar 99
34,000 9
3% Feb 98
13,000 99% Jan 10134
3,000 98
Mar 100
11,000 97
Mar 98%
4,000 102% June 104%
6,000 94% Jan 101
21,000 85 June 101%
3,000 99% Jan 103%
July
May
July
Feb
Jan
Apr
Feb
June
May
June
Jan
June
Feb
May
94
95
113% 113%
99% 99%
1013410234
9315 93%
933.4 9334
105% 10631
107% 107%
106 106%
102% 102%
80%
80
99
99
110 110%
91% 92
95% 96
106% 107
102% 10234
100 100
95% 96
104 10415
9854 99%
85
85
93% 9354
96%
96
9436 9536
9534
95
92%
92
101% 101%
12,000
1,000
76,000
65,000
138,000
25,000
73,000
8,000
6,000
1,000
16,000
5,000
10,000
13,000
5,000
73,000
113,000
1,000
11,000
41,000
31,000
2,000
75,000
24,000
709,000
13,000
10,000
18,000
July
June
May
June
Mar
Mar
July
May
June
June
Feb
July
Mar
Jan
May
July
May
May
Jan
Jan
June
Feb
July
Jan
June
July
Mar
Jan
94
110
97%
101%
91%
91%
101%
105%
105
100
80
80
108%
91%
9434
104%
100%
100
9514
100%
92%
85
93%
93%
91%
95
84
101%
July
Jan
May
June
Apr
Apr
Jan
Feb
Mar
Jan
June
June
Jan
May
Jan
Jan
Apr
May
Apr
Mar
Jan
May
July
Apr
Mar
July
May
June
95
114%
100%
102%
93%
94
106%
108
107
102%
92
99
112
95%
96
107
10254
100
98%
107
10015
98%
93%
98%
9634
9536
104
102;4
Bonds (Concluded)
-
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Goodyear T & R 5s.._1928 97%
Goody'rT&Rof Ca15158'31 97%
Grand Trunk Ry 6145_1936
Great Cons Elec 6155 1950 87
1937
Gulf Oil of Pa 55
1927 100%
Serial 5358
1928
Serial 5158
Hamburg Elec Co 7s_ _1935 99
1936
Hood Rubber 7s
Ilseder Steel Corp 75-1946 96
Indep Oil & Gas 6158_1931 98
Indiana Limestone 6s_1941 99
Indianapolis P & L 68_1936 97%
Intemat Grt Nor 5s B _1956 95%
Keith (B F) Corp 65_ _1946 99%
Keystone Telep 5158_ _1955 86
Kresge Foundation 68_1936 100%
Krupp (Fried),Ltd,751929 97%
Laclede Gas L 510_1935
Lehigh Pow Scour 68..2026 94%
Leonard Tietz Inc 7145 '46
with stock purch warr'ts 98
Libby, MeN & L 78_ _ _1931 104
-Winchester 75_1942
Liggett
Loews Inc 65 with war 1941 98
Long Isld Ltg Co 65-1945 103%
Manitoba Power 5%8_1951 96%
Mansfield Min & Smelting
1941
(Germany)78
Mass Gas Cos 510_1940 102%
Montg'y Ward & Co 581946
Morris & Co 7148__ _ _1930 104
Nat Dist Prod 6 %s_ - _1945
Nevada-Calif Elec 55_1956 95%
1941
Nevada Cons5s
Nor States Pow 6155_ _1933 111%
1933
615s gold notes
1951 106
Ohio Power 78
1952 98%
58, series B
1956 -410 series D
Ohio River Edison 5s_1951 9335
1941 9814
Otis Steel 58
Pan Amer Petrol 68_ _ _1940 103%
Penn-Ohio Edison65._1950 10215
Penn Pow & Light 58_1952
1953 99%
5s Series D
Phila Elec Power 5148_1972 10215
Phila Rapid Transit 681962
Porter(H K) Co 65_..1946
Pub Serv Corp NJ 5145'56 99%
1933
,Pure Oil Co 614s
Rand-Kardex Bur 554s '31 110%
-Maine-Danube Corp
Rhine
1950 99%
75 Series "A"
1955 96%
Sands Falls Co 55
Public Wks65481951 91%
Saxon
1946 100
Schulco Co 6%5
Schulte R E Co 65- _ _ -1935 94%
68 without corn stock1938
1931 107
Servel Corp 65
Shawsheen Mills 78-1931 100
Siemans & Halske 75-1928 99%
1935 99%
7s_
Sloss-Sheff St & I 6s..192°
1934 10311
Solvay & Cie 65
Southeast P. & L.65 -2025
Without warrants_ _2025 94%
2025 95
6s new
Sou Calif Edison 55.._1944 101
1951 98%
58
Stand 011 of NY 6545_1933 106
Stutz Motor of Am 7345'37
1939 100%
Sun 011 534s
Swift & Co 6s_ _Oct 15 1932 97%
Texark & Ft Sin 5345_1950 10334
Thyssen (Aug)I&S 75 1930 101%
Trans-Cont'l 011 75_ _ _1930 98%
United Elec Westph Power
Corp (Germany)636s'50 89
United Rys of Rev 736s'36
U S Rub ser 634% notes'28
Serial 654% notes_ -1929 10134
Serial 654% notes_ _1930 101%
Serial 634% notes_ _1931
Serial 634% notes_ _1934
Serial 635% notes_ _1935 10114
Serial 634% notes_ _1936 10134
Serial 654% notes 1937 101%
Serial 654% notes_ _1938 10136
Serial 654% notes_ _1939 101%
Serial 654% notes_ _1940 102
U S Smelt & Ref 5155_1935 101%
United SteelWorksBurlach,
1951 9515
Luxemburg 75
U S Steel Works A0%s 1951
With stock purch warr__ 96%
1937
Valvoline Oil 65
Webster Mills 634s._.1933
97
96%
97
97
109 109%
8634 87%
100% 100%
100% 100%
101% 10115
9815 99
104% 104%
95% 96
98
98
99
99
97% 97%
95% 95%
99% 99%
.86
86%
100% 100%
96% 97%
99% 99%
94
9415
97%
104
107%
97%
103%
96
30,000
38,000
8,000
134,000
5,000
4,000
2000,
24,000
7,000
151,000
7,000
5,000
3,000
7,000
10,000
11,000
52,000
98,000
10,000
98,000
Range Since Jan. 1.
Low.
96%
97
107%
85
98%
10094
100%
94
104%
94
9536
99
9734
95%
99%
83
100%
90%
98
93
July
July
Mar
Apr
Feb
June
Jan
Jan
Jan
June
May
May
June
June
June
Apr
June
Jan
Jan
Mar
Rich.
99%
99
109%
88
101%
101
101%
9934
105%
96
100%
99
98%
95;4
100%
89
10134
98
100;6
95%
Jan
Apr
June
June
June
Jan
Jan
June
June
June
Feb
May
May
June
June
Apr
May
June
May
Feb
98% 21,000 93;4 Mar 9834 June
104% 9,000 103% June 105
Jan
108
4,000 10654 May 108% Apr
9914 68,000 97% July 99% May
103% 9,000 99% Mar 103% July
96% 65,000 94% Apr 98
Apr
99
99%
102% 103
97% 97%
104 104%
96% 97
95% 95%
93% 93%
111% 111%
103 104
106 106
98;4 99
93
93
95% 95%
98% 98%
103% 104%
10236 102%
99% 100
99% 99%
102% 102%
100% 10034
100 100
99% 9994
10331 103 34
11054 111
23,000
22,000
1,000
14,000
12,000
15,000
8,000
50,000
13,0(X)
1,000
35.000
15,000
50,000
59,000
224,000
20,000
4,000
2,000
14,000
1,000
5,000
149,000
18,000
64,000
9756
100
995-1
102%
101%
May
Jan
July
June
June
June
June
Mar
Mar
May
Jan
June
June
Mar
Apr
Apr
Mar
June
Mar
Jan
June
June
Jan
Mar
101
10334
97%
105%
99
95%
95
131
104%
117
101
93%
96%
99
105
106
100
loog
103%
101%
94
99%
97
103%
95
9536
91%
108
102%
105%
94
93
94
97%
9934
98
97%
97%
100%
June
June
July
Apr
Jan
June
July
Jan
Jan
June
June
June
June
June
July
Jan
May
June
May
may
103% May
99%, June
10334 Feb
115
Jan
99
96%
91%
100
94%
88;6
106;6
100
99%
9934
10236
103%
99%
97
91%
100%
9534
89%
107%
100%
99%
100
10236
104
31,000 94
39,000 94
18,000 10194
90
34,000
19,000 92
27,000 83
74,000 99;6
20,000 96
35,000 9634
50.000 94
4,000 102
2,000 102
Jan
Mar
July
y
July
Apr
Apr
Mar
May
Jan
Jan
n
Jan
Jan
June
July
July
June
Jan
July
June
Jan
June
100% June
103% June
104% May
94%
95
101
9834
106
10936
100%
97%
103%
Igo%
9136
94%
95
101
98%
106%
10934
100%
98
10336
101%
09
77,000 89
23000 9494
5,000 96%
98,000 198
19,000 105%
5,400 101%
4,000 9734
51,000
18,000 00%
486,000
104,000
Mar
June
Jan
Julyiaa
j
Mar
Apr
Jan
9534
95%
101%
99
107%
120
100%
9856
100
97
91%
100%
9854
8934
109
10254
99%
June
June
June
June
Jan
Jan
June
Apr
Apr
June
July
Mar
Jan
J3jaann
une
icnu
101%
89% 142,000 84
111% 9,000 109% May
Jan
101%
5,000 101
June
101% 3,000 101%
June
101% 4,000
10134 10154 1,000 101% June
101
10134 1(3154 1,000 10034 Mar
Mar
101% 10154 6,000 100 Mar
101% Ica% 17,000
10036 Mar
101 101% 11,000 10034
101 101% 23,000 100 34 Mar
Mar
101% 102
7,000 10036 Mar
,
101% 102
12,000
Jan
101;6 101% 50,000 100
100
Jan
9534 95% 131,000
9234 May
96%
96
79,000
July
10415 10415 1,000 96
94% 94% 10,000 10336 Jan
90% May
91
112
10234
103%
102%
102'.4
10234
102%
102%
102%
102%
10234
102%
102
June
June
Jan
Apr
Apr
Jan
Apr
May
Feb
May
May
Apr
Apr
Feb
96
June
88%
111%
101%
10136
10134
99
965.4 July
105 illay
Jan
101
Foreign Government
and Municipalities.
Antioquia (Dept of), Col
93
92
$20,000 90
11945
945
Jan 93 June
75 Series A
91% 92% 33,000 9134 Apr 9234 June
92
78 Series B w
Austria (Prov of Lower)
1950 95% 95% 95% 27,000 9536 July 98% Mar
734s
94% 94%
35,000 93
Baden (Germany)7s_ _1951 94% 90
Feb 96 June
Julie
Brazil (U.S. of)630-1957 90% 9034 90% 89,000 90 May 91
90% 41,000
90%
June
New
9034 June 91
99% 100
Buenos Aires(Prov)7158'47 99% 99
62,000 99% Jan 101;4 Feb
9934
•
1936 99%
78
14,000 99
Apr 100% Apr
1952 96% 9634 96% 27,000 9634 Apr 97% May
75
9
5% 96
34,000 95% July 97 June
Caldas(Dept),Col 7158'46 96
0% 90% 90,000
Cologne (City) 634s..1950 90% 9
Jan 90% July
85
Danish Cons Munic 5548'55 97% 97% 99% 41,000 96
May 99% July
Denmark (King)5355_1955 99% 9936 9936 147,000 98
May
Mar 100
100% 101
68
1970
4.000 99% Jan 10134 Jan
6% 9734 74,000 94% Mar 98 June
9
German Cons Muffle 75 '47 97
Hungarian Land Mtge Inst
95% 96
7545 series A
1961 96
17,000 95 June 96 [July
Indust Mtge Bk of Finland
1
98% 10,000 9634 Jan 100 June
1st M coll s f 75_ _ _ _1944 98% 98
87% 88% 101,000 87 May 93
Italian Pub UM Inst 78'52 88
Mar
Neth'ds (Kingd)68 /3_1972 108% 108% 108% 6,000 10634
194
6
mar 108,1 July
96
Oslo(City) 534s
9534 96
Mar 9734 Mar
19,000 93
Roman Catholic Church of
Bavaria 6148
1946 92% 92% 93% 32,000 92% June 94 June
Russian Govt 5145_ _ _ _1921 13% 13% 13% 10,000 12 June 17 ,Feb
14% 14% 3,000 12 June 17
Feb
535% certificates_ _ _1921 14%
SantaFe(Argenttne)781942 93% 9334 93% 7,000 9036 Jan 94% Feb
,
Saxon State Mtge Inv 75'45 9834 97
98% 92,000 9236 Mar 9836 July
101% 102
Switzerland Govt510 1929 1102
13,000 101% Mar 10236 Jan
• No par value. k Correction. !Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. I Ex-rights
and bonus. v Ex-cash and stock dividends. w When issued. x Ex-dividend.
y Ex-rights. z Ex-stock dividend.
•
200
Inuestmeni and
ailtcrad, gutertigenqc
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of June. The table covers 15 roads and shows 10.17%
increase over the same week last year:
Fourth week of June.
$
Buffalo Rochester & Pittsburgh
508,629
Canadian National
6,961,138
Canadian Pacific
4,754,000
Dulutti South Shore & Atlantic_
147,918
Georgia & Florida
48,700
Great Northern
.._
2,909,000
Mineral Range
6,028
Minneapolis & St Louis
265,762
Mobile & Ohio
500,907
Nevada California & Oregon_ __
11,678
St Louis
-San Francisco
2,426,441
St Louis Southwestern
611,200
Southern Railway system
5,091,733
Texas & Pacific
768,735
Western Maryland
581,869
Total (15 roads)
Net increase (10.17°7,1
Increase. Decrease.
1925.
1926.
$
$
388,019 120,610
5,935,462 1,025,676
4,198,000 556,000
156,146
49,327
2,939.996
16,776
18,703
247,059
56,750
444,157
2,610
9,068
2,308,013 118,428
28,449
582,751
4,735,492 356,241
15,523
753,212
468,510 113,359
25,593,738 23,231,988 2,412,349
2,361.750
$
8,228
627
30,996
10,748
50,599
In the following we show the weekly earnings for a number
of weeks past:
Increase or
Decrease.
Week.
Current
Year.
Previous
Year.
1st week Mar.(14 roads)____
2d week Mar.(14 roads)____
3d week Mar.(14 roads) __ _
4th week Mar.(15 roads
1st week Apr. (15 roads)::::
2d week Apr. (14 roads)____
3d week Apr. (15 roads)___
4th week Apr. (15 roads)____
1st week May (15 roads)___
2d week May (15 roads)____
3d week May (14 roads)___
4th week May (15 roads)__..
1st week June (15 roads)....
2d week June (15 roads) - _
3d week June (15 roads)____.
$
17,011,615
17,403,986
17,723,131
26,826.156
17,678,425
17,043.787
17.401,207
23,063,433
17,468.131
18,443.528
18,124,630
26,040.097
18,874,013
18,802,401
19 039 129
$
16.195,029
16,675.446
16,555.077
23,116,172
16.549.262
15,953,491
16.231,233
21.891,860
16,994,994
16,581.018
15.950,455
21,984,062
17,192,610
17,094,407
17,158,394
9f1 9fil QRR
%
$
+816,586 4.96
+728,540 4.35
+1.168,054 7.05
+3,709,984 16.09
+1,135.163 6.88
+1,090,296 6.83
+1,169.974 7.21
+1,171.573 5 34
.
+473,137 2.78
+1.862,510 7.23
+2,174.175 13.63
+4,056.035 18.45
+1,681,403 9.75
+1,707,994 9.99
+1,880,735 10.96
+2.361.750 10.17
.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
c Amer Pow & Lt Co_ _ _ _May 4,741,002 3,870,229 *1,982,575 *1,696,612
12 mos ended May 31_ _54,908,446 46,252,700*24,435,882*20,447,841
Illinois Bell Telephone..
.May 5,628,668 4,982,938 *966,292 *800,159
5 mos ended May 31_ _ _27,275,064 24,576,768 *4,941,087 *4,437,739
*After taxes.
c Earnings of subsidiary companies only.
Balance,
Gross
Net after
Fixed
Surilus.
Taxes.
Earnings.
Charges.
Companies.
$
Amer Water Wks May '26 3,615,430 1,676,597 f1,429,821
1246,776
& El Co and sub cos '25 3,252,322 1,417,439 f1,236,151
1181,288
12 mos end May 31 '26 43,028,969 20,275,018f16,575,404 13,699,614
'25 39,980,507 17,500,033114,778,661 12,721,372
Boston Elevated
May '26 *3,018,257
57,010
720,797
663.787
139.081
'25 *2,963,610
805,838
666,757
Carolina Power & May '26
210,840
674,381 *320,237
109,397
Light Co
150,781
'25
535,952 *247,222
96,441
• 12 mos end May 31 '26 7,413,735 *3,477,450
2,277,463
'25 6,261,862 *3,079,027 2,106,893 1,972,134
Federal Lt & Trac May'26
115,423
185,351
507,853
69,928
Co
'25
94,273
449,675
157,588 • 63,315
5 mos end May 31 '26 2,788,330 1,086,107
750,327
335,780
'25 2,505,195
664,062
960,063
296,001
Kansas Gas & Elec May'26
367,637
79,513
Co
'25
502,968
76,961
12 mos end May 31 '26 4,405,015
n605,144
'25 5,796,752
n561,511
Southern Calif
May '26 2,180,279 1,461,654
980,157
481,497
Edison Co
'25 2,092,128 1.473,389
397.738 1,075,651
12 mos end May 31 '26 25,741,368 17,118,171 6,258.557 10,859,614
'25 22,275,486 10,703,289 4,941,295 5,761,994
WestPenn Co &subs May'26 2,730,270 1,192,040 f680,893
511,147
12 mos end May 31 '26 32,630,107 14,645,526 18,168,488 6,477,038
* Includes other income.
f Includes preferred dividends of subsidiaries.
1 After renewals and replacements.
n After preferred dividends.
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroad., street railway and reiscellaneous companies which
have been publibhed during the preceding month will be given
on the last Saturday of each month. This index will not
it h arcualr
'
7.451
include reports in the issue of the "Chronicle' in which it is
published. The latest index will be found in the issue of
We also give the following comparisons of the monthly June
26. The next will appear in that of July 31.
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
Pittsburgh & Lake Erie RR. Co.
(47th Annual Report-Year Ended Dec. 31 1925.)
They include all the Class A roads in the country,with a total
President Patrick E. Crowley reports in substance:
mileage each month as stated in the footnote to the table.
T.I.I. 11 M ......,..1,
0g M0.2
'
Net Earnings.
Gross Earnings.
Month
1925.
1924.
Increase or
Decrease.
1925.
1924.
$
$
June _ 506,002,036 484,774,329 +41,227,707 130,837,324 101,487,318
July_ 521,538,604 480,943,003 +40,595,601 139,606,752 111,786,887
554,559,318 507,537,554 +47,021,764 166,558,666 134,737,211
Sept__ 564,443,591 540,063,587 +24,381,004 177,242,895 159,216,004
Oct __ 590,161,046 571,576,038 +18.585,008 180,695,428 168,640,671
Nov_ _ 531,742,071 504,781,775 +26.960,296 148,157,616 131,381,847
Dec._ 523,041,764 504,450,580 +18,591,184 134,445,634 124,090,958
Increase or
Decrease.
$
+29,350,006
+27,819,865
+31,821,455
+18,026,891
+12,054,757
+16,775,769
+10,354,676
1925.
1926.
1926.
1925.
+946,994
Jan -- 480,062,657 484,022,695 -3,960,038 102,270,877 101,323,883
-38,008
Feb.. 459,227,310 454,198,055 +5,029,255 99,480,650 99,518,658
Mar_ _ 528,905,183 485,236,559 +43,668,624 133,642.754 109,081,102 +24,561,652
April 498,448,309 472,629,820 +25,818,489 114,685,151 102,920,855 +11,764,296
May.518,487,480 487,952,182 +28.515.298.128,581,566 112,904,074 +15,677,492
Note.
-Percentage of increase or decrease in net for above months has been:
1925: June, 18.91% Inc.; July, 24.88% inc.; Aug., 23.26% inc.; Sept., 11.32% Inc.;
Oct., 7.14% inc.; Nov., 12.77% inc.; Dec.. 3.69% inc.; 1926, Jan., 0.93% inc.;
Feb., 0.04% dec.; March, 22.50% Inc.; April, 11.43% inc.; May, 13.83% Inc•
In June the length of road covered was 236,779 miles in 1925,against 236,357 miles
in 1924; in July, 236,762 miles, against 236,525 miles; in August, 236,750 miles,
against 236,546 miles; in September,238,752 miles, against 236,587 miles; in October,
236,724 miles, against 236,564 miles; in November, 236,726 miles, against 235 317
.
miles; in December, 236,959 miles, against 236,057 miles; in January 1926, 236,944
miles, against 236,599 miles in 1925; in February, 236839 miles. against 236,529
miles; In March,236,774 miles, against 236,500 miles;in April, 236,518 miles, against
236,526 miles; in May, 236,833 miles, against 236,858 miles.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Na after Taxes
1925.
1926.
1926.
1925.
1925.
1926.
$
Alabama & Vicksburg
67,078
May
286,070
288,104 -13,245
93,950 -37,523
256,770
From Jan 1_ 1,402,754 1,421,790
82,422
397,999
219,635
Chicago Peoria & St 1,011111
-4,968
May
28,598
--4,925
70,391
_2,218
-1,725
From Jan 1_ 307,344
-1,433
459,362
14,331 -19,945
-7,506
Missouri Pacific
May
10,480,970 10,114,896 2,207,996 1,980,652 1,745,052 1,537,999
From Jan 1_53,144,017 52,011,028 11,818,531 10,332,479 9,330,694 8,238,106
Newburgh & South Shore
May
9,353
156,898
6,520
161,142
22,158
20,739
From Jan 1_ 828,857
148,383
93,077
865,337
213,703
159,683
Pittsburgh & west Virginia
126,137
383,639
May
71,291
418,052
166,650
119,810
480,716
From Jan 1_ 2,016,804 1,881,080
559,270
685,246
812,412
The Pullman Co
879,273
6,470,376 6,366,512
May
583,483
920,039 1,199,965
From Jan 1_32,321,990 30,616,522 4,464,256 4,699,006 2,837,212 3,195,674
Pacific
Southern
Atlantic Steamship Lines
953,111 1,009,895
44,028
May
69,403
77,744
58,569
From Jan 1_ 5,041.174 4,684,048
572,743 -299,856
622,646 -226,700
Spokane Portland & Seattle
616,325
649,012
111,367
May
130,806
208,007
187,731
961,162
556,109
Frpm Jan 1_ 3,037,426 2,963,153
575,365
930,333
Vicskburg Shreveport & Pan flc341,749 -11,785
325,062
65,299
May
87,727 -31,790
197,603
FromJan L 1,706.535 1,623,544 197,171 309,442
79,991
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Year's Business.
-During 1925 the company moved 37,550,530 tons of
revenue freight, an increase over 1924 of 468,725 tons. The situation which
prevailed in 1924 with respect to the movement of coal, set forth in the report of that year (see V. 120, p. 3056), continued throughout 1925. One
of the company's largest coal shippers closed all of its mines located on the
lines of this company and connecting lines. The furnace situation was
slightly better than in 1924, but there was a decreased tonnage of coke as
the result of increased production thereof by the consuming industries. A
largely increased tonnage of limestone resulted from a greater consumption
of fluxing limestone by blast furnaces and a heavier movement of crushed
stone for highway construction.
The company carried 5,516,403 passengers, a decrease of 148,582. There
was an increase of 2,046 in the number of interline passengers attributable
to more excursions to off line points. Local and commutation passengers
decreased 150,628. the result of depression in the mining industry and the
growing use of the automobile.
Operating Revenues.
-The total operating revenues were $32,026,689, an
increase of $605,540. Freight revenue was $27,881,373, an increase of
$720,608. There was an increased tonnage of iron ore, clay, gravel, sand
and stone, manufactures and miscellaneous. There were decreases in coal,
coke, products of agriculture and products of forests. Passenger revenue
was $2,999,293, a decrease of $92,548. Mail revenue was $68,348, a decrease of $835. Express revenue was $144.879, a decrease of $5,547. Milk
revenue was $153,876, a decrease of $20,288, due to the increased use of
automobile trucks for both long and short haul milk traffic. Switching
revenue was $478,077, an increase of $69,113, the result of heavier traffic.
Demurrage revenue was $63,351, a decrease of $42,875, of which $22,625
is accounted for by refunds in 1925 applicable to prior years.
Other transportation and incidental and joint facility revenues were
$237,491, a decrease of $22,087, largely the result of a falling off in revenue
from the central warehouse in Pittsburgh caused by a smaller volume of
storage business as compared with 1924.
Operating Expenses.
-Total operating expenses were $25,455,383, a decrease of $134,764.
Railway Tax Accruals.
-Railway tax accruals were $2,178,545, an increase of $270,039, mainly the result of higher valuation as to the Pennsylvania capital stock tax and increased net income as to the Federal income tax.
Non-Operating Income.
-Non-operating income was $1,206,108, an increase of $126,432. Dividend income increased $122,200, principally due
to the receipt of a 6% dividend on the company's holdings of capital stock
of the Monongahela ]Ry. Co., no dividend having been received in 1924.
Income from funded securities increased $37,926, the result of interest accruals on additional advances during the year to the Monongahela Ry.
Income from unfunded securities and accounts decreased $31,150, mainly
the result of the accrual of interest on U. S. ctfs. if indebtedness, matured
during 1925,for a part of the year only against a full year'saccrual in 1924.
Deductions from Gross Income.
-Deductions from gross income were
$2,728,295, a decrease of $332,446.
Rent for leased roads decreased $24,892, due to the payment of principal
installments in connection with equipment trusts of the Pittsburgh McKeesport & Youghiogheny RR.and consequent reduction of interest accruals.
Interest on funded debt decreased 334,089, due to the accrual of interest
on a smaller amount of equipment trust certificates outstanding during
the year.
Interest on unfunded debt decreased $105,245, largely the result of an
adjustment in 1924 of interest due the New York Central RR. on one-half
of the depreciation reserve balance held by this company accrued on Pittsburgh McKeesport & Youghiogheny RR. equipment.
Income transferred to other companies decreased $162,325 because of
decreased payment to the New York Central RR. on account of its proportion (one-half) of net
from operation of the Pittsburgh McKeesport & Youghiogheny
Net Income Before Dividends.
-The net income of the company was $7,369,603, an increase of $1,204,448.
Property Investment Account.
-Increases in the property investment account for the year, as shown in detail elsewhere in this report, were as follows: Road, $2,328,199; equipment, $412,398; total, $2,740.597.
Automatic Train Control.
-A contract dated Aug. 12 1925 was made with
the Union Switch & Signal Co. for the installation of an intermittent inductive auto-manual device between Pittsburgh and Youngstown and under
this contract work proceeded steadily during the remainder of the year.
Upon application to the I.-6. C. Commission the company was relieved
from the order of Jan. 14 1924 requiring the installation of automatic train
control devices upon a second division of its road.
Pittsburgh McKeesport 8:. Youghiogheny RR.
-Company advanced to the
Pittsburgh McKeesport & Youghiogheny RR. for additions and betterments and equipment 3738,538, an equal amount for the same purposes
having been advanced by the New York Central RR. The total of such
advances by this company to the Pittsburgh McKeesport & Youghiogheny
RR. to Dec. 31 1925 was $15,040,612.
nit'.t
JULY 10 19261
THE CHRONICLE
201
Mahoning State Line RR.
-Company advanced during the year to the of your steamers on what would have been profitable voyages: therefore
Mahoning State Line RR. for additions and betterments $41,100, making your earnings so far for 1926 are not as favorable as for the corresponding
period of 1925, and the outlook for the year does not indicate any greater
the total advances to Dec. 31 1925 $409,003.
earnings than for 1925, as the continuation of the coal strike in England,
OPERATING STATISTICS FOR CALENDAR YEARS.
interfering with transportation and manufacturing interests, is adversely
1924.
1925.
1923.
1922.
affecting earnings and it is difficult to say how long this may continue.
231
Miles operated
231
234
231
-The company's fleet has been maintained in a thoroughly effiFleet.
Tons (revenue) freight
37,550,530 37,081,805 50,712,828 32,384,577 cient manner.
Company's freight
1 ,064,083
1,093,942
1,260,729
-[The stockholders on June 17
814,881
Sale of Oceanic Steam Navigation Co.
Revenue tons 1 mile_ _ _ _2252818452 2194868,207 3257651,935 1926889.230 approved the sale of the stock of the Oceanic Steam Navigation Co., Ltd.
Company freight 1 mile_ 44,477,705 48,798,474 59,590,990 37,905.493 (White Star Line). See V. 122, p. 3460.]
Bituminous coal
•
12,667,379 13,761,149 20,271.320 10.207,899
-$400,000 was paid in 1925 to the trustees and $451,000
Sinking Fund.
3,129,344
Coke
3,154,111
5,232,917
2,335,130 of bonds were purchased and cancelled, leaving $35,980,000 outstanding.
4,499,112
4,693,351
Ores
5,239,311
3,802,454
-The total amount of 1st mtge. & coll. trust 6% bonds outBonds.
Stone, sand, &c
4,517,096
3,947.309
4,824,771
4,050,952 standing and in the hands of the public Dec. 31 1925, was $35,980,000.
Passengers carried
5,516,463
5,665,045 6,019,694
5,49(522 The debenture bonds of subsidiary companies held by the public amounted
Passengers one mile_ _123,474,217 124,512,841 131,072,713 113,670,244 on Dec. 31 1925, to $5,345,670, as compared with $5,804,480 on Dec. 31
Earns. per ton per mile
1.24 cts.
1.24 cts.
1.24 cts.
1.33 cts. 1924.
Ton load (all)
1,531
1,507
1.597
1,409
Dividends.
-A balance of 61%% unpaid back dividends remained unpaid
Gross earnings per mile_
$138,368
$135,752
$190,631
$127,897 on the preferred stock, Feb. 1 1926.
-During the years 1915 to 1925, inclusive, the
Reduction of Obligations.
OPERATING RESULTS FOR CALENDAR YEARS.
bonded indebtedness and interest charges of company and subsidiaries,
Earnings1924.
1925.
1923.
1922.
have been reduced from $84,146,033 to $43,145,670, or $41.000,363, and the
Freight
$27,881,373 $27.160,765 $40,259,528 $25,618,907 Interest charge,s from $3,867,656 to $2,501,655, or $1,366,001.
Passenger
2,999,293
3.091.841
3,305,399
2,815,647
-The combined companies have now under construction the
Tonnage.
Mail, express, &c
881,535
836,842
918.443
837,617 S.S. "Laurentic" of about 18,000 tons for the White Star Line Liverpool
Incidental, &c
264,488
331,701
183,320
298,812 Montreal service, and two passenger and cargo steamers, to be owned
jointly by the Oceanic Steam Navigation Co., Ltd., and Shaw, Savill &
Total operating rev_ _$32,026,689 $31,421,149 $44,666,690 $29,570,983 Albion Co., Ltd., of about 19,000 tons each,for the service between England
Expensesand New Zealand.
Maint. of way & struc__ $4,516.480 $4,564.537 $5,212,893 $3,341,517
In addition to the above a new passenger and cargo steamer to be operated
Maint. of equipment_ _ _ 9,578,356
9,737,964 11,993,699 10,933,565 between New York and San Francisco by your Panama Pacific Line. of
Traffic expenses
278,285
281,398
262,071
256,908 about 22,000 tons, has been ordered from the Newport News Shipbuilding
Transportation expenses 10,166,074 10,138,401 12,414,060
9,781,745 & Drydock Co., to be delivered in the fall of 1927. This steamer will be the
' Gen'l & miscel. expenses
916,187
867,848
795,175
766.277 largest commercial steamer ever constructed in the United States and is to
be particularly equipped for this trade, in which the company is very
Total expenses
$25,455.383 $25,590,148 $30,677,898 $25,080.013 anxious to develop, believing that it has a profitable future for this type of
P.C. expenses to earns
(79.48)
(81.44)
(68.68)
(84.81) tonnage.
$6,571,306 $5,831,001 $13,988.792 $4,490,969
Net railway revenue
During 1925 the following steamers were sold for breaking up purposes,
Railway tax accruals_ _ _ 2,178,545
1,908,506
2,753,881
1,096,446 being no longer useful in any of your services: S.S. "Poland," 27 years old;
Uncollectible ry. rev_ _ _ _
3,017
2,953
1,261
1,658 S.S. "Karamea," 26 years old; S.S. "Canopic," 25 years old and S.S.
"Gothland," 32 years old.
Railway operating inc $4,389,744 $3,919,542 $11,233,649 $3,392,865
Equip. rents, net credit_ 4,588,330
4,292,149
4,503,194
1,966,635 COMBINED EARNINGS OF THE COMPANY AND SUBSIDIARIES.
Joint fac. rents, net debit
86,284
65,471
162,248
79,758
1924.
1923.
1922.
1925.
Calendar YearsNet ry. oper. income_ $8,891,780 $8,146,221 $15,574,595 $5,279,742 Gross voyage earnings_1$75,141,133 $78,054,931 $75,238,0181$73,873,555
l 6,5.52,078
Other Income
Miscellaneous earnings'
Inc. from lease of road_ _
$73,908
$75,141,133 $78,054,931 $75,238,018 $80,425,634
Miscell. rent income_ _ _ _
$36,605
$40,307
Total earnings
46,359
$34,141
Dividend income
271,907
149,707
299,682
121.857 Oper., general expenses, 69,460,451 72,110,040 69,591,220 74,158,389
Inc.from fd. securities
469,692
431,766
taxes and misc. int__ _
340,639
297,551
Inc.fr. unfd. sec. & accts
424,196
455,346
448,957
384,567
$5,680,68 $5,944,891 $5,646,799 $6,267,245
3
3,708
Miscellaneous income_.._
2,550
Net earnings
10,475 deb.99,556
2,575.965
2,618,726
2,690,646
2,511,395
Fixed charges
Total other income_ _ _ $1,206,108 $1,079,676 $1,220,022
$738,561
$3,169,288 $3,368,927 $3,028,072 $3,576,599
Gross income
$10,097,898 $9,225,897 $16,794,616 $6,018,303
Profit before deprec
22,039,440 24,426,721 26,978,449 31,714,136
Deductions
Previous surplus
$794,816
$819,708
Rents for leased roads
$854,822
$779,759
$25,208,728 $27,795,648 $30,006,521 $35,290,735
509,787
Interest on funded debt_
543,876
Total
577,966
519,589
5,756,208
5,579,800
5,656,105
5,984,661
244,078
Int. on unfunded debt
349,323
130,115
119,311 Deduct-Depreciation
2,327,625
Inc. trans. to other cos
1,146.736
1,309,061
2,018,318
80,505 Pref. dividends
Other miscell. charges
32,878
38,773
x(43.%)
do Per cent
43,290
187,128
Total deductions
$2,728,296 $3,060,742 $3,624,510 $1,686,292
Sur. as of bal. sheet_..319,552,622 $22,039,440 $24,426,721 $26,978,449
Net income
$7,369,603 $6,165,155 $13,170,106 $4,332,011
x Includes 3% paid Aug. 1 1922, amounting to $1,551,750, and 1)%
Dividends(10% p. a.).._ 3,598,560
3,598,560 3,598,560
3,598,560 Feb. 1 1923 ($775,875)•
The foregoing includes the earnings from operations, viz.: American
Surplus for year
$3,771,043 $2,566,595 $9,571,546
$733,451 Red Star, White Star, Atlantic Transport, Panama Pacific and Leyland
lines, together with dividends received from partly owned companies.
GENERAL BALANCE SHEET DEC. 31.
1925.
1924
CONSOL. BALANCE SHEET DEC. 31 (Including Constituent Companies).
1925.
1924.
Assets
Red Star, White Star, Atlantic Transport, Panama Pacific and
Road & equipt_ 63,930,381 61,189,783 Capital stock__ _ 35,985,600 35,985,600 [American,
Leyland lines.]
Prem. on stock
Inv.in affil. cos.:
1923.
1924.
1922.
1925.
sold
Stocks
7,773,078 7,773,178
285
$
$
285
$
$
AssetsNotes
603,158 1,003,158 Funded debt
8,903,495 9,561,617
170,657,927 176,657,553 183,710,362 201,877,769
Advances
21,704,425 20,580,340 Accts. & wages.. 2,818,733 2,115,592 *Cost of properties
7,288,329
7,274,679
7,024,752
6,757,796
Investments
Bonds
2,500,000 2,500,000 Loans & bills pay
61,745
75,000 Secur. dep. for invest, in
Other investm'ts 3,256,930 3,256,930 Traffic bals. pay
710,491
1,861,635
3,166,094
1,988,170
661,064
new tonnage
44,247 Int.accrued,&c.
44,247
Misc. phys. prop.
140,398
3,916,930
3,586,517
7,572,087
3,520,597
151,566 Cash (on hand,&c.)
10,865,721 8,242,756 Divs. declared
Cash
1,799.280 1,799,280 Accts., &c., receivable
8,894,873
9,148,281
8,280,658
5,912,476
Loans& bills rec.
2,757 1,500,000 Taxes accrued
2,434,801
655,373
763,363
691,430
609,895
1,820,746 Agency balances
Traffic bal. rec_
521,454
531,862 Int. matured...._
60,850
2,028,787
60,205 Adv.to affil. co
715,370 Miscellaneous_ _
Misc. accounts656,503
749,067 1,985,361 Marketable stks. & bds_ 17,310,209 20,380.877 21,313,830 29,663,020
Accrint.,divs.,&c. 427,928
405,820 Dc!.credit items
126,992
1,576,329
1,575,811
1,808,785
1,524,738
173,156
337,088 Deprec.(equip.) 8,445,237 7,425,982 Inventories
0th. curr. assets
480,479
5,919,513
4,298,412
3,606,396
4,973,922
Deferred charges
2,424 P.McK.&Y.RR.
49,576
Deferred assets..
884,001
Unadjus. debits 1,408,416
Acc.dep.equip 6,781,446 5,808,607
215,284,519 225,624.649 233,219,427 263,669,580
Total
343
Unadj. accts_
2,041
Special deposits_
881,187
880,512
Liabilities
38,095 Add'ns through
196,997
Agts. & conduc_
51,725,000 51,725,000 51,725,000 51,725,000
Preferred stock_ a
Material &supp. 3,227,228 3,563,838 income & sur_ 2,857,068 2,849,220
49,871,800 49,871,800 49,871,800 49,871,800
Profit and loss 44,894,644 41,215,440 Common stock_ b
25,268
25,705
25,268
26,433
Capital stock of sub. co_
%bds_c35,980,000 36,431,000 36,902,000 37,466,000
1st m.& coll. tr.6
Deb. bds. of constituent
Total
t Total
117,651,321 112,569,235
117,651,321 112,569,235
5,804,480
6,144,465
7,025,225
co. held by public_ _ _ _ 5,345,670
-V. 122, p. 1446.
1,870,000
1,920,000
1,820,000
1,970,000
Loans on mortgage
4,634,339
4,003,839
4,292,250
Purch. money oblig'ns
International Mercantile Marine Co.
1,657,710
2,036,689
4,669,770 3,826,132
&c
Loans, bills pay.,
6,959,402 11,101,745
9,587,059 30,001,189
Accounts payable
(Annual Report-Year Ended Dec. 31 1925.)
471,905
464,027
552,646
246,267
Agency balances
596,258
606,185
630,325
616,605
The advance figures for the year 1925 were published in Interest accrued
7,596,859
7,938,707 10,037,330
Reserve for liabilities_ _ _ 6,654,969
the issue of June 5, p. 3205. The final report is signed by Miscellaneous reserves.._ 14,624,494 14,520,505 16,439,328 32,057,153
10,530,176 12,709,344 12,676,055 10,812,365
Pres. P. A. S. Franklin under date of June 15, who says Deferred credits
2,660,509
3,332,692
5,086,425
4,225,096
Insurance fund
in substance:
775,875
Preferred stock dividend
-The net result of operating the company and its
Results.
19,552.622 22,039,440 24,426,721 26,978,449
subsidiary Surplus
companies (American Line, Red Star Line, White Star Line,
Atlantic
Transport Line, Panama Pacific Line and Leyland Line) for
215,284,519 225,624,649 233,219,427 263,669.580
Total
deducting depreciation, shows a loss of $1,540.090, as compared 1925, after
with a loss
* Balance at Dec. 31 1924 $240,848,314, deduct steamships and other
for the year 1924 of $1,079,305.
property retired from service less additions during year 1925. $3,685,158,
The actual operation of all the steamers and business of the company and and deduct reserve for depreciation $66,325,229; balance Dec. 31 1925,
Its subsidiaries for 1925 resulted in a profit of $4,116,015, after deducting $170,657,927. a After deducting $8,275,000 in treasury. b After deductall expenses, taxes and bond interest. However, against this profit must be
treasury. c Originally $40,000,000, less retired by
charged depreciation on the steamers amounting to $5,656,105, after which ing. $10,128,200 in
sinking fund, $4,020,000; balance, $35,980,000.-V. 122, p. 3460.
the net result shows a deficit of $1,540,090 for the year.
company for 1925, including dividends from its subThe earnings of
sidiary companies out of their surplus for the year 1925 and prior thereto Royal Dutch Co. for the Working of Petroleum Wells
and from the operation of steamers it owns directly, show $923,029. as
in Netherlands Indies.
below, after deducting all expenses, bond interest and depreciation on the
steamers directly owned:
(Annual Report-Year Ended Dec. 311925.)
1925.
1924.
xTotal net earnings of I. M. M. Co. plus divs.,
The Managing Directors, The Hague, June 1926, wrote
from subs. cos., after deducting taxes & general
p nses
expenses
$3,480,491 $4,303,103 in substance:
. M. Co. bond interest
es
2,164,441
2,198,931
-No difficulty has been experienced in fully
Production of Petroleum.
Depreciation on steamers directly owned
393.021
398.835 meeting the growing demand for petroleum products. The year 1925
surpassed all previous years as regards the world's production of petroleum.
Surplus
$923,029 $1,705,337 The previous record was reached in 1923 and, whereas for 1924 we had
x Dividends received from foreign subsidiary companies have been to report
a decline. in 1925 the world's crude oil production amounted to
converted at the market rate of exchange on date received.
that of the
The total earnings from the passenger business of your services during 151.497,000 metric tons, which figure, compared withexceeds that previous
of 1923.
year, shows an increase of 6% and even considerably
1925 show a small increase over 1924, but the returns from the freight
to the countries which have contributed to this production the first
traffic show a decrease, which leaves a less satisfactory combined net result As importance is the United States of America, where the production
1924, and as the dividends from your in
for the year, as compared with the year
1925)•
subsidiary companies were less than for 1924, the same remarks apply to rose from 102.000,000 tons (1924) to more than 108,000,000 tons (in a conSpecial mention may also be made of Venezuela which produced
the net results of the International Mercantile Marine Company (parent siderable quantity of oil this year, actually trebling the 1924 production.
company).
On the other hand, Mexico, after the United States the second most
-The 1925 earnings were somewhat reduced by the
Outlook for 1926.
less than in 1924, the proseamen's strike, liarticulary in connection with your Australian services, Important petroleum producer, contributed to 17.8 million tons in 1925.
duction declining from 21.7 million in 1924
which condition has also been prejudicial to 1926 earnings, and in addition This decline will not have
initiated in the petroleum industry:
the general strike in Great Britain, which took place on May 3 this year, If Mexico were a countrysurprised the
feel safe and if it were
in which capital
Immediately interrupted some of your services due to the difficulty of not for the fact that an atmosphere of anxietycould
is created by the introduction
handling steamers, and the coal strike made it impossible for us to sail some of divers taxes and legislative measures onerous to foreigners, it might
202
THE CHRONICLE
have been possible to check or at least moderate this decline by further
exploration and development.
Regarding Aussie, which once held such a prominent position among
the petroleum producing countries, we can only speak with the necessary
reserve. Official publications endeavor to create the impression of an
increasing produetton in Alai. country, and the layman is all the more
inclined to believe this now that Russia is exporting such large quantities
of oil. Anyone who takes the trouble to examine such statements critically
will, however, draw other conclusions. It will not escape him,for instance,
that the production for 1924-25 was only 75% of what it was in 1913
(and that was certainly not a favorable year for Russia), whereas the
export in 1924-25 was more than 145% of that in 1913. The exported
oil is often sold abroad far below its actual value, while at the same time
In Russia itself there is a critical shortage of petroleum, both for lighting
and for fuel purposes.
Persia maintained its position as fourth on the list of petroleum producing
countries. Rumania surpassed itself and produced more this year than
Jr has ever done before. Tbe Netherlands Indies showed a steady advance.
During the last quarter of 1925 the production in America had reached
such dimensions that the working programs had to be curtailed here and
there owing to the growing accumulation of stocks.
Demand Jo: Oil Products Growing.
-Were it not for tho progress in
technical methods the new production would not necessarily always be
capable of yielding the products required to meet the new demands. The
quantity of light oil p:oduced in America in 1925 showed a gradual decline,
whereas toe heavy oil production increased in far greater proportion,
480,000 barrels of heavy oil being produced per day in the beginning of
the year and 600,000 barrels per day at the close of the year. That, in
spite of this unfavorable ratio of production, the heavy demand for light
products could be so easily met is due to the constantly improving technique
of the industry. A more and more intensive and perfected application
of the so-called "cracking" of the heavy products, of which mention was
already made in our previous report, renders it possible to extract from
the crude oil those light products most in demand and which therefore
yield the best financial results. It is not impossible that the technique
of the industry may yet reach such a stage that the value of fuel will be
determined solely according to its calorific effect. Should this occur
then, no matter how paradoxical this may seem to be at present, the
heavy oil, which contains more calories per liter, will become of greater
value than benzine.
Crude Oil Production of Our Group (Metric Tons).
1924.
1925.
Dutch East Indies
2,825,603
2,999,061
Sarawak
599,392
612,923
Egypt _ ___
162,815
178,570
450,590
Rumania _
__
392,944
Mexico (dorona5
1,375,296
2,694,876
-------------------------1,162,481
Venezuela
1,643,588
54,028
Trinidad
51,350
2,327,246
1,898.068
'United StalesUnited States (Shell Co.of California)
3,309,153
3,594,285
Total
12,890,131 13,442,138
From this summary, which excludes Peru and Ecuador, it is seen that the
fields which were available in these two countries have not come up to the
expectations expressed in our previous report, although we have expended
several millions of guilders on them.
Ecuador and Peru.
-Our geologists' reports on the territories in Ecuador
on which we had options and the results of our exploration left us no choice
but to decide upon a complete withdrawal from that country, while a similal
decision was taken as regards Peru in view of the unsatisfactory results of
our exploration there.
Argentina.
-The Argentine, on the other hand, though not included in
the above statement, continues to give hope, although the administration
of the mining law in that country may prove to be such as to make exploitation there unattractive. An oil-bearing layer was struck last year and by
sinking deep wells on a fairly large scale we are now endeavoring to obtain
more certainty as to the value of our holdings.
Turkish Petroleum Co., Ltd.
-Negotiations are still being conducted in
regard to the exact participation of the various interests in this company.
It is expected that a definite agreement will be arrived at and that the autumn will see the commencement of an intensive exploration campaign.
Preliminary geological researches have already been made on a rather
large scale.
Dutch East Indies.
-The Dutch East Indies show a slight advance, while
the increase in the production of the "Nederlandsch-Indische Aardolie
Maatschappij" (Djambi) is encouraging (+ 5,700 tons in 1924 against
13,200 tons in 1925). Fresh hopes for this company have been raised.
by the proposed legislative measures placed before the "Volksraad" (People's Council) in Dec. 1925.
These proposals, as far as that company is concerned, aim at bringing
Into the N. I. A. M. some fields with a total acreage of a few thousand
hectares. Further the object of these measures is to enter into exploration
and exploitation agreements (referred to in Article 5a of the Neth. Indies
Mining Law) with the "Nederlandsche Koloniale Petroleum Maatschappij,"
covering very extensive fields
-about 250,000 hectares. It is not for us,
who favor an open door policy in petroleum matters, to criticize the prospects thus opened to a subsidiary of one of the Standard Oil companies,
though in refraining from doing so we run the risk of creating the false impression that, having a part interest in the N. I. A. M. we (who have not
been allotted anything) have no reason to complain. iVe hope, however,
that these measures will remove once for all the idea sometimes entertained
in America that Holland and its colonies are not prepared to give practical
effect to an open door policy.
Rumania.
-A closer scrutiny of the production figures for our group will
reveal that as far as Rumania is concerned we have not yet been able to
take our share in the increase of production in that country. This is in the
first place to be attributed to difficulties encountered in the drilling of
several wells on our Moreni field, while also the yield from the wells already
sunk in that field has been disappointing. But we are further handicapped
by the ever-increasing rate at which the lei is depreciating, a long series of
heavy taxes, maximum prices, export duties and railway rates which again
adversely affect export, all of which factors give very little encouragement
to work in that country.
Other Countrzes.-As regards other countries, mentioned in our production
list, our figures reflect both the general increase in the United States and
Venezuela and also the decline in Mexico.
Shipping Facilities, &c.
-As to our shipping facilities, again in 1925 these
have proved adequate to meet the increasing demands of our trade. At
the close of the year we have at our disposal a total of almost 1,600,000 tons
carrying capacity, and during the year our fleet transported more than
11,200,000 tons of cargo. Experience has taught us that motor vessels
are the most economical means of transport, especially on long trips. During the year under review we had 28 motor vessels in service, while at the
time of compiling this report there were 18 more in course of construction
with a total carrying capacity of 150,000 tons. Several old ships were either
sold or fitted up as store vessels. Except for the stranding of the English.
ship "Cyrena" during the past year, our fleet was spared from serious disasters, although we are just now deeply moved by the terrible accident
which has befallen the crew of the "Silvanus," one of our vessels sailing under
the Dutch flag. The fluctuations on the freight market remained within
close limits and the regular shipment of large quantities of oil from California to the east coast ports of America resulted on the whole in the maintenance of satisfactory rates of freight.
Less satisfactory, however, were at times the prices obtained for the products transported. Although in Europe the fluctuations in currency values
were not felt so keenly as in previous years, for those who had to buy oil at
world prices, purchases were not remunerative. Difficulties were encountered in the main markets of the Far East. Owing to the state of anarchy
in China there was a serious falling off in consumption, and also on account
of transport difficulties there were many obstacles in the way of trade.
Offer to Gecansolideered liollandsche Petroleum Compagnie Stockholders.At the end of 1925 we gave holders of certificates in the "Geconsolideered
Hollandsche Petroleum Compagnie" the opportunity to exchange two
of these certificates for one share in our company, which shares, however,
do not participate in the profits for the past year. A great number of holders of such certificates took advantage of our offer and new shares were issued
to an amount of 4,758.000 florins.
-In respect of the profits realized for the year 1925 an interim
Dividends.
dividend of 10% was declared in Jan. 1926 on the capital outstanding at the
commencement of 1925. We consider it gratifying that we are now able to
propose a further payment of 13% on this share capital of 402,451.000florins
in addition to the usual 4% on the preference shares and 43-i% on the priority shares.
[VoL. 123.
Further Details in Regard to the Principal Branches of Industry.
The Netherlands Indies.
-The new company tax came into force last
year and there are prospects of it proving to be simpler and more liberal in
practice than the income tax for bodies corporate which it substituted.
Also the statistic duty came into effect in May 1925. The petroleum tax,
although levied for one year, viz., 1923, is still causing us much anxiety and
our staff much work. After we had made our provisional return, mention
of which was made in our previous report,it soon appeared that many points
of the extremely complicated provisions of this one-year tax are interpreted
by the East Indian authorities quite differently from the taxpayers, so that
It cannot yet be said when the amount we shall have to pay will be definitely
fixed. In drawing up the budget for the Netherlands Indies account is
being taken of the "tax on merchandise," as was the case last year, but the
ordinance for the administration of this new tax has not yet been published.
From the estimates, however, it may be concluded that the original plans
for the levying of this tax will be amended considerably. Neither has the
new shipping ordinance been published, about which we expressed anxiety
in our last report, but in view of the discussions which have been held on
the matter we entertain good hopes of it proving to be less onerous than
we at first feared.
During 1925 intensive exploration was carried out on our fields and it was
chiefly those in South Sumatra and Borneo which yielded new production.
The production of crude oil amounted to:
(In Metric Tons.)
1925.
1924.
Sumatra (excluding Djambi)
555,837
519,863
Borneo (excluding Tarakan)
1,241,085
1,045,712
Tarakan
928,367
951,268
Java
217,586
255,401
Ceram
42,981
47,673
Total
2,985,856
2,819,917
The 8
-inch gasline, 104 kilometers in length, from the oilfield Louise to
Balik Papan, was completed in July. Prior to this a start had already been
made with the transport of gas under its own pressure from Sambodja
to Palik Papan, and considerable quantities of gas from Ionise and Sambodja have since been used as fuel in the Balik Papan factories, so that quantities of oil formerly consumed by ourselves can now be sold. Installations
are also to be erected at Balik Papan and Pladjoe for the extraction of benzine from the as produced from the fields.
In view of the increased oil production from the Koetei and Palembank
fields, an extension of the pipe line capacity for the transportation of crude
oil to Balik Papan and Pladjoe respectively was decided upon. In order
to facilitate transport to the principal South Palembang fields the construction of a narrow gauge railway from Tandjong via Bathe Kras to
Soeban Djerigi was taken in hand. The new distillation benches at Balik
Papan and Tjepoe are now in course of erection. The extension of the
lubricating oil bench at Batik Papan was completed in 1925. In the meantime a further extension of the Bank Papan lubricating oil factory has
proved to be necessary.
In view of the growing demand for light products several additional
Installations have been planned in order to increase the output of these
products.
The general expansion of business called for important enlargements in
various operating branches, whilst the steadily increasing traffic in the
harbor of Balik Papan necessitated large additions to the harbor facilities.
New drilling and production methods were successfully applied in the
course of last year, whilst in other branches of the industry new inventions
have been introduced which have yielded considerable advantages and in
the years to come will undoubtedly raise the profits.
On Dec.31 1925 the staff employed on the various installations in the
Dutch East Indies, including the staff employed by the Bataafsche Petroleum Maatschappij Handelszaken, Sourabaya, consisted of 1,611 Europeans
and 29,283 natives and Chinese.
N. I. A. M.
-The production showed some increase. In 1925 it
amounted to 13,205 metric tons, against 5,686 in 1924, whilst also in the
current year it is further increasing, the months of January, February
and March yielding respectively, 1,650, 18,10 and 2,470 tons.
The exploration work on these fields was energetically continued. At
the time of writing this report 2 deep wells were being drilled, viz.. Betoeng
well No. 7 and Badioebank well No. 2, 322 and 598 metres, respectively,
while a third test well on the Boeajan-Boeloeh field will be started shortly.
Exploration activities were -considerably hampered by the great scarcity
of labor, a result of the high rubber prices, in consequence of which there
was much migration to the rubber plantations, whilst, with the sparse
population in this region, labor is difficult to obtain.
The deep test wells at Betoeng No. 1 and Badjoebank No. 1 had to be
abandoned. At the depths attained (1,040 and 670 metres, respectively)
they yielded no results. The geological prospects of the Badjoebank fields.
however, fully warranted the starting of the above-mentioned deep well
No. 2.
Sarawak (British West Borneo).
-The crude production amounted to
612,923 metric tons in 1925, against 599,392 metric tons in 1924. To
supplement the geological exploration for new oil fields a gravity survey
of the coastal swamps of Brunei was initiated. In May 1925 the third
Trumble refinery unit was taken into operation.
Egypt.
-The production of the Anglo-Egyptian Oilfields, Ltd. was as
follows: 178,570 metric tons in 1925, against 162,815 metric tons In 1924.
The exploration well No. 44 at Abu Minghar yielded no result and was
consequently abandoned. A final test well was drilled on this field, which,
however, was likewise unsuccessful. This field has now been abandoned.
The exploration well at Rhas Gharib also failed to give any result, and
activities on this field were provisionally suspended. Exploration work has
been started on the island Ashrafri.
,
Germany.
-In order to place our business in Germany on a more economical basis a fusion was established in 1925 between the 'Mineralolwerke
Rhenania A. G. and the "Oelwerke Stern Sonneborn A. G.," the latterconcern having been taken over by us in 1924. The name ofthe Rhenania
was, therefore, changed to "Rhenania-Ossag Mineralolwerke A. G."
Rumania.
-In regard to the Rumanian petroleum industry, the year 1925
has witnessed the first consequences of the application of the new Mining
Law, particularly in so far as concerns its nationalistic character. Several
companies were in fact nationalized, I. e., the majority of the shares were
transferred to Rumanian hands. This was partly due to the possibility
held out that only nationalized companies would be considered for the allocation of the yet unexploited favorably located State lands, whilst, on the
other hand, a few companies appeared to be practicaly compelled to submit
to nationalization in order to obtain an extension of indispensable concessions previously granted to them on State lands. After such allocation
had been started in the course of 1925,the distribution of the most favorable
locations was completed by the spring of 1926.
In 1925 the total crude oil production of Rumania reached the record.
figure of 2,331,383 tons, against a total of 1.851,255 tons in 1924. Most
companies were able to participate in this increase on account of the fact
that they had been granted favorably located State lands by the Government; such was not the case, however, with the Astra Romana who did not
receive any new lands. Their production declined from 450,590 metricin 1924 to 392,944 metric tons in 1925. In Ochiuri, where the higher
layers were gradually going to water, the decreased yield of these layers
was partly compensated by the results obtained from drilling to the deeper
layers.
.
In view of the very intensive drilling campaign carried on in 1925, however
02 m
or , 95 . etres against 19,700 in 1924) an increased production is anticipated
32 1 66
i All the oil obtained was worked up in the refinery at Ploesti, wherefurther
technical improvements have been introduced. The extension of the electric power station at Moreni was completed and in view of possible future
requirements further enlargements are contemplated. Furthermore, the
erection of a gas absorption plant on this field was taken in hand.
Although conditions show some slight improvement, the sale of products
was not yet entirely freed from the heavy burdens weighing on the trade in
the past few years in consequence of the high export duties and transport
rates, maximum prices, prohibition of free export for crude oil and residue,
&c.
Reference has already been made to the difficulties experienced by the
industry in Rumania on account of the undue interference of the authorities.
Taxation especially continued to be heavy, although an amendment in the.
stipulations respecting the dividend tax made the unfair discrimination
hitherto existing between Rumanian and foreign shareholders somewhat le
acute.
The question of transport in 1925 give rise to growing uneasiness chiLLY
1
on account of the increase of exports.
In regard to the indemnity for the loss sustained as a result of the destruction of the Astra's properties in 1916, nothing can be added to our previous.
statement (V. 121, p. 324)•
203
THE CHRONICLE
JULY 10 1920.]
Great Northern Iron Ore Properties.
PROPERTIES IN NORTH AMERICA.
-The production of our affiliated comUnited States of North America.
-Year Ended Dec. 31 '25.)
Annual Report of the Trustees
follows:
(19th
panies was as
Shell Co. of
Total.
Roxana. California.
(In Metric Tons)May 1 state in brief:
The Trustees
2.327.246 3,309,153 5,636,399
Gross crude oil production, 1925
1,898,068 3,594,285 5,492,353
Gross crude oil production, 1924
During the year the Federal income tax returns of the proprietary comcrude oil production for 1925 has thus increased, thanks to the con- panies for the year 1924, together with their capital stock tax returns for
The
(in
which new
tinued development on a large scale of the oil fields and some o systematic the period from July 1 1925 to June 30 1926, were audited by the Governto the
levels)
rich production was encountered at deeper carried out with great success ment with satisfactory results and conclusive agreements have been executed
exploration work which was
and scientific
with the Government pursuant to Section 1006 of the Revenue Act of 1924,
and led to the discovery of a few new oil-bearing lands.
covering the said periods.
the
Very important extensions were also carried out in 1925 towhileexisting
by the I. DEVELOPED MINES, OPERATED BY OTHERS, SHOWING (1) WHETHER
companies,
factories and operating branches of our affiliated was
possible to turn out
Introduction of the latest scientific inventions it of the
HELD ON FREEHOLD OR LEASEHOLD, (2) SHIPMENTS AND
market. A start
answering to the highest requirements
products
MINIMUMS, ALSO ROYALTIES RECEIVABLE BY TRUST.
the extenwas made with the execution of the program drawn up in 1924 forcontinued.
1926
Royalty
Interest Number of Gross Tons
sion of the sales organizations and this policy will be energetically
to Trust
Minimum
for petroleum products in 1925 were, in.general, higher than in
-Shipped
of
The prices
Tons.
Net.
1925. To Jan. 1926.
Trust.
1924 and, with the higher turnover, led to more favorable results.
Mine-The production from the newly discovered fields in the ChapaMexico.
(1) "Old Leases":
1,818,560 38,773,538 273-ic. to 12%c. 300,000
ca.o-Corcovado district was not sufficient to make good the rapidly diminishFeehold
1 Mahoning
100,000
410,729 5,529,310 20c. to 123.c.
ing production of heavy oils. The total Mexican production declined from
do
2 Utica
166,667
45c.
8,246,041
metric tons in 1924 to 17,800,000 metric tons in 1925. The
267,656
21,700,000
do
3 Leetonia ()4)
20c.
Corcovado district was on the whole disappointing; in the southern fields
133,502 11,925,845
do
4 Stevenson
1,846,174 20c. to 12%e.
only the Cerro Viejo-Tierra Blanca district yielded appreciable new pro5 West Stevenson(34) do
36c.
473,524
duction. On the Isthmus, where for a long time there had been indications
6 Nor. Stevenson(%) do
had
25c.
1,414,694
of the presence of petroleum and where production in small quantities now
do
7 Sweeney (A)
previously been obtained, a very intensive exploration campaign has
566,667
been initiated. The labor troubles still continued. Serious strikes and
2,630,447 68,209,126
Totals
great unrest among the workmen formed a constant menace to the industry.
(2)"New Leases":
{ 15% of total 1 300,000
Some laws, of far-reaching consequence for the oil industry, were introFeehold
8 Ann (54)
ore
duced, the chief of which are the "Law in respect to Foreigners" and the
338,439 2,622,883
do
9 Patrick (%)
150.000
"Petroleum Law." Although in many respects these laws constitute 10 North Harrison(34) do
460,536 4,064,421 15% total ore
to a sound development of the petroleum industry, 11 No. Harrison-Anserious impediments
in which they are to be admin13,522 5% total ore
13,522
yet there is reason to hope that the manner
do
nex(34)
100,000
994,009 30% total ore
istered will make these impediments less onerous in practice than they 12 Harrison
41,300
do
40,630 30% total ore
appear.
23,317
do
Harrison-Annex_
a
-In spite of every effort, the heavy crude oil production grad- 13 Lamberton-Annex. do
79,412 30% total ore
La Corona.
34,529
14
$1.10
104,501
ually declined, so that the total production in 1925 amounted to 1,375,296 15 No.UnoG.N.(part) do
668
metric tons, against 2,694,876 in 1924.
530,598 30% total ore 1
Leasehold
16 Kevin
less un'ly roy. J
Extensive exploration activities in joint account with the Aguila were
75,000
75c.
initiated in north east Mexico, where our holdings were considerably ex- 17 Smith
763,866
115,209
do
tended.
73,o90 50% of proceeds
Feehold
18 L.& W.OD
$1.00
1,109,620
An agreement was also concluded with the Aquila by which the Corona 19 Mace No.1 OD- do
10,000
$1.00
1,139,068
is now indirectly interested in the extensive fields in southeast Mexico
4,354
do
Mace No.2(%)___
(Isthmus). The exploration of this region will be energetically taken 20 Warren (%)
1,250,405 15% total ore
do
21
$1.10,95c.,65c.
In hand.
do
to run the Corona refinery at a profit, 22 Enterprise
85c.
As it was again found impossible
3,104,838
163,645
do
23 Harold
$1.00, 70c.
1,358,985
It remained shut down during the past year.
do
24 No.Uno G.N.(part)
$1.00, 70c.
1,266,995
Mexican Eagle Oil Co. (El Aguila).-Encouraging results were obtained, 25 South lino G. N
do
750,000
systematic drilling campaign and exploration
70c.
417,146
partly in consequence of the amounted in 1925 to
do
%)_ _
1,036.992 metric tons, 26 Thorne(90.61
357,054 $1.15 to 70c.
357,054
activities. The production
27 Wab.No.1(90.61%) do
65c.
259,700
against 817,895 metric tons in 1924. Of the former amount the Filisola 28 Wab.No.2(90.61%) do
were
45c., 40c.
1,265,249
Leasehold
field in southeast Mexico contributed 36,316 metric tons. Operations(near 29 Fay
50c., 25c.
698,941 12,614,715
greatly handicapped by serious strikes in the refinery at Minatitlan
do
30 Leonard (%)
80c.. 75c.
2,461
Mexico) and in the selling organizations at Vera Cruz and Mexico 31 Missabe Chief...-. do
Puerto
248,240 5,187,270 50% of proceeds
City.
do
32 Dean
750,000
CURACAO AND SOUTH AMERICA.
65c., 35c.
5,601,257
749,827
do
33 Dunwoody
$1.00, 85c.
Feehold
-The year 1925 was also marked by great activity, as was the 34 Orwell
Curacao.
100.000
30c.
84,198 2,012,714
The storage, treating and transportation capacity was con- 35 Mississippi- _ -- _ _ _Leasehold
200,000
case in 1924.
450.
703,531
290,222
do
36 South Agnew
siderably extended in order to meet all requirements.
800,000
to 35c.
1,210,344 6,274,783 75c.
-Again in 1925 there was an 37 Hill-Annex
do
The Caribbean Petroleum Co. of Venezuela.
80,000
532,549 $1.10 to 700.
5,009
-increase in production, which amounted to 952,839 metric tons in 1925, 38 Wade (90.61%) -Feehold
1,750,340 ;i net proceeds 250,000
Leasehold 501,696
against 770,340 metric tons in 1924. The present storage capacity will be 39 Boeing
150,000
60c.
7,743,162 $1.10 to
178,270
Feehold
40 Hill
enlarged by the erection of 9 tanks, each with a capacity of 10,000 tons.
1,167,410 85c. to 60c. I
In view of the steadily increasing consumption of petroleum products 41 Nor. Star (90.61%) do
718,644 $1.10 to 60c. i 205,000
326,717
in Venezuela a considerable increase in the treating capacity of the San 42 Trumbull(90.61%) do
85c. to 60c. 1
was decided upon.
(90.61%) do
43 Bingham
Lorenzo refinery
200,000
75c., 50c.
Ltd. (Venezuela).
-In July 1925 an agree- 44 Bruce(i)
do
The Venezuelan Oil Concessions,
3,086,939
None
ment, ratified by the legislative body, was concluded with the Venezuelan 45 Walker
22,040 Not leased
an extension, and a clearer interpretation of the 46 Miscellaneous
b
Government, embodying
wording of the concession-agreement.
4,120,000
5,846,037 68,234,307
Totals
The production in 1925 was considerably higher than in 1924 and
4.686,667
in 1925,against 392,141 metric tons in 1924. Grand totals
8,476,484 136,443,433
amounted to 690,749 metric tons
During the past year our activities were continued on La Rosa field and
Steel Co.(Pickands,Mather
Nos.lto 45 Operating Interests.-(1)Mahoning Ore &
likewise on all the other fields drilling operations were energetically carried
Co.); (3) Leetonia Mining Co.
dr Co.);(2) Crete Mining Co. (Plckands, Mather & Co.;(5-6) McKinney Steel Co.
on and hew fields opened up.
(4) McKinney Steel
Steel Corp.);
[Mimed by H. W. A. Deterding, General Managing Director: J. E. F. (Jones & Laughlin (7) Donors Mining Co.(U. S. Stel Corp.) (mine worked out
(mines worked out);
contract.
De Kok. J. Th. Erb and J. B. Aug. Kessler. Managing Directors.]
(18) Hanna Ore Mining o.(under
and surrendered);(8-17) Butler
Mining Co.(No. 18 exhausted during
Bros.•'
mine exhausted Dec. 1918);(19-20) Mace IronCo.); (22-31) Hanna Ore Mining Co.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921); (21) Mead Iron Co. (Tod-Stambaugh
(Inland Steel Co.
1924.
1925.
1923.
1922.
(In Florins)Co.);(33-34) Orwell Iron Co.
95,902,228 89,512,076 85,585,361 89,155,122 (32) Dean Iron Co.(Tod-Stambaugh (35-37) Inter-State Iron Co.(Jones & Laughlin
Income
and Youngstown Sheet & Tube Co.);Iron Co. and Struther Furnace Co.: (39 43)
1.402,033
1,528,509
728,570
1,424,645
Expenses, taxes, &c
of
Corp.); (38) Cleveland-Cliffs
94,500,194 87,983,567 84,856,791 87,730,477
Profit
60,000
60,000
60,000
60,000
Divs. on pref. shs.(4%)
1,282,500
1,282,500
1,282,500
1,282,500
shares(4 %)
Priority
Ordinary shares(6%)__ _ 24,147,060 24,147,060 19,287,420 19,287,420
;4
69,010,635 62,494,007 64,226,871 67,100,557
Surplus
Available for ord'y div.:
of above surplus_ 64,179,890 58,119,426 59,730,990 62,403,518
93%
6% on ord'y as above_ 24,147,060 24,147,060 19,287,420 19,287,420
1,786,967
1,695,050
666,815
1,168,574
Brought forward
Proceeds above par of
182,785
shares sold
508,135
Bonus share issue
2,289,760
2,374,075
2,485,272
Commissaires' propor'n_ 2,535,425
92,832,127 86,251,296 82,059,300 85,852,919
Amount of ordinary div_ 92,563,730 84,464.330 80,364.250 85,186,105
(23%)
(23%)
(25%)
Rate per cent
(263.%)
268.397
1.786.966
1.695.050
666.814
Carried forward
BALANCE SHEET AS OF DECEMBER 31.
1924.
1925.
1925.
Florins.
Florins.
AssetsUnissued share
162,791,000 167,549,000
capital
Share holdings,
less reserve__ _363,770,792 343,733,796
142,845,607 105,820,302
Cash
Book debts_ _ _ _ 73,451,920 74,198,468
32,145,700
dlv. ord.shs
Int.
Dividend prior641,250
641,250
ity shares__
1924.
LiabilitiesFlorins.
Florins.
Share capital_ --570,000,090 570,000,000
Preference shs_
1,500,000
1,500,000
Priority shares_ 28,500,000 28,500,000
Unclaimed divs.
702,814
567,860
do on priority shares__
62,014
54,247
Due to creditors 1,990,123
2,919,213
Undlstrib'd diva. x1,969,751
1,695,050
Reserve
44,275,670 30,868,578
Profit balance
94,500,195 87,983,567
Total(ea.sIde)743,500,569 724,088,516
x After adding Fl. 182.785, proceeds above par on sale of shares 1924
issue, on which shareholders did not exercise preferential right.
COMPANY'S SHAREHOLDINGS AT DECEMBER 31 1925 AND 1924
1925
1924
Z. etc.
Florins.
Z. &c.
Florists.
Par Value180,000,000
180,000,000
Bataafsche Co
Anglo-Saxon Petroleum_ £9,600,000 115,200,000 £9,600,000 115,200,000
Asiatic Petrol. Co., Ltd.. £2,100,000 25,200,000 £2,100,000 25,200,000
£926,794 11,121,528
Shell Trans.& Trad'g Co £926,794 11,121,528
Shell Union Oil Corp.and
Asiatic Petroleum Co.
209,739,358
209,739.358
(Delaware), Ltd
Lel 46,292,400 22,220,352 46,292,400 22,220,352
Astra Romana
9,705,862
7,764,690
9,705,862
Mexican Eagle Oil Co_Peso7,764,690 119,482.304
90,997,640
Various
Total nom. par value_
Reserved for difference
I, between par value and
r book value...,
/11
Bal. as per bal.sh.Dec.31
-V 122, p. 3354, 2812.
692,669,404
664,184,740
328,898,612
320,450,945
363,770,792
343,733,796
Steel
Harvester Co.;(45) disposition
Mesaba-Cliffs Iron Mining Co.:(44) International (46) idle (not now under lease)
report for 1619;
interest in this mine was explained in
are shown in this table, the proportions of the
Total shipments and royalty rates
is less than the whole.
trustees being indicated where their interest
for exhaustion of mine before June 30 1931.
(a) Lease to Butler Brothers provides
leaseholds.
(b) Includes both feeholds and
RECEIPTS AND DISBURSEMENTS.
H. TRUSTEES'STATEMENT OF
1925.
Receipts from$200,000
Leonard Iron Mining Co
470,320
North Star Iron Co
1,143,470
Arthur Iron Mining Co
800,000
Co
Grant Iron Mining
15,000
Harrison Iron Mining Co
50,000
Mining Co
Tyler Iron
6,210
Van Buren Iron Mfg.Co
20,000
Polk Iron Mining Co
Mining Co
Jackson Iron
1924.
$200,000
382,135
1,575,000
1,925,000
870,000
474,000
3,865
650,000
1923.
$200,000
264,555
1.760,000
1,975,000
334,000
80,000
1,445
90,000
1922.
$850.000
58,790
1,644,000
1,495,000
287,000
21,000
4,210
84,000
6,000
$4,695,000 $4,450,000
Total receipts from prop't cos_ _ $2,705,000 36,080,000
15,035
9,230
12,080
8,436
Interest,&c
_
410
Federal taxes refunded
$2.713,436 $6,092,080 $4,704,640 $4,465,035
Total receipts
84,685.
84,935
95,047
87,316
Expenses, &c
4,500,000 4,500,000
certificates_ _ _ 2,625,000 6,000,000
Dividends entrust
($3)
($3)
($4)
($1.75)
Amount per share
$119,705 def$119,650
$1,119 def$2,966
Balance for period
197,474
77,824
194,563
197,529
Balance brought forward
$77,824
$197,529
$194,563
$195.682
Total surplus Dec. 31
The report for the year ended Dec. 31 1925 presents for
the first time a consolidated statement of the income of the
trust and the trustee' interest in the income of the proprietary companies. This statement follows:
III CONSOL. INCOME OF THE TRUST AND THE TRUSTEES'INTEREST IN
1925.
INCOME OF THE PROPRIETARY COMPANIES DURING
Net royalty and ore sales income
Interest, dividends and other income
$2,814.920140,762
Total income
Taxes--------------------------Miscellaneous expenses and losses
955,682
$2,
468,068
246.440
x Balance
Salaries and expenses, net, of the trust
$2,241,174
78,881
Consolidated net income, before depletion
Dividends
$2,162,293
2,625,000
$462,707
Deficit
x Trustees' interest in the net distributable income of proprietary companies.
204
..................
TH
CHRONICLE
CONSOLIDATED BALANCE SHEET DECEMBER 31.
[Trustees Great Northern Iron Ore Properties and their interests in proprietary cos.]
Assets1924.
1925.
1923.
Mineral and non-mineral lands and leases___ _$44,344,942 $45,761,753 $45,242,877
Automobiles,furniture, office buildings, &c_ _ _
27,217
27,892
29,008
Advance royalty disbursements (leaseholds,
first class, $700,811;second class,$52,500)_ _
970,320 1,114,900
753,312
Advance account Alworth lease
174,408
124,408
149,408
Advance under mining contracts: Dean Iron
Co.,$129,928; Butler Bros., $23,307; Orwell
Iron Co.,$573,472; Mesaba Cliffs Iron Mining Co., $14,000
740,707 1,056,188 1,323,255
Deferred accounts, chiefly royalty suspense__ _ 2,022,691 3,884,515 3,935,346
Securities
-Bonds,$100,000 C.B.&Q.gen.M .45
96,000
Notes: Butler Bros., $50,000; Mesaba Cliffs
Iron Mining Co., $525,016
650,771 2,051,602
575,016
Stock: Mace Iron Mining Co. (total issue,
$50,000)
25,000
25.000
25,000
Stock, Mesaba Range Townsite Co. (total
Issue,$2,800)
2,400
1,400
1,400
Cash (trustees, $219,465; proprietary cos..
$918,739)
1,138,204 1,213,985 2,626,197
Royalties receivable, $91,774; accounts receivable, $27,130; due on ore sales, $35,578:
total (proprietary companies)
9N 72
:3
154,482
:)7
(.
42 14
receivable
38,911
Inters
Royalty ore in stock pile
85,973
85,973
[VOL. 123.
Hampden RR. Corp.
-Sale.
--
Marks Angel, of Boston, was the successful bidder for the property of
the
company recently offered for sale to the highest bidder by
Mr. Angel's bid was $30,800, and, it is stated, he will junk the receiver.
the railroad.
The line extends from a connection with the Boston &
a point east of Springfield, Mass., to a connection with theAlbany RR. at
Central
chusetts line of the Boston & Maine RR. at Bondsville, Mass., Massaabout 14
miles. See also V. 122, p. 2795.
Lehigh Valley Harbor Terminal Ry.-Tax Ruling.
-
See New York Bay RR. below.
-V. 119, p. 2282.
Los Angeles & Salt Lake RR.
-Valuation Argument
Advanced.
The U. S. Supreme Court has recently granted a motion of the
Government to advance the appeal from the decision of
the Southern District of California which held nullthe Federal Court for
and void the I.
-S. C.
Commission's final valuation of this property, and has assigned
the case
for argument on Jan. 3 1927.-V. 121, p. 2871.
Midland & Northwestern Ry.-Abandonment.-
The I.
-S. C. Commission has affirmed, upon reargument, the
of its original report, that the proposed salvaging by the Texas finding
& Pacific
By. of railway property formerly operated by the Midland
- Northwestern
By.and its receivers is not an abandonment within the meaning
of paragraph
(18) of Section 1 of the Inter-State Commerce Act.
The report of the Commission, upon reargument, says: "In the
original
Total assets
$49,998,083 $54,278,425 $57,678,614 report it in this proceeding it was held that we are without jurisdiction
In the matter. The application was accordingly dismissed.
Liabilities
The applicant
Capital stock
$1,038,400 $8,308,400 $9,868,400 subsequently petitioned for further hearing and argument. In the absence
Current liabilities (notably unpaid taxes, estiof any allegation of deficiency in the evidence of facts already
in the record.
mated $425,470)
803,059 and as the controversy was practically confined to questions of law, the
628,050
510,142
Deferred accounts (chiefly advance royalty
proceeding was re-opened for argument only, which was heard on Feb.
26
collected, $2,772.007)
2,803,788 3,776,115 3,770,518 1926. By permission, additional memoranda and briefs have also been
Surplus paid In, earned, &c.:
filed by the applicant and by the State of Texas.
Paid-in surplus at date of acquisition, $26,"Upon consideration of the record as a whole, including all arguments,
briefs and memoranda submitted pursuant to the re-openi
566,78.3; earned surplus by development,
ng
we affirm the finding of the original report that we are withoutof the case,
$16,993,723; paid-In surplus (non-mineral
jurisdiction
lands), $485,012
44,045,519 40,377,195 39,949,494 In the matter. As the application was dismissed by order of Division 4,
C undivided surplus. prop'y cos., $1,404,552:
no further order is necessary." See V. 121, p.
975.
1,188,666 3,287,142
undistributed receipts, trustees, $195,682 1,600,235
Total liabilities
$49,998,083 $54,278,425 $57,678,614
The balance sheet shows only such amounts as represent the interests of the
trustees after elimination of outside stock holdings In the Leonard Iron Mining Co.
and the North Star Iron Co.
-V.122, p. 1925.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
New York Bay RR.
-Sale of Road Forbidden.
-
Injunctions issued by Federal Judge Rellstab
of Jersey City, N. J.,from selling the properties restraining the authorities
of this company, and that
of the Lehigh Valley Harbor Terminal Ry., because
to pay
alleged excessive real estate taxes, were sustained of their refusalCircuit
by the U. S.
Court of Appeals at Philadelphia on June 23.
The Court also held that Jersey City authorities had "systematically
discriminated" against railroad owned
In the suits by over valuing the lands property during the period involved
to 900%.
time they assessed other property for from 150at 70% ofwhile at the same
taxation
the real value.
By its affirmance of Judge Rellstab's decisions, the Court
of Appeals
established as a basis for taxing
of the real value of companies' purposes during the periods in dispute,70%
properties.
Court were handed down by Judge Woolley The decisions of the Appellate
on appeals taken by the municipal authorities from the injunction
issued against them by Judge RelIstab.
In the New York Bay ER.
case,
$252,223 for the years from 1892 to the city authorities claimed taxes of
1908 on an assessment of $2,018 an
acre for unimproved land, and
improved land. Judge Rellstab grading upwards to $15.900 an acre for
held that the proper basis was $1,200 an
acre, the original price of the land,
prior to its acquisition by the railroad.
The railroad paid over
of the suit, the amountto the municipality $168,779 pending the outcome
to be used for the payment of the taxes, with the
understanding that if the Court's
would be paid. The tax period indecision required additional sums they
to 1915, and while Judge Rellstab the Lehigh Valley suit was from 1908
accepted the valuation of $2,368 an acre
of the assessors on 277 acres of
the real value, for the purposessubmerged land owned by the company, as
of the suit, he held that the assessment for
taxes, must be on the basis of
70% of
owners were favored similarly. In that figure,inasmuch as other property
each case, most of the taxes had accumulated before the land was acquired by
the railroads, which bought it
subject to the existing taxes (Phila. "Enquirer")
.-V. 113, p. 489.
Car Surplus.
-Class I railroads on June 23 had 270,162 surplus freight
cars in good repair and immediately available for service, according to
reports filed by the carriers with the Car Service Division of the Amerkan
Railway Association. This was an increase of 1,384 cars compared with
June 15 at which time there were 268,778 cars. Surplus coal cars in'
good repair on June 23 totaled 76,594, an increase of 523 within approximately a week, while surplus box cars totaled 148,775, an increase of
3,091 during the same period. Reports also showed 23,447 surplus stock
cars, a decrease of 1,714 under the number reported on June 15, while
surplus refrigerator cars totaled 14,668, a decrease of 249 within the
same previous period.
Car Shortage.
-Practically no car shortage is being reported.
Repair of Locomotives.
-Locomotives in need of repair on June 15 totaled
9,769, or 15.6% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association.
This was an increase of 503 locomotives compared with the number in
need of repair on June 1 at which time there were 9,266, or 14.7%. It
was, however, a decrease of 1,882 locomotives under the number in need
Northern Pacific Ry.-Guaranty Settlement.
of repair on the same date last year at which time there were 11,651, or
The I.
-S. C. Commission, upon further
18.2%. Of the total number in need of repair, 5,391, or 8.6%, were in
need of classified repairs on June 15 an increase of 336 compared with petition of the company, has affirmed theconsideration and argument on
findings of its previous report
June 1, while 4,378, or 7%, were in need of running repairs, an increase that the amount necessary to make good to this company and
its subsidiaries
the guaranty for the 6 months' period
of 167 within the same period.
following the termination of Federal
Locomotives in Storage.
-Class I railroads on June 15 had 5,978 ser- control is $10,905,094 and that the company was overpaid by
viceable locomotives in storage, an increase of 65 locomotives compared and partial payments by $1,269,905, which is due the Unitedadvance
States.
The company had claimed that the
with the number on June 1.
amount found due it should be increased
Freight Car Repairs.
-Freight cars in need of repair on June 15 totaled by $1,740,530.-V. 122. p. 2936.
168,727, or 7.4% of the number on line, according to reports filed by the
Pennsylvania RR.
-Offer Made to Minority Stockholders
carriers with the Car Service Division of the American Railway Association.
This was an increase of 229 cars over the number reported on June 1, at of Western New York &
Pennsylvania Ry.which time there were 168,498, or 7.3%. It was, however, a decrease of
See that company below -V.122, p.
32,516 cars compared with the same date last year. Freight cars in need
3335.
of heavy repair on June 15 totaled 126,008, ot 5.5%, an increase of 3,520
St. Louis-San Francisco Ry.-Sale of $5,000,000 Comcars compared with June 1. Freight cars in need of light repair totaled
mon Stock-Cash Received Used in Part Payment of Purchase
42,719, or 1.9%, a decrease of 3,291 compared with June 1.
Matters Covered in "Chronicle" July 3.-(a) Inter-State Commerce of Rock Island
Stock.
-As is known, this company in Jan.
Commission in favor of competitive bidding for railroad equipment securities, p. 20. (b) Interest on National Rys. of Mexico debt, p. 31. 1926 purchased a substantial amount of stock of the Chicago
(c) Carl 'Williams named by President Coolidge as member of Board of Rock Island &
Pacific Ry. (V. 122, p. 477, 607). To comMediation under Watson-Parker bill
-Senate confirms appointment
D. 39. (d) I.
-S. C. C. favors competitive bidding for sale of equipment plete payment for this purchase, the company has sold to
trust certificates in Western Maryland authorization, p. 40.
bankers 50,000 shares of 'Frisco common stock
Boston & Maine RR.
-Abandonment of Belmont Branch.
The 1.-S. C. Commission on June 26 ordered that the certificate author!zing the company to abandon the Belmont branch be effective and in force
from and after Aug.2 1926. (See also V. 121, p. 2633.) V. 122, p.3334.
-
Chesapeake & Ohio Ry.-Circular.-
Scott & Stringfellow, bankers and brokers, Richmond, Va., has prepared
an analysis of the above company.
-V. 122, p. 3601.
Chicago & Alton RR.
-Tentative Valuation.
-
The I.
-S. C. Commission has placed a tentative valuation of $53,493,218
on the total owned and $75,960,936 on the total used property of the company as of June 30 1919.-V. 122. p. 2941.
Chicago, Burlington & Quincy RR.
-Valuation Hearing.The I.
-S. C. Commission has postponed from July 8 to Sept. 8 the bearing
before Examiner Woodrow on the tentative Valuation reports on the various
companies comprised in the Burlington System.
-V. 122, p. 2637, 2646.
Chicago, Indianapolis & Louisville Ry.-Guaranty
Settlement.
The I.
-S. C. Commission, upon argument and further consideration on
petition of the carrier, has reaffirmed the findings of its previous report
that the amount necessary to make good the guaranty for the 6 months
following the termination of Federal control is $1,076,515. and that the
company has been overpaid by advance and partial payments by $198,484.
The company claimed an additional amount of at least $357,849, practically
all of which is attributed to the alleged failure of the Commission to fix an
adequate amount to be included in operating expenses for maintenance of
way and structures and for maintenance of equipment in the guaranty
period.
-V. 122, p. 3601.
Great Northern Ry.-Guaranty Settlement.
-S. C. Commission, upon argument and further consideration of
The I.
its guaranty settlement for the 6 months following the termination of
Federal control, has issued a revised certificate in which it finds that the
amount necessary to make good the guaranty of Section 209 of the transportation act of 1920, for the Great Northern Ry., the Farmers' Grain &
Shipping Co. and the Watertown & Sioux Falls Ry., is $11,277,332, an
Increase of $98,444 over the amount certified in its former report, and that
the company has been overpaid by advances and partial payments so that
It owes the United States $1,222,668.
-V.122, p. 3601.
See General Electric Co. under "Industrials" below.
that
mained in the hands of the reorganization managers had resince the
reorganization of the company. The New York "News
Bureau" in its issue of July 6 furnished details as
follows:
The 'Frisco made a substantial cash payment
It was able to do this without drawing upon the for its Rock Island stock.
cash in its treasury at that
time.
There was left over in the hands of the reorganizati
on managers a little
more than $5,000,000 par value of 'Frisco common
stock. It had been set
aside under the terms of the reorganization plan
for
or for other purposes, but it was not necessary to the settlement of claims
use any part of this balance for such purposes.
When it was decided to make the Rock
with a total par value of $5,000.000, wereIsland purchase, 50.000 shares,
sold
at a fixed price, which is understood to have by the 'Frisco to bankers
been very favorable to the
company.
The terms of this sale provided that the bankers
should have a spread of
three points above the price they paid to the railway
profits on the stock sold above the spread price company, and that the
should be divided 50-50
between the bankers and the company.
It is understood that the officials of the latter
tial amount in addition to the flat price paid by expect to realize a substanthe bankers at the time the
transaction was arranged.
The railway company received a check at that
time from the bankers at
that price for the 50,000 shares of stock which
to make its cash payment for the Rock Islandit sold. and used this money
stock bought.
The 'Frisco gave its note for the balance,
pledging its Rock Island stock
as collateral.
The last two dividends on 'Frisco common have
been paid on a total of
$50,000,000 par value stock outstanding, against
$45.000,000 previously.
There is still left in the hands of
'Frisco about $200,000 common stock the reorganization managers of the
doubted that the latter will be issued,and $500,000 preferred stock. It is
Issuing any part of the small amount and there is no occasion in sight for
It is not unlikely that the 'Friscoof common shares left over. . . .
will show $7,500,000 for its common
stock for the full year 1926, which
would be equivalent to 15% on the $50,000,000 now outstanding.
Supplementing the foregoing, the "Wall Street Journal"
on July 8 gave the following additional details:
On Jan. 28 1926 the reorganization managers
of the St. Louis-SanilFrancisco Ry.-Speyer & Co. and Seligman &
-paid $4,762,500 for the
'Frisco on account of the latter company's Co.
Rock Island stock, according to the official purchase of 183,333 shares of
-S. 0. Commission. In order to make this payment the record of the I.
bankers 50,000 shares of 'Frisco commonreorganization managers sold to
stock, which had remained in
JULT 101926.]
THE CHRONICLE
their hands since the company's reorganization, making the minimum price
to the railroad company 953 .
It is understood that when the bankers dispose of this stock-if they
have not already done so-the'Frisco will share in the profit above an agreed
price. Interested bankers declare the report to the effect that the 'Frisco
shares in the profits of the sale of these 50,000 shares of common only after
the bankers receive a profit of 3 points is not correct. They refuse to
divulge the nature of the profit-sharing plan agreed to between themselves
and the railroad company, and also refuse to state whether or not any or all
of the 50,000 shares of'Frisco common have been disposed of.
Total cost to the 'Frisco of the 183,333 shares of Rock Island stock was
$10,506,090. Of this amount $4,762,500 was realized from the sale by the
reorganization managers of the 50,000 shares of'Frisco common,$4,962,500
from the sale of $5,000,000 two-year secured 5% notes of the 'Frisco, $2,777
as adjustment for accrued interest, and $778,312 cash paid by the company'
-V.122, P. 2936.
Western New York & Pennsylvania Ry.-Offer Made
to Minority Stockholders.
A. J. County, Vice-President of the Pennsylvania RR., on behalf ofthat
company,in a letter to the minority stockholders of the Western New York
& Pennsylvania Ry., says: "You are no doubt familiar with the financial
condition of Western New York & Pennsylvania Ry., and know that the
stock has no real earning value because of its heavy indebtedness and
losses extending over many years.
"The company should be reorganized so as to readjust. and reduce its
large floating debt and income bonds. Its other debt, consisting of its
first and general mtge. bonds, should remain outstanding and undisturbed.
"A reorganization would Mean the expenditure of a large amount of
money, but we would mucn prefer to spend that money in paying, if
promptly accepted, $10 per share for your stock of the Western New York
& Pennsylvania Ry. rather than see the money spent for reorganization,
if it can be avoided.
"The Pennsylvania RR. owns all the Ntock with the exception of very
small scattered holdings. The offer is equal to 20% of the par value of toe
stock and is the highest price that has been quoted for very many years."
-V.120, P. 3189.
PUBLIC UTILITIES.
American Water Works & Electric Co., Inc.
-23/%
2
Stock Dividend Payable on Common Shares.
-The directors on
July 7 declared an extra dividend of 23/2% in common stock
on the common stock in addition to the regular quarterly
cash dividend of 13'%, both payable Aug. 16 to holders of
record Aug. 2. A stock dividend of like amount was paid
on the common stock on Feb. 15 last, while on Sept. 30 1925
a 5% stock distribution was made on the junior issue.
205
the most important and rapidly growing cities in the State, including
Miami, Miami Beach, Hollywood, Fort Lauderdale, Palm Beach, West
Palm Beach, Stuart, Melbourne, Titusville, Daytona Beach, Ormond and
St. Augustine on the east coast; Fort Myers,Punta Gorda, Arcadia, Sarasota
and Bradenton in the western part,and Okeechobee, Sanford,Palatka, Lake
City and Live Oak in central and northern parts of the State. Several of
the more important electric properties have already been tied together by
transmission lines and practically all of the others are now being ilium.
connected.
Company also owns gas works and distributing systems in Miami,
Daytona Beach, Lakeland and Palatka, and ice manufacturing plants in
Miami, Fort Lauderdale, Sanford, Daytona Beach, St. Augustine, West
Palm Beach, Pensacola and 9 other cities. In addition it owns the stock of
the companies distributing water in Miami and Stuart, and the company
operating the street railway in St. Augustine, as well as the stock of the
Miami Beach Ry., which, in addition to operating its own lines in Miami
-year agreements a co-ordinated electric street
Beach, operates under 30
railway and motor coach transportation system in Miami, owned by the
City of Miami.
Total permanent population served is estimated in excess of 446,000 and
this population is augmented by many thousands during the winter months.
Authorized. Outstanding.
Capitalization (After Financing)1st mtge. gold bonds,5% series due 1954(id.
$42,000,000
(a)
this issue)
500,000 shs. 99,972 shs.
Preferred stock, $7 cumulative, no par value
None
500,000 shs.
Preferred stock, $6 cumulative, no par value
100,000 shs. b50.000 shs.
Second preferred stock, no par value
5,000,000 shs.b2,500,000shs.
Common stock, no par value
a Limited by the restrictions of the indenture. b Owned by American
Power & Light Co.
-To reimburse the company for extensive additions to property,
Purpose.
for the acquisition of additional properties and for other corporate purposes.
-Secured by a direct first mortgage on the entire physical
Security.
property as of Dec. 31 1925, and the property additions since that date
against which bonds are now to be issued. Present property, not including
3 entirely new electric generating stations and gas generating and holder
capacity now under construction, includes the electric systems with generating plants of 75,712 kw. installed generating capacity, the gas systems with
9,650,000 cubic feet daily generating capacity, and ice plants with a total
manufacturing capacity of about 2,000 tons per day.
Earnings for 12 Mos. Ended May 31 1926.
$11,591,949
Operating revenue
6,869,601
Operating expenses, maintenance and taxes
Net revenue from operation
Other income
$4,722,348
296,983
Total income
100,000
Annual int. requirements on 1st mtge. gold bonds (incl. this issue) $5,019,331331
Of the operating revenue,69% is derived frpm the electric business, 11%
from ice and miscellaneous
from the manufactured gas business and 20%
business.
Month of
Supervision.
-The company is controlled through ownership of all its
Year End.
ofConsolidated Statement as
May 1926. May 31 '26. 2nd preferred and common stocks by the American Power & Light Co.
Gross earnings
$3,615,430 $43,028,970 Electric Bond and Share Co. supervises (under the direction and control
Operating expenses, maintenance and taxes
1,938,833 22,753,951 of the boards of directors of the respective companies) the operations of the
xInterest and amortization of discount:
American Power & Light Co. and the Florida Power & Light Co. and of the
Subsidiary companies
687,233
-V. 122, p. 3605.
8,270,961 subsidiaries of those companies.
American Water Works & El. Co., Inc
102,498
1,034,225
xPreferred dividends of subsidiaries
359,043
-Tenders.
4,136,046
Galveston Electric Co.
xMinority interests
4,139
61,480
The Old Colony Trust Co., trustee, 17 Court St., Boston, Mass. will
Reserve for renewals and replacements
276,908
3,072,693 until July 12 receive bids for the sale to it of 1st mtge. 5% gold bonds,
due May 1 1940,to an amount sufficient to absorb $22,968.-V. 122,p.1309.
Net income
$246.777 $3.699,615
x Deductions on the basis that the stock of West Penn Electric Co. to be
-True, Web-Notes Sold.
General Power & Light Co.
issued under the plan for consolidation had been outstanding for the entire
period.
-V. 122, p. 3603.
ber & Co. and R. E. Wilsey & Co., Inc., Chicago, have sold
secured gold notes
Bangor (Me.) Hydro-Electric Co.
-To Increase Stock.
- at 100 and int. $1,500,000 1-year 6%
(closed issue).
The company proposes to increase its authorized preferred stock from
$5,000.000 to $7,000.000, par $100. The proceeds are to be used to pay
for the construction of the proposed hydro-electric project.
-V.122, p. 1916.
Bloomington & Normal Ry. & Light Co.
-Tenders.
-
Notice is given to the holders of the 1st & gen. mtge. 5% bonds that
funds have been deposited with the Illinois Merchants Trust Co. trustee,
Chicago, Ill., which are available for the purchase of said bonds and that
'
offers therefor will be received by the trustee until July 21.-V. 121, p. 196.
Commonwealth Power Corporation.
-Tenders.
-
The Bankers Trust Co., 10 Wall St., N. Y.City,will until July 21 receive
bids for the sale to it of 25-year 6% secured sinking fund gold bonds to an
amount sufficient to exhaust $616,233 at a price not exceeding 105 and
interest.
-V. 122, p. 3604.
Cor.tinental Gas & Electric Corp. & Subs.
-Earnings.
12 Months Ended May 31Gross earnings
Operating expenses, maintenance and taxes
1926.
1925.
$25,847,936 $22,150,284
14,177,220 12,465,856
Net revenue
$11,670,716 $9,684,428
Total int. & div. charges of sub. cos., and other
prior deductions
3,922,735
3,589,667
Interest on Continental first lien 5s
197,599
203,037
Interest on Continental ref. 6s
327,672
328,022
Interest on Continental coll. trust 7s
227,735
376,063
Interest on Continental secured 6Xs
760,500
478,451
Divs. on Continental prior preference 7% stock_ _
822,423
635,816
Divs. on Continental partic. preferred 6-8% stock
346,884
157,767
Balance avail, for deprec. and common divs_ _ _ _ $5,065,167 $3,915,605
-V. 122, p. 3604.
Electric Investors, Inc.
-Balance Sheet.
May 31 '26 Feb. 28'28
May 31 '26
Assets3
$
Liabilities$
Feb. 28 '26
$
191,039 Capital stock
Cagh & call loans__ 1,401,425
25,581,582 25,567,322
2,016,000 Accounts payable_ 601,545
Notes dr loans rec_
668,868
20,796
Int, dr divs. rec_ _ _
35,435 Accrued accounts_ 172,154
170,979
27,780,533 26,683,458 Liab. to Issue corn.
Investments
stock _x
Uncalled bal. on
1.361,540 1,375,800
sub.to com.stk_ 1,221,482 1,233,916 Reserves
64,095
68.425
5,361 Surplus
3,590
Other assets
2,646,910 2,313,816
30.427,825 30,165,210
Total
Total
30,427,825 30,165,210
x When and as final payments are made or received on subscriptions.
The income statement for the 12 mos. ended May 31 1926 was published
in v. 123, p. 82.
-Bonds Offered.-Bonbright
Florida Power,& Light Co.
& Co., Inc., Harris, Forbes & Co., Old Colony Corp., J. G.
White & Co., Inc. and Tucker, Anthony & Co. are offering
at 95 and int., to yield about 5.35%, an additional issue of
$12,000,000 1st mtge. gold bonds, 5% series, due 1954.
Dated Jan. 1 1926; due Jan. 11954. Principal and int. (J. & J.) payable
at the office or agency of the company in New York. Red. all or part on
30 days' notice at 105 during the first 5 years, at X% less each succeeding
year up to and including Dec. 31 1949, and thereafter at 100, in each case
with accrued int. Denom.c $1,000,$500 and $100 and r $1,000 and $5,0Q0.
Coupon bonds in denom. of $1,000 and fully registered bonds interchangeable. Company agrees to pay interest without deduction for the Federal
income tax up to but not exceeding 2% per annum. Pa.4 mills tax refundable. Bankers Trust Co., New York and Florida National Bank of Jacksonville, Fla., trustees.
Data From Letter of S. R. Inch, Miami, July 6.
-Organized Dec. 28 1925 in Florida. Now owns and operates
Company.
properties formerly owned by Miami Electric Light & Power Co., Miami
Gas Co., Miami Beach Electric Co., Southern Utilities Co., Daytona
Public Service Co., Ormond Supply Co., Lakeland Gas Co.. St. Johns
Electric Co. and Southern Holding Co. and other properties. It supplies
electric power and light service in 79 communities, among them several of
Dated July 1 1926; due July 1 1927. Int. payable J. & J. at the GuarTrust Co. of New York. Denom. $500 and $1,000 c*. Red. all or
part on 30 days' notice at 101 and int. Company agrees to pay interest
without deduction for any Federal income tax not exceeding 2%. Personal
property taxes of any State not in excess of 5 mills, Mich.5 mills tax and the
Mass. income tax on the interest not exceeding 6% p. a. refunded. Guaranty Trust Co. of New York and Charles H. Platner, trustees.
Data from Letter of E. J. Condon, President of the Company.
-Owns all the capital stock, except directors' qualifying shares,
Company.
of the .Arizona Edison Co., the Western States Utilities Co., the Northern
Michigan Public Service Co. and the Southern Edison Co. It also operates
directly properties in Kentucky, serving the cities of Corydon, Seebree.
Calhoun and Slaughters.
-Notes will be secured by a first mortgage on all of the properSecurity.
ties of the company in Kentucky, and will be further secured by depoSit
with the trustee of all the capital stocks, except directors' qualifying shares,
of the constituent companies.
-Proceeds will pay in part to retire maturing obligations and
Purpose.
for the acquisition of additional securities pledged under this issue.
V. 122, p. 3081.
anty
-Notes Offered.
-RedGeorgia-Carolina Electric Co.
mond & Co. and J. G. White & Co., Inc., are offering at
100 and interest, $1,500,000 first mortgage 6% gold notes
(unconditionally guaranteed as to principal and interest).
Date June 1 1926; due June 1 1929. Principal and interest (J. & D.)
payable at the Irving Bank-Columbia Trust Co., New. York, trustee.
Denom.$1,000 c*. Redeemable, all or part, on the first day of any month
upon 60 days notice at 101 and interest up to and including June 11927,
1.00H and interest thereafter up to and including .rune 11928, and at 100
and interest thereafter. Company covenants to pay interest without deduction for any normal Federal income tax up to 2% lawfully payable at
the source. Company agrees to reimburse the holders of notes for the
Penn. and Conn. personal property taxes not exceeding 4 mills, the Maryland tax not exceeding 4 X mills, the Dist. of Col. tax not exceeding 5 mills,
the Mass.income tax not in excess of6% or any future Michigan income tax
not in excess of 4%.
Data from Letter of President Joseph K. Choate, July IL
Company.-Incorp. in Delaware. Will acquire: (a) A 110,000-volt
transmission line extending 45 miles from the hydro-electric plant of the
Georgia-Carolina Power Co. at Stevens Creek, near Augusta, Ga., to the
Broad River, where connection is made with the line of the Georgia Ry. &
Power Co. The latter company is a part of the Southeastern Power &
Light Co. system and is in turn connected with other power companies
whose lines extend over a large part of the area of the Southeastern States.
In effect, therefore, this transmission line makes the Augusta-Aiken Ry. &
Electric Corp. a part of the great interconnected superpower system of the
South.
(b The properties heretofore owned by the Carolina Light & Power Co..
including the generating plants and distributing systems at Aiken, S. C.,
and 68 miles of transmission lines to Williston, McCormick and Edgefield.
S. C.
(c) 215 miles of transmission linse, partly completed and partly under
construction, connecting the Augusta-Aiken Ry. & Electric Corp. system
with Washington, Union Point, Harlem, Warrenton, Wrens, Louisville and
other communities within a 60
-mile radius in Georgia, together with distributing systems in this territory, the generating plants formerly owned by
the municipalities of Warrenton and Louisville and the generating plant at.
Harlem.
A
of these properties will be operated by the Augusta-Aiken Ry.
tric Corp. under an agreement by which the latter will covenant to& Elec
pay all
the operating expenses, maintenance, taxes, fixed charges and preferred
dividends of the Georgia-Carolina Electric Co.
Control.
-All of the common stock of the company will be owned by the
Georgia-Carolina Power Co., a subsidiary of the Augusta-Aiken Ry. &
Electric Corp.
Security.
-Secured by a direct first mortgage on substantially all of the
property of the company now owned or hereafter acquired.
Guarantee.
-These notes will be unconditionally guaranteed as to principal
and interest, jointly and severally, by the Augusta-Aiken Ry. & Electric
Corp. and the Georgia-Carolina Power Co.
206
THE CHRONICLE
Additional Notes.
-Up to the authorized amount of $2,000,000 may be
Issued for 80% of the cash cost or fair value, whichever is less, of additional
property, betterments, improvements or additions.
Capitalization Outstanding in Hands of Public (After Financing).
Georgia-Carolina Power Co. 55. 1952
$3,424,000
Georgia-Carolina Electric Co. 6s, 1929 (this issue)
1,500,000
Augusta Railway & Electric Co. 5s, 1940
757.000
Augusta-Aiken Railway & Electric Corp. 5s, 1935
2,891,000
Augusta-Aiken Railway & Electric Corp. 6s, 1935
706.975
$9,278,975
Georgia-Carolina Electric Co. 7% preferred stock
150,000
Augusta-Aiken Railway & Electric Corp. 6% preferred stock. 2,250,000
Augusta-Aiken Railway & Electric Corp. common stock
2,250,000
Earnings.
-Earnings of the Augusta-Mken Ry. & Electric Corp.. including earnings of such of the properties of the Georgia-Carolina Electric Co.
as have been in operation during the period covered,for the past three years
have been as follows:
12 Months Ended April 301926.
1924.
1925.
Gross earnings
$1,299,962 $1,324,823 $1,443,923
Operating expenses and taxes
969,534
768,188
743,768
Net earnings
$556,635
$546,194
Annual int. requirements of Ga.-Caro. Elec. Co.and Ga.-Caro.
Power Co
$474,389
261,200
Balance available for payment of parent cos.' interest, Fed'l
taxes,amortiz'n of debt discount and expense and deprec'n__
$213,189
No earnings from the new Georgia properties which the Electric company
Is acquiring are included in the statement.
The interest requirements of the Georgia-Carolina first mtge. 5% bonds
and Georgia-Carolina Electric Co. first mtg. 6% notes are regarded as
prior deductions from the net earnings of the Augusta-Aiken Ry. & Elec.
Corp. because of the obligations of the latter under its operating agreements
with these companies.
Net earnings of the combined properties for the first four months of 1926
were $286,603, which is at the rate of 3.29 times the interest on these
notes and the Georgia-Carolina Power bonds, or over 1% times interest
charges on the entire Augusta-Aiken Ry. & Electric Corp. funded debt.
Grand Rapids, Grand Haven & Muskegon Ry.-lst
Mtge. 5% Bonds, Due July 1 1926, Not Paid Off.
We have been informed that the $1,500.000 1st mtge. 5% gold bonds,
due July 1 1926, were not paid off at maturity. See also V. 122, p. 1761.
Great Consolidated Electric Power Co., Ltd. (Daido
-Bonds Called.
Denryoku Kabushiki Kaisha), Japan.
Certain 1st mtge. 7% sinking fund gold bonds, series A, due Aug. 1
1944, aggregating $250,000, have been called for payment Aug. 1 at par
and int. at the office of Dill2n, Read & Co. 28 Nassau St., N. Y. City,
U. S. A., or at the option of the holder at the office of J. Henry Schroder
& Co.. 145 Leadenhall St.. London. E. C. 3. England.
-V. 122. p. 213.
-Rights.
International Telephone & Telegraph Corp.
-The stockholders of record July 27 will be given the right
to subscribe on or before Sept. 1 for additional capital stock
at par ($100) in the proportion of one new share for each
two shares held. Subscriptions will be payable in cash either
(a) in full on or before Sept. 1; (b) in three installments as
follows: $30 per share on or before Sept. 1, $30 per share
on or before Nov. 1 and $40 per share on or before Jan. 1
1927; or (c) $30 per share on or before Sept. 1 and $70 per
share on or before Nov. 1.
[VOL. 123.
about the City of Mannheim in the State of Baden, and the
neighboring Palatinate district of the Free State of Bavaria. other in the
tion of the city of Mannheim is about 242,000 (census of June The populathat of nearby territory served by a company which obtains 1925), while
substantially
all of its electric rurrent requirements from the Mannheim Electric
about 140,000. The population of the territory reached directly Co.is
and Indirectly by the Palatinate Electric Co. is about 780,000 (census of
1925)•
Accordingly, the total population served directly and indirectly by
both
companies aggregates approximately 1,162,000. The territory served
both companies has an extensive and varied industrial development. by
Mannheim Electric Co.
-Owns and operates a large central generating
plant delivering electric energy at wholesale only. Was organized in
133 the city of Mannheim, the Palatinate Electric Co. and two other 1921
,
organizations. The four organizers own all of its common capital utility
Company supplies, under contracts, the entire electric power andstock.
light
requirements of the city of Mannheim,substantially the entire requirements
,
ofthe Rheinau Works which distributes power and light in territory adjacent
to the city of Mannheim, and at least one-third of the requirements
Palatinate Electric Co. These contracts extend beyond the term ofof the
these
bonds with the exception of the contract with the Rheinau Works, which is
terminable by either party on April 1 1940.
Palatinate Electric Co.
-More than 70% of the capital stock of this company, organized in 1912, is owned by the Palatinate and certain Palatinate
municipalities. Company has over 60,000 customers, including 268 cities
and communities which purchase current at wholesale for redistribution.
It distributes directly to consumers in 325 cities and communities.
Security.
-These bonds will be the direct joint and several obligations of
both companies, secured by two mortgages each in the gold mark equivalent
of one-half the principal amount of the bonds outstanding. One of these
mortgages will cover the generating plant of the Mannheim Electric Co.,
and the other the generating plant and administration buildings of the
Palatinate Electric Co. its 100,000 volt transformer station at Mundenheim, together with switch stations, high tension lines and certain transformers. Upon completion of this financing there will be a lien of equal
rank to these bonds on the property of the Mannheim Electric Co. in the
estimated approximate amount of $610,135, while the Dawes charges.
based on present assessments, are stated at $515,240and $65,120 principal
amount for the Palatinate Electric Co. and Mannheim Electric Co., respectively. The property to be mortgaged .y Manhneim Electric Co.
including additions to be made out of proceeds of this loan, has been independently appraised at about 34.400,000; and the property to be mortgaged
by the Palatinate Electric Co. has been likewise appraised at $3,095,000,
exclusive of additions to be made out of proceeds of this loan.
Earnings.
-Based on figures reported by Price, Waterhouse & Co..
combined earnings of the two companies, before depreciation, available for
interest, for the year ended Dec. 31 1925(December earnings for the Mannheim Electric Co. estimated by it), after deduction of the estimated maximmum charges payable by the companies under the Dawes Plan, were
$783,538. The maximum annual interest requirement on these bonds will
be $210,000, and on outstanding liens of equal rank, $36,700, or a total of
$246,700.
Sinking Funds.
-A sinking fund, beginning in 1931, sufficient to retire
40% of this issue before maturity, is provided.
Purpose.
-Proceeds will be used for additions and betterments, retirement of underlying indebtedness and other corporate purposes.
Currency.
-All conversions from German to United States currency in the
foregoing have been made at the rate of 4.2 reichsmarks to the dollar.
V. 123. D. 83.
Mohawk-Hudson Power Corp.
-2d Pref. Back Divs.-
The directors on July 7 declared the regular quarterly dividend of 31 75
per share on the $7 preferred stock (no par value), payable Aug. 2 to holders
of record July 20, and a dividend of $I 75 per share on the 2d pref. stock,
payable Aug. 2 to holders of record July 20. The latter dividend is on account of accumulated dividends for the period from Jan. 1 1926 to April 1
1926.-V. 122, p. 2652.
Monmouth Consolidated Water Co. (N. J.).
-Bonds
The aggregate amount of such additional shares so to be issued will not Offered.
-W. C. Langley & Co. and Halsey, Stuart & Co.
exceed 199,965 shares (being 50% of the 399,930 shares outstanding on are
offering at 95 and int., to yield over 5.30% $2,500,000
June 1 1926), plus not exceeding 2,261 shares issuable under previous authorizations and 50% of any amount of stock issued on or before July 27 1st mtge. 5% gold bonds, series A.
1926 in conversion of the 20
-year 5t4% convertible bonds.
Date June 11926; due June 1 1956. Interest payable (T. & D.) at the
All payments may be made and warrants may be exchanged or trans- office or agency
ferred at the office of the corporation, 41 Broad St., N. Y. City, or through least 30 days' of the company in New York. Red, all or in part on at
published notice at 105 up to and incl. June 1 1931, at 102
one of the following agencies, where arrangements have been made to re- thereafter up to
and incl. June 1 1936 at 101 thereafter up to and incl.
ceive and forward subscriptions and payments: (1) Spain, Compania Tele- June 1
fonica Nacional de Espana, Avenida del Conde de Penalver No. 5. Madrid; Denom.1951, and at par thereafter; plus accrued interest in each case.
of $1.000. $500 and $100 c*. Principal and interest are payable
(2) Cuba, Cuban Telephone Co., Calle Aguila 161, Havana;(3) Porto Rice. without deduction for any
normal Federal income tax not exceeding 2%
Porto Rico Telephone Co., San Juan; (4) Mexico, Mexican Telephone & per annum. Company agrees
to refund the Penn. and Conn. personal
Telegraph Co., Donato Guerra 13, Mexico. D.F.
property taxes, not exceeding 4 mills per annum, the Maryland security
The stockholders on July 6 approved the action of the directors with re- tax, not exceeding 454 mills
per annum, and the Mass. income tax, not
spect to the above issue.
-V. 122, p. 3449.
exceeding 6% per annum. Free of personal property taxes in New Jersey.
York,
- Bankers Trust Co., New by thetrustee.of Public Utility Commissioners of
-Bonds Offered.
La Cumbre Mutual Water Co.
Issuance -Authorized
Board
Carstens & Earles, Inc. and M. H. Lewis & Co. are offering New Jersey.
at 100 and int. $100,000 1st mtge. 63/2% sinking fund gold
bonds.
Dated June 1 1926; due June 1 1946. Int. payable (J. & D. 1) without
deduction of Federal income tax up to 2%. -Denom. $1,000 and $500 C.
Red. all or part on any int. date on 40 days' notice at 102M and int. Exempt
from personal property tax in California. Pacific-Southwest Trust &
Savings Bank, Los Angeles, Calif., trustee.
Cornpany.-Serves residential territory, comprising 2,000 acreslocated two
miles west of the City of Santa Barbara, Calif. All of the stock of the company is held by owners of the land in amounts equal to one share,or fraction,
for each acre owned. The stock is appurtenant to the land and each land
owner must own stock in the company in order to obtain water.
The water supply is obtained from wells favorably located on water
bearing lands owned in fee.
Capitalization (After Financing)Authorized. Outstanding.
Capital stock (par value $100)
$200,500
$200,500
1st mortgage 63.6% gold bonds
100,000
150,000
Security.
-Secured by a first mortgage on all of its properties, consisting
of water bearing lands, pumping plants, distributing system, reservoirs, &c.
The physical value of the property served by this company has been
appraised by independent appraisers at $2,168,000, in addition to which
improvements thereon, exclusive of the water system, are valued at
3625,000.
-Being a mutual water company, all income is derived from
Income.
water service charges and from assessments levied upon all of the capital
stock of the company by the directors.
,
-To reimburse the company for expenditures already made in
Purpose.
Improvements and additions to the distributing system and for extensions
thereto.
-The company covenants to deposit annually with the
Sinking Fund.
trustee an amount equal to 4% of the aggregate amount of bonds outstanding, as a sinking fund for the retirement of bonds.
1%22.1_1
Data from Letter of Pres. E. A. Geehan, July 8.
Company.
-Was formed in New Jersey by merger and consolidation and
supplies water for d%mestic, municipal and commercial purposes in Monmouth County, N. J. Among the principal communities served are the
City of Long Branch, the Boroughs of West Long Branch, Monmouth
Beach, Fairhaven, Oceanport, Deal, Rumson, Seabright, Little Silver.
Bradley Beach, Neptune City and Interlaken, the western part of the
City of Asbury Park, and the Townships of Eatontown. Middleton, Ocean.
Shrewsbury and Neptune. The territory served, which is in effect a
continuous residental community with a permanent population of about
75,000, is within commuting distance of the City of New York.
Company owns and operates water works serving more than 13,400
consumers. The equipment includes pumping stations with a nominal
daily capacity of approximately 39,000,000 gallons, and filtration plants
with a nominal daily capacity of approximately 16,000,000 gallons. The
distribution system includes approximately 186 miles
main. More
than 800 hydrants are connected to the Company's mains. of
.
••••-Capitalization OutstandingTUITon- .
COinpletion of Present Financing)•
1st Mortgage 5% gold bonds, series A (this issue)
$2,500,000
Preferred stock,'7% cumulative (par
185,700
$100)
Common stock (no par value)
10,000 shs.
Purpose.
-To retire an equal principal amount of indebtedness of the
company, including all bonds outstanding against the property of the
company.
Security.
-Secured by a first mortgage on the physical property now
owned by the company and will be secured by a direct mortgage on property
now owned by the company and will be secured by a direct mortgage on
property hereafter acquired.
Combined Earnings for 12 Months Ended May 311926.
Gross income_ - ---------------- _ -----------$499,253
Operating expenses, maintenance aid taxes
243,177
Net income before interest and Federal taxes
$256,076
Annual int. charges on 1st mtge. 5% bonds (this issue)
125,000
Public Acquisition of Properties.
-In event that any municipal corporation or other governmental subdivision or that any governmental body of
the State of New Jersey shall acquire all or the major portion in value of
the water works properties of the company and shall assume payment of
principal and interest of all bonds issued under the indenture as a valid
and binding general obligation, all liability and obligation of the company
upon the bonds and the coupons shall forthwith cease and determine. In
event that any such municipal corporation or any governmental subdivision
or governmental body shall acquire all or any part of the water works
properties of the company,
Date June 1 1926; due June 1 1941. Principal and interest (J. 3=7) and interest of all bonds and shall not assume the payment of principal
issued under the indenture, then Bonds in prinpayable in U. S. gold coin, of the standard of weight and fineness existing cipal amount not exceeding
the price paid for the property so acquired.
June 1 1926, at the office of A. G. Becker & Co., Chicago, or of International may, at the option of the Company be declared due and payable at 100
,
Acceptance Securities & Trust Co., New York, without deduction for any and int.
charges, past ,present or future levied by German taxing authori- Water W rks om paec
taxes or
Controlo C.- & El nyhc C
t is controlled through stock ownership by American
coo.,
ties. Denom.$1,000 and $500 c*. Redeemable, all but not in part (except
Inc.
for the sinking fund) on June 11931, or any interest date thereafter at par
& Savings Bank, Chicago, American trustee;
and interest. First Trust
Montana Power Co.
-Tenders.
Deutsche Waren-Teruhand Aktiengesellschaft, Hamburg, German trustee.
The Guaranty Trust Co., trustee, 140 Broadway. N. Y. City, will until
Data from Letter from Officials of the Companies.
July 15 receive bids for the sale to it of 1st & ref. mtge. 5% sinking fund
-The two companies, which are jointly and severally liable gold bonds, series "A." due July 1 1943, to an amount sufficient to exhaust
Companies.
-V.122. p. 2329.
upon the bonds, supply electric power and light, one to the territory in and $34,358 at a price not exceeding 105 and interest.
Mannheim and Palatinate Electric Companies (Grosskraftwerk Mannheim Aktiengesellschaft and Pfalzwerke Aktiengesellschaft), Germany.
-Bonds Sold.
W. A. Harriman & Co. Inc., A. G. Becker & Co. and
Marshall Field, Glore, Ward & Co., have sold at 96A and
interest, to yield 7.40%, $3,000,000 15-year 7% sinking fund
mortgage gold bonds. (Part of the issue was withdrawn for
sale in Germany).
JULY 10 1926.]
THE CHRONICLE
-Dividend on Class "A"
National Electric Power Co.
Common Stock Payable in Cash or at the Option of Holder in
Stock.
The directors have declared the regular quarterly dividend of 45 cents per
share, or 1-50 of a share of stock, on the class "A" common stock, payable
Aug. 2 to holders of record July 10. Like amounts were paid Feb. 1 and
-V. 122. p. 3083.
May 1 last.
-Expansion.
Northern Indiana Public Service Co.
207
amount of the Series A bonds outstanding at the time of each such payment
against which payments the company is entitled to certain credits as provided in the mortgage. This fund may be used in the purchase or redemption of series A bonds at not exceeding the then prevailing redemption
price, or for additions, extensions, improvements, betterments or acquisitions, against which have not been or shall not thereafter be issued. All
bonds so purchased or redeemed shall be cancelled.
-Company is controlled through ownership of
Control and Management.
all of its common stock by General Gas & Electric Corp. and in common
with the other subsidiaries of that corporation is operated and managed
by the W. S. Barstow Management Association, Inc. of New York.
V. 123, p. 83.
Chicago, northeastern Illinois and northwestern Indiana were interconnected on June 28 last by a superpower electric line with Pittsburgh,
--Tenders.
Cleveland, Toledo, and points in West Virginia, Virginia, and Kentucky.
Ontario Power Co. of Niagara Falls.
The connecting link is owned by the Northern Indiana Public Service Co.,
The Toronto General Trusts Corp., trustee, 253 Bay St., Toronto, Canthe largest operating subsidiary of the Midland Utilities Co. This line, ada, will until July 19 receive bids for the sale to it of 5% 1st mtge. gold
55 miles in length, extends from the Indiana Illinois State line, where it is bonds, dated Feb. 2 1903, to an amount sufficient to absorb $125,666 at
interconnected with similar lines owned by the Commonwealth Edison prices not exceeding 110 and interest.
-V. 120, p. 3315.
Co. and the Public Service Co. of Northern Illinois. These superpower
-Bonds Sold.
lines are interconnected with the electric generating stations of the latter
Peoples Light & Power Corporation.
the Calumet station of the Commonwealth Edison
company at Joliet, and
gold bonds, series of 1941,
Co. at South Chicago. The Northern Indiana Public Service Co.'s line The $3,500,000 first lien 534%
Is carried on steel towers from 75 to 100 ft. in height and is built on a which were offered last week by G. L. Ohrstrom & Co.,
private right of way 150 ft. in width the entire distance.
3
% and interest, to yield about 6.05%, have been
The new 132,000 volt transmission just completed connects Michigan Inc., at 94
City and South Bend. The Northern Indiana Public Service Co. owns oversubscribed. See offering in V. 123, p. 84.
the line from Michigan City to New Carlisle at the La Porte and St. Joseph
County lines, and the line from that point to South Bend is owned by the
Philadelphia Electric Power Co.-Conowingo Developm't
Indiana and Michigan Electric Co.
The following announcement was recently made by the General ElecWith the completion of this link. the Northern Indiana company will tric Co.:
purchase power generated at the Twin Branch generating station of the
"A water power development, surpassing Muscle Shoals and second only
Indiana & Michigan Electric Co. (a subsidiary of the American Gas & In the country to that of the Niagara Falls Power Co., will be built by Stone
Electric Co.) which has a capacity of 80,000 kilowatts or approximately & Webster for the Philadelphia Electric Power Co. on the Susquehanna
106,500 h.p. Plans have been made for the construction some time in the River, within 4 miles of tidewater in the State of Maryland. A dam
near future of a large generating station at Michigan City by the Northern 4,800 ft. long, 300 ft. longer than the mammoth dams at Muscle Shoals,
Indiana Public Service Co., which also will be connected with this super- will be built across the river, forming a reservoir of 8,100 acres.
power system. The State Line generating station, plans for which were
"The impounded water in this enormous storage basin will be used to
announced recently, to be built on the Indiana side of the Indiana Illinois operate 7 large water wheel electric generators and the electricity generated
State line and which, kt is stated,.will be the largest generating station will be sent over a 220,000
-volt transmission line for 75 miles to Philadelphia.
with this superpower system.
In the world, will also be interconnected
-electric station will contain 11 generators, each
"Ultimately this hydro
The Chase National Bank has been appointed transfer agent for an rated at 50,000 h.p.. or 36,000 k.w. The initial installation will include
authorized issue of 25,000 shares of 6% cumulative pref. stock. See offer- 7 of these units, giving the station 350.000
the Niagara Falls Power
ing in V. 123, p. 83.
h.p.•'
Co. development produces 452.500 h.p. and Muscle Shoals 260,000 h.p.
water-wheel-driven generators for Conowingo are being
Northern Mexico Power & Devel. Co., Ltd.-Consol. Four of the huge the General Electric Co.
manufactured by
Balance Sheet Dec. 31."It is expected that 1,360,000.000 k.w.h. of energy will be produced by
the Conowingo plant in the average year; 750,000 tons,of coal a year will
1924.
1924.
1925.
1925.
be saved thereby.
Liabilities$
$
$
Assets"At Holtwood, 15 miles above the Conowingo dam, there is a hydro14,386,666 14,368,973 7% pref. stock_ _ _ - 3,000,000 3,000,000
Property
69,049 Common stock_ _ _10,000,000 10,000,000 electric development which supplies a half billion kilowatts a year to Balti49,049
Inv. in other cos,_
more, a distance of 55 miles south. The Conowingo dam will develop an
100,315 7% 1st mtge. 10Mat'ls & supplies_ 108,894
assur122,118
year bonds
500,000
405,000 average net head of 89 ft. The river bed at Conowingo is of granite,
Acc'ts rec., less res. 135,351
409,663 Accounts payable..
433,303
20,502
54,000 ing a firm foundation for the dam. will be a highway bridge, 105 ft. above
Cash
"Across the top of the dam there
41,293 Coupons of predec.
43,509
Deferred charges
the main highway
co. outstanding_
3,525
3,525 the foundation, as a part of bridge which will bebetween Baltimore and
submerged in the reserPhiladelphia, and replacing a
Adv. by cos.(spec.
the centre of the dam:
agreement)
163,296
292,158 voir. The spillway section will extend eastward fromthe crest of wnich will
of the spillway,
Reserve
10,000
10,000 the power house westward. On top movable steel gates, 22M ft. high and
be 86 ft. above sea level, will be 50
Res.for Mex.taxes
63,912
Deprec. reserve..
707,624
514,784 40 ft. wide. These gates will maintain the water level behind the dam at
687,914
' 831,945 108 ft. above sea level. With all gates open the discharge rate of the
Tot.(each side)_15,156,773 15,111,412 Surplus
spillway will be 880,000 cu. ft. per second.
-(1) Divs. on pref. shares have been paid to Dec. 31 1924.
Note.
"The power house itself will be 175 ft. wide and 620 ft. long, with an ulti(2) 138 of the above pref. shares and 9,874 of the above common shares mate length of 900 ft. From the bottom of the draft tubes, which will
are held by the Montreal Trust Co. to be exchanged for prior lien and be 25 ft. below sea level, to the top of the high-tension switching station
first mortgage bonds of Mexican Northern Power Co., Ltd., not yet sur- 01 the roof it will be 230 ft. high. It is in this power house that the enormous
rendered for exchange.
generators are to be installed.
A comparative income account was published in V. 123, p. 83.
"The electric current, produced by the generators at 13,800 volts, will
be stepped up to 220,000 volts by transformers, and at this pressure sent
-Bonds Sold.Northern Pennsylvania Power Co.
over two transmission lines to Philadelphia. Each line will have sufficient
Parsly Bros. & Co., Lewis & Co. and R. M. Snyder & Co. capacity to carry the full load in case of trouble with the other one. When
the
have sold at 97 and int., yielding about 5.20%,$1,950,000 linefinal 4 generators are added to the power station, a third transmission
will be constructed.
1st & ref. mtge. gold bonds, series A 5%•
"The Susquehanna watershed of 27.000 square miles includes a large
Dated June 1 1926; duo June 1 1956. Interest payable (J. & D.) at part of the central section of Pennsylvania, considerable of southern New
Guaranty Trust Co.,trustee, N. Y. City, and at the Bank of North America York State and a bit of northeastern Maryland. The average river flow
& Trust Co., Phila. Denom. c* $1,000, $500 and $100, and r* $1,000 Is 40.000 cubic feet per second. development will
be co-ordinated with the
-electric
"The Conowingo hydro
and multiples thereof. Red. all or part on 30 days' published notice as
the company so that the water
-On any interest date on or before June 1 1941 at 105 and int.; great steam-turbine generating plants ofof the system when the flow of the
follows:
or before June 1 1955 at 102 and int. power will be used to supply the base load
thereafter on any interest date on
the peak load. When the
and on any day thereafter at 100 and int. Interest payable without deduc- river is ample,and the steam conditions to supplyfor carrying the base load,
tion for Penn. personal property tax not exceeding 4 mills and for normal river flow is low, the steam stations will be used
and the water power will be called upon only for peak loads. When the
Federal income tax not exceeding 2%. Certain taxes in Mass., Conn.,
river flow is sufficient for full operation Conowingo will supply 231,000 k.w.
Maryland and Maine will be refunded.
for base load; when the river is low the reservoir will be called upon, and
Data from Letter of Pres. W. S. Barstow, July 1.
statistics covering a period of 35 years show that in the driest period of the
-Formerly Towanda Gas & Electric Co. Incorp in Pennsyl- year Conowingo will be able to supply 190,000 k.w. for peak loads.
Company.
vania. Has acquired the properties of North Penn Power Co.,Susquehanna
-acre reservoir means that the town of Cone"Construction of the 8,100
County Light & Power Co. and Sayre Electric Co. Company supplies wingo, with 200 inhabitants, must be abandoned; 15 miles of a line of the
without competition electric light and power in an extensive area in north- Pennsylvania RR. must be relocated, and 5 miles of main highway from
eastern Pennsylvania,including the towns of Galeton, Westfield, Mansfield, Baltimore to Philadelphia must be built, with a bridge over the dam to re-V. 122. p. 1611.
Covington, Blossburg, Troy, Canton, Sayre, Towanda, Montrose, Hall- place the one which will be submerged."
stead and Susquehanna. Company also supplies gas in Towanda, Pa.,
-Tenders.
and through the Waverly Electric Light & Power Co., electric light and
Scranton (Pa.) Electric Co.
power in Waverly, N. Y. The total population served is estimated at
The United States Mortgage & Trust Co., trustee, will until July 15
66,000. The total number of customers served is approximately 12,000. receive bids for the sale to it of 1st & ref. mtge. bonds dated July 1 1907
Company owns steam generating plants having an aggregate installed to an amount sufficient to absorb $121,097 and at a price not exceeding
capacity of 2.710 k.w. and hydro-electric plants with an aggregate installed 110 and interest.
-V. 121, p. 77.
capacity of 760 k.w. The Northern Pennsylvania Power Co. property is
now connected through high voltage transmission lines with an affiliated
-To InSoutheastern Power & Light Co. (Maine).
company, Binghamton Light, Heat & Power Co., Binghamton, N. Y.,
-The stockholders will vote July 14 on
and the major portion of the current consumed is supplied from the plant crease Capitalization.
of that company having a present capacity of 23.000 k.w., which is now increasing the authorized capital stock from 4,850,000
being increased by the addition of a 30,000 k.w. unit. • The high voltage
transmission lines aggregate 126 miles. Distribution lines aggregate 214 shares, no par value (consisting of 100,000 shares of $7
miles. The high voltage transmission lines are practically all of recent cumul. preferred, 100,000 shares of $6 cumulative preferred,
construction.
650,000 shares of participating preferred, and 4,000,000
Capitalization, June 30 1926 (after Financing)-- Authorized, Outstanding.
of.no par value, to
Common stock (no par value)
100,000 shs. 30,028,shs. shares of common) to 7,000,000 shares
$7 Cumul. preferred stock (no par value)
50,000 shs. 5.003 shs. consist of 750,000 shares of $7 cumulative preferred, 250,000
$6 Cumul. preferred stock (no par value)
50,000 shs. 1,016 shs. shares of $6 cumulative preferred, 1,000,000 shares of par6% Cumul. preferred stock ($50 par value)
2,500 shs. 2,058 shs.
1st & ref. mtge. 5s (this issue)
$1,950,000 ticipating preferred, and 5,000,000 shares of common.
Sayre Electric Co. 1st mtge. 5% bonds, due
Consolidated Income Account (Including Subsidiaries).
April 1 1947
Mtge. closed
y461000
x4 Mos.End xl2Mos.End.-Calendar Yearsx Additional bonds may be issued only subject to the restrictions of the
1924.
additional held in the sinking fund.
1925.
Apr.30'26. Apr.30'26.
mortgage. y $89,500
PeriodSecurity.
-Secured by a direct first mortgage lien upon the properties Operating revenue
$7,638,961 $19,883,734 $16,820,384 $9,533,547
formerly owned by North Penn Power Co., Susquehanna County Light & Oper. exp., maint.,taxes,
5,145,358
9,169,133
Power Co. and Towanda Gas & Electric Co., and by a direct mortgage lien
9,970,368
renewals & replace'ts_ 3,653,863
upon the property formerly owned by the Sayre Electric Co., subject only
Net operating income_ $3,985,098 $9,913,365 $7,651,251 $4,388,189
to the Sayre Electric Co. 1st mtge. 5% bonds, due 1947. Based upon
277,282
976,463
1 ,672,959
580,785
Independent appraisals recently made the value of the properties plus Other income
subsequent additions at cost is largely in excess of the total funded debt to
$4,565,883 $11,586,324 $8,627,714 $4,665,471
Gross income
be presently outstanding.
1,696,003
2,002,613
3,092,938
-For the retirement of bonds of certain of the companies ac- Int. on fund,debt of subs 1,285,906
Purpose.
41,052
138,932
220,269
125,302
Int. on notes & acc'ts pay
quired and for other corporate purposes.
Properties now Comprising System,for Year ended Amortization of bond disConsolidated Earnings of
248,299
304,309
297,789
94,621
count and
-May 31 1926 (After Giving Effect to Present Financing).
expense_Amortization of cost of
Operating revenue
$719,228
devel. Load-Mitchell
51,877
Operating expenses, maintenance, taxes, etc., excl. of deprec
442,690
51,877
17,292
dam
51,877
20,664
264,822
Miscell. deductions
511,333
79,183
$276,538 Pref. divs. of subsidiaries
711,215
Operating income
1,079,249
1,422,175
667.784
6.902 Int. on fund, debt of co..
752,195
Other income
1,280,473
485,523
1,388,181
85.212
Pref. divs. of company
131,818
288,546
201,934
$283,440
Total income
Annual interest charges:
Balance
$1.608,337 $4,313,217 $3,373,623 $1,058,954
x27,525
x Include earnings for Georgia Ry. & Power Co. system for the month
Sayre Electric Co. 1st mtge. 5% bonds
97,500 of April 1926 only.
1st & Ref. mtge. gold bonds (this issue)
-V. 122, p. 3455.
$158,415
Balance
x Includes interest on $89,500 bonds in the Sinking Fund.
-Company will covenant to pay to the
Sinking and Improvement Fund.
trustee on Juno 1 1928 and on each Juno 1 thereafter so long as any series A
bonds shall be outstanding, an amount equivalent to 1% of the principal
-To Issue Bonds.
Southern Cities Power Co.
The Tennessee P. U. Commission has approved the application of the
company to issue $2.500,000 of bonds to construct additional transmission
lines and to buy and install other necessary equipment to meet demands
for service, including extensions and other improvements, and to take care
208
[VOL. 123.
THE CHRONICLE
of certain underlying bonds of the Columbia Water & Light Co. and other
obligations assumed and to be assumed.
The company states that it can dispose of $2,500,000 of bonds at 94 to
the Southern Cities Utilities Co., which company owns all of its $800,000
capital stock.
-V. 121, p. 980.
Union Electric Light & Power Co.. Unionville, Conn.
The stockholders of record June 18 were recently given the right to subscribe at par ($50), on or before June 30, for $85,000 additional capital
stock on the basis of one additional share for each 6 1-17 shares held.
Subscriptions are payable on or before July 15. and the shares will be issued
upon full payment therefor as of July 15 1926 and will be entitled to participate in any dividend thereafter declared.
The directors on June 18 voted that the company pay and redeem $50.000
of 1st mtge. 6% gold bonds on July 1.-V. 120, p• 3189.
United Gas Improvement Co.
-New President.
-
Arthur W.Thompson, of Pittsburgh (President of the Philadelphia Co.),
has been elected President, succeeding Samuel T. Bodine, who has been
elected Chairman, effective Sept. 1.-V. 122. p. 3343.
United Light & Power Co. & Subs.
-Earnings.
-
12 Months Ended May 31Gross earnings of subsidiary companies
Total operating expenses
1925.
1926.
$39,895,220 $33,988,272
23,657,489 20.532,937
Net earnings of subsidiary companies
Non operating earnings
$16,237,731 $13,455,334
2,462,047
1,182,820
Net earnings, all sources
$18,699,778 $14,638,155
Int. on bonds and notes of subs. due public
4,514,911
3,960,796
Divs.on pref. stocks ofsubs. due public and propor.
ofnet earns.attrib. to com.stk. not owned by co. 2,745,934
2,503,985
Gross inc. avail. to United Lt. & Power Co.._ _ _$11,438,932 $8.173,374
Interest on funded debt
2,008,458
2 84R 05
0
Other interest
91,204
428,050
Prior preferred stock dividends
484,058
387,143
Dividends on class A preferred stock
959,152
731,567
Dividends on class B preferred stock
307,167
324,000
Surplus earnings avail, for deprec., amortiz.
and common dividends
$6,394,713 $4,647,836
-V.122, p. 3608.
United Rys. Co. of St. Louis.
-Deposits.
-
The reorganization committee (F. 0. Watts, Chairman) in a notice to
the holders of undeposited common stock, says:
"Further deposits under the plan and agreement dated Oct. 1 1924
of common stock of the company may be made on or before July 20, after
which date no further deposits will be accepted. Common stock may be
deposited with the depositary, Mercantile Trust Co., St. Louis.
"Pursuant to the provisions of the plan and agreement, holders of common
stock who deposit their stock under the plan are entitled to subscribe
at $12 50 per share for their pro rata amount of the new common stock
(if, as and when Issued) of St. Louis Public Service Co. (the new company)
heretofore offered to but not subscribed for by holders of preferred stock
of United Rys. Co."
-V. 122, p. 3343.
Utility Shares Corp. (Del.).
-Financial Statement.Pres. Jacob Hekma July 3 says in substance:
At the time of the organization of the corporation in November 1925,
it acquired assets to the value of $1,440,000 and at the same time was
offered the opportunity to acquire 30,000 shares of Commonwealth Power
Corp. common stock in consideration of the issuance of 120,000 shares
of its own common stock and a like number of its options for the purchase
of additional common stock at $10 per share, expiring Dec. 11927. This
offer was accepted and the stock and options duly issued.
The corporation has acquired 15,000 shares of its partic. pref. stock
at prices equivalent to $16 and divs. per share, which stock has been
retired. The total amount paid for such stock was charged to capital
stock and no credit taken into income or surplus on account of its retirement. Through the exercise of 297 options $2,970 was received upon
the issuance of 297 shares of common stock.
Income Account Nov. 17 1925 to June 30 1926.
Inc. from divs.. $64,148: int. inc., $11,356; net profit realized on
sales of securities, $18,758; total
$94,262
Exp. paid, $2,064; taxes paid and accrued, $2,541; total
4,605
Dividends paid on participating preferred stock
20,830
Capitalization Upon Completion of Present Financing.
1st mtge. & ref. 534% gold bonds, series A
$11,500,000
Divisional 1st mtge. 5% bonds
x3,400,000
20
-year 6% debentures, due 1946 (closed issue)
5,000,000
7% series cum. pref. stock (incl. this issue), par $100--- 3,000,000
Common stock (all owned by National Public Service Corp.)
300,000 shs.
x Includes $1,400,000 deferred interest bearing bonds, which bear annual
interest of 23-% beginning Jan. 1 1927, 5% Jan. 1 1928, and mature
Jan. 1 1929.
Company has set aside funds estimated to be sufficient in amount to
acquire the balance of the outstanding pref. and common stocks of the
Newport News & Hampton By., Gas & Electric Co., of which it now
owns over 97% of common stock and 83% of pref. stock. In the near
future, it is proposed to merge the properties with those of the Virginia
Public Service Co., and upon such merger, the bonds of the Newport
News & Hampton Ry.. Gas & Electric Co.
outstanding, consisting
of$4,734,500 of5% bonds and $46,000 of434%now
bonds, will become divisional
liens of the Virginia Public Service Co
Consolidated Earnings for Twelve Months Ended April 30 1926.
Gross earnings
$4,574,632
Oper. exp., maint. and taxes, incl. prior charges of subsids
2,806,175
Net earnings
$1,768,457
Annual requirements-int. on bonds and debs. and Fed. taxes_ _x1,084,000
Balance avail, for pref. divs., depreciation and amortization__ $684,457
Annual divs. on $3,000,000 7% pref. stock (incl. this issue)_ -- 210,000
x Not including interest on $1,400,000 divisional bonds, which do not
begin to bear interest until Jan. 1 1927.
The above balance of $684,457 is over 33(4 times annual dividend requirements on the 7% series cum. pref. stock, including this issue.
Note.
-The above earnings do not reflect substantial economies which
are expected to result from the interconection of tile electric prop r$ les,
now made or about to be made, nor from the recent expenditure oe over
$2,045,000 actually made on the properties.
More than 86% of the net earnings from operations are
from
electric power and light, gas and ice, 9% from miscellaneousderived and
sources,
5% from street railways.
Purpose.-The proceeds from the sale of this pref. stock, together with
the proceeds from $11,500,000 1st mtge. & ref. 534% bonds and $5,000,000
20
-year 6% gold debentures, are being used for and in connection with
the merger and acquisition of properties above described, and for the
retirement of outstanding securities of the companies which were parties
to such merger, and to furnish additional moneys to connect by transmission lines the properties in western and southern Virginia, together
with other additions and betterments.
Management.
-The properties are under the direct supervision of the
General Engineering & Management Corp.
Pref. Stock Provisions.
.
-The charter of the company, provides for the
issuance of $15,000,000 cum. pref. stock in one or more series. The
remaining $12.000,000 cum. pref. stock may be issued in series, with
definite dividend rates and redemption prices, provided surplus net earnings,
calculated as provided in the charter and before deduction for depreciation,
amortization and income or profits taxes, for 12 consecutive calendar
months within the 15 calendar months immediately preceding the issuance,
shall have been at least three times the annual dividend requirements on
the entire amount of pref. stock already issued and then outstanding
together with that proposed to be issued. The charter also provides that
no pref. stock entitled to cumulative dividends at a rate exceeding $8 Per
annum•per share, and no capital stock of any class requiring the payment
of dividends thereon or the distribution of assets thereto before payment
to the pref. stock, will at any time be created or issued if the holders of
.
one-third or more of the outstanding pref. stock object thereto.
The pref. stockholders are not entitled to vote and have no right to
subscribe to any issue of capital stock of the company or for any issue
of securities convertible into capital stock.
-V. 123, p. 86.
West Penn Electric Co. & Subs.
-Earnings.
-
Month of Year Ended
PeriodMay 1926. May 31 '26.
Gross earnings
$2,730,270 $32,630,107
Operating expenses, maintenance and taxes
1,538,230 17,984,581
Deiuctions on the basis that stocks of West Penn
El. Co. to be issued under plan of consolidation
had been outstanding for the entire period:
Preferred dividends of subsidiaries
2,027,173
182,087
Minority interests
11,327
541
Interest and amortization of discounts
498,265
6,129,988
Reserve for renewals and replacements
232,011
2.556.942
Div. requirements on stocks of W. Penn El. Co.
to be outstanding under plan of consolidation:
$68,827
7% cumulative preferred stock
1,548,729
129,061
Class "A" stock
414,806
34,567
x$2,160,603
Balance
$115,508 $1.956,560
2,200 -V.
122, p. 3213.
68,827
Balance to surplus June 30 1926
Condensed Balance Sheet June 30 1926.
Assets.
Bonds owned
$109,378 Capital stock
Pref. and common stks. owned 1,609,092 Reser, for taxes
,e
U. S. Govt. secs. owned
500,446 Surplus
Cash on deposit
2,918
Dividends receivable
5.800
Interest receivable accrued_
Total (each side)
$2,231,631
3.997
x Represented by (a) 25.000 shares, without par value, partic. pref.
stock (non voting) (247 shares represented by 494 non div. bearing due
bills for 34 share each) to receive divs. at the rate of $1 20 per annum
cum. $20 per share on dissolution and $22 50 on redemption before any
distribution to common stock. If divs. during any fiscal year are paid
on common stock in excess of 60c. per share, a like excess per share shall
be paid to the partic. pref. stock up to but not exceeding an additional
40c. per share in such year. (b) 200,297 snares common stock without
par value. (c) Options for the purchase of 199,703 shares of common
stock at $10 per share expiring Dec. 1 1927.-V. 122, p. 2801.
Virginia Public Service Co.-Pref. Stock Offered.
-A. E.
Fitkin & Co. and Stroud & Co., Inc., are offering at 97
and int., to yield about 7.25%, $1,600,000 7% series
cum. (a. & d.) pref. stock, fully paid and non-assessable.
Exern_pt from the present normal Federal income tax. Divs. payable
Q.
-J. Red., all or part, on any div. date upon at least 30 days' notice
at 107 and divs. Entitled to redemption price in voluntary liquidation
or 100 and divs, in the event of involuntary liquidation. A. E. Fitkin
& Co., 165 Broadway, N. Y. City, transfer agents. The Bank of America,
N. Y. City, registrar.
Data from Letter of H. D. Polhemus, Vice-President of Company.
Company.
-Organized in Virginia. Has acquired by merger the properties and other assets formerly owned by Alexandria Light & Power Co.,
Virginia Northern Pov,er Co., Virginia-Western 1-cwer Co. ard Southside
Virginia Power Co. Company also owns all of the common steck of
Charlottesville & Albemarle By. and over 97% of the common stock and
23% of the pref. stock of Newport News & Hampton By., Gas & Elec. Co.
The territory served extends from Leesburg and Alexandria. at the
Maryland border on the north, 250 miles southwestward acrcss the State
of Virginia to Hinton, W. Va., and thence southeasterly 200 miles to
Roanoke Rapids, No. Caro., and includes Alexandria, Rosemont, Potomac,
Leesburg, Warrenton, Orange,Culpeper, Charlottesville, Staunton,Waynes-_
boro, Goshen, Clifton Forge, White Sulphir Springs, Lewisburg, Re nceverte, Alta Vista, Emporia, Chase City, Lawrenceville, Halifax, South
Boston and intermediate communities. Another group centres around
Newport News,where the company's subsidiary, Newport News & Hampton
Ry., Gas & Electric Co., furnishes a diversified utility service in the cities
of Newport News, Phoebus, Hampton, Old Point and contiguous territcry.
Company and its subsidaries furnish electric light and power, gas and ice
service to a population estimated at over 228,000 in 141 communities,
serving 43,160 electric and 6,593 gas customers. The electric railway
systems serve a population of over 80,000 in and around Newport News
•
and Charlottesville.
The electrical systems have a generating capacity of 51,281 k.w., of
which 5,740 k.w. is hydro-electric and transmission systems of 486 miles
of high-tension lines. The gas properties include generating plants of a
daily capacity of 3,500,000 cu. ft., with 86 miles of gas mains. The
ice plants of the company have an aggregate daily capacity of 291 tons.
The electric railway properties consist of 53 equivalent miles of single
track. During the year ended March 31 1926 the total electric output
of the properties was 103,633,628 k.w.h.,and there were made 244,395,000
u. ft. of gas.
,
INDUSTRIAL AND MISCELLANEOUS
Refined Sugar Prices.-On July 7 McCatian advanced price 10 pts. to
5.70c. per lb. On July 8. Arbuckle also advanced 10 pts. to 5.70c. per lb.
Tire Prices Cut.
-On July 6 the Goodyear Tire & Rubber Co. announced
a reduction in the price of tires and tubes about equivalent to the 3 increases
made last Fall and Summer. Tne decreases cover tne entire line but are
on no definite percentage basis. Other dealers immediately revised their
lists to compare with Goodyear's. among them being Kelly-Springfield,
B. F. GoodFich, Fisk, U. S. Rubber, Dunlop Tire & Rubber, Miller Rubber
and Mason Tire & Rubber. Reductions are said to range between 2% and
25%.
American Woolen Co. Reduces Prices on Mcn's Wear Woolens -Cutsfrom
5 to 15% for Spring 1927 lines have been announced.
-"Sun" July 8.
Wages Cut in. Carpet Plant.
-Reductions ranging from 15 to 25%
effected in some departments and slight increases in others with a vieware
to
equalizing earnings.- "Boston News Bureau" July 6.
Matters Corered in "Chronicle," July 3: (a) Failures for 1 alf year to
June 30.-P. 23. (b) Union labor enters life insurance and real estate
investment fields-Organization of Union Life Insursnce Cc.-Control of
G. L. Miller & Co. acquired -p. 38. (c) $14 per day for i•onworkersUnion reports an unprecedented demand for men irought rise.
-p.42.
American Chain Co., Inc.-Dividcnds Declared.
-
The directors have'declared a dividend of 50c. per share on the common
stock, payable July 7 to holders of record July 3, and the regular quarterly
dividend of 50c. per share on the 8% cumul. Class "A" stock, payable
Sept. 30 to holders of record Sept. 20. On Jan. 15 last a like amount was
paid on the common stock (V. 122, p. 350).-V. 122, p. 2195.
American International Corp.-'arninqs.-
-Quar.end. June 30-- -6 Mos.end. June 30
Period
1926
1925
1926
Intert revenue
es
3115,621
$80.334 $262,749 $149,.186
Divs. on stocks owned
223.230
115,035
353,580
237,6.30
Profit on sale of securities_ _ _
95,349
50 902
9 63
:7 6
3123 7 4
17 92
4,:6930
6
789,072
Prof. on synd. & cred. partic_
18,709
31,412
Miscellaneous
1,538
1,750
3,669
Total income
Expenses
Interest
Taxes
Operating income
iLlgre
$454.445
71,379
558
6.630
$715,910 $1,107.704 $1,211,271
73,762
141,095
133.779
1,079
3,428
1,706
7,801
13.286
15.546
$375,879
$633,268
$949,895 $1,060,240
American Solvents & Chemical Corp.
-Preference Stock
Sold.-Lage & Co., Richardson Hill & Co. and W. W.
Lanahan & Co. have sold at $35 per share 100,000 shares of
convertible participating preference stock (with bonus of
one-half share of common stock with each share of preference Stock).
This stock is preferred and cumulative as to dividends
per annum from April 1 1926, payable quarterly. As andof $3 per shar
when divs. are
JULY 10 1926.]
THE CHRONICLE
paid on the common stock, the preference stock is entitled to participate
in such distribution share for share with the common stock, until it shall
have received an aggregate of $4 per share in any one year. In case of
liquidation it is preferred as to assets over the common stock up to $40
per share and divs. Callable at $60 per share and divs. on 30 days notice;
Is convertible into common stock share for share at any time at the option
of the holder. Each share of preference stock has two votes and each share
of common stock has one vote. Chase National Bank of New York,
transfer agent: Equitable Trust Co. of New York, registrar.
Earnings -Consolidated earnings after deducting interest, depreciation
and Federal income taxes at the rates in force for the respective years,
and after crediting certain non-recurring charges and deducting certain
income from securities not to be acquired, are as follows: 1923, $416,645:
1924, $519,027; 1925, $758,507 The 1925 earnings, after providing for
the cumulative dividend of $3 per share on the preference stock and the $1
per share participation to which that stock is entitled, amount to $358,507,
or at the rate of $2 24 per share on the presently outstanding 160,000
shares of common stock
Purpose -The proceeds of this issue have been used in acquiring the
assets and businesses of certain companies, to provide additional working
capital and for other corporate purpose
For description of properties, capitalization, &c., see
V. 122, p. 3608.
Armour Leather Co.
-Consolidation Planned.
-President
Henry W.Boyd, June 25, says in substance:
The officers and directors have had under consideration for some time
various plans for the simplification and improvement of the corporate
structure of the company, and a plan has now been worked out which, in
their opinion, will materially improve the financial position of the company
and be beneficial to its stockholders.
The plan involves the consolidation of the company with one of its principal subsidiaries, Sylva Tanning Co. of Delaware, into a new corporation which for convenience and to identify it with its principal subsidiary
and operating unit, will operate under the name of J. K. Mosser Leather
Corp.
The capital stock of the new corporation is to consist of 600,000 shares,
all of one class, without par value, which will be exchanged for the preferred
and common stock of Armour Leather. Co. on the basis set forth below.
The initial capital of the new corporation will be the value of the net
assets of Armour Leather Co. and Sylva Tanning Co. vested in the new
corporation upon the consummation of the consolidation, but subject to
adjustments, if any, incident to the acquisition by the new corporation of
all shares of Armour Leather Co. and Sylva Tanning Co.
It is also contemplated that the new corporation is to have an authorized
issue of bonds limited to such principal amount and secured by a first mortgage on all or such part of the properties and assets of the corporation as the
directors may determine, and that $5,000.000 of these bonds will be issued
on such terms and conditions as may be determined by the directors of the
new corporation to fund or discharge or to provide funds for the payment of
a part of the current indebtedness of your company.
Upon the consummation of the consolidation, it is believed that the new
corporation will have a sound capital structure. Its working capital will
be Increased through the funding of a portion of the current debt, and the
existing deficit of this company will be eliminated, thus permitting the distribution of its earnings by way of dividends as soon as the directors deem
advisable.
The directors have entered into an agreement of consolidation with Sylva
Tanning Co., and have called a special meeting of the stockholders to pass
upon tha prop ia 1 cansolidation. [Tae meeting of the stockholders of the
Armour Leather Co. and the Sylva Tanning Co. will be held July 23.]
Under the consolidation agreement, 592,857 1-7 shares of the stock of
the new corporation are to be distributed to the.holders of the preferred and
common stock of Armour Leather Co. on the following basis: (a) 450,000
shares of common stock of the new corporation are to be issued to the holders of the preferred stock of Armour Leather Co. on the basis of 3 1-3 shares
of common stock in respect of each share of preferred stock, and 1 1-6 shares
of common stock in respect to the accrued and unpaid diva. on each share
of preferred stock accumulated to the effective date of the consolidation,
or a total of 4% shares of common stock for each share of preferred stock,
and the accrued and unpaid dividends therem; (b) 142,857 1-7 shares of
common stock of the new corporation shall be issued to the holders of the
common stock of Armour Leather Co. in exchange therefor, at the rate of
1-7 of a share of common stock of the new corporation for each share of
common stock of Armour Leather Co. Non-voting and non-dividend bearing scrip will be issued in respect of fractions of shares of common stock
of the new corporation. The founders' shares of Armour Leather Co.
and the shares of Sylva Tanning Co. will be surrendered and canceled.
J. K. Mosser Leather Corp. and Subsidiaries.
[Net earnings from oper. of Armour Leather Co.and subs, before charging
deprec., int. and capital stock and Fed. income taxes (incl. proportionate
interest in net profits of Eastern Leather Co.)]
1922.
1923.
1924.
1925.
Yearly Av.
44,706,442 $224,100 $1,624,239 $2,501,081 $2,192,326
Provision for depreciation, yearly average
362,276
Interest and discount on basis of new financing (estimated)- -- 712,500
Federal income tax at present rates
56,067
Net earnings applicable to 592,857 1-7 shares, no par value
stock of new company _ ------------------ --- ---$1,061,483
a Armour Leather Co. and subsidiaries for fiscal year-6i weeks.
Consol. Bal. Sheet, Jan. 2 1926 (J. K. Mosser Leather Corp. & Subsidiaries)
[After giving effect to new financing.]
Liabilities
Assets
,405,434 No par value stock
Pro erties
417,967,146
1,206,644 1st mtge. gold bonds,6%
Cash
due in 1946
Acc'ts & notes receivable
5,000,000
(less discounts)
2,026,116 Notes payable
4,610,000
Inventories
11,299,998 Foreign drafts payable
67,513
Miscellaneous securities_
71,244 Accounts payable
214,423
Investment in Eastern
Reserve for contingencies
25,474
4,476,333
Leather Co.common
Deferred charges
398,787
Total
$27,884,556
Total
$27,884,556
x Represented by 592,857 1-7 shares of no par value (book value per
share, $30 31).-V. 122, p. 2501.
Art Centre (Art Centre Apartments, Inc.), Detroit'
-Bonds Offered.
-American Bond & Mortgage Co.
Mich.
,
Detroit, are offering at prices to yield 6% to 63/2%, accordmaturity,$835,000 1st mtge.6
serial coupon bonds.
Dated
into April 1 1926 (int. payable from May 1 1926), due serially Nov. 1
1928 to May 1 1936. Denom. $1,000, $500, $100 c* ($100 in May 1 1936
maturities only). Callable at 102 and interest. Int. payable M. & N. 1
Union Trust Co., Detftit, trustee. Normal Federal income tax up to 2°
7
on the annual interest refundable.
The bonds will be secured by a direct closed 1st mtge. on land owned in
fee at 201-219 E. Kirby Ave. and 5400-30 John R. St., Detroit, Mich.,
-story fireproof apartment building in the process of construction
and 13
thereon. The security, including land, building and equipment, has been
appraised at $1,450,000.
After deducting for operating expenses, and allowing 10% for vacancies,
the annual net income fs estimated at $147,428,or over 2.7 times the heaviest
annual interest charge on this entire bond issue.
These bonds are personally guaranteed as to payment of principal and
interest by William J. Rewoldt, a Detroit contractor. Mi.. Rewoldt is
Secretary and Treasurer of the Art Centre Apartments, Inc.
(The) Bankers Bldg. (Adams Clark Bldg. Corp.),
Chicago, Ill.
-Land Trust Certificates Offered.
-Merrill,
Lynch & Co. are offering $5,000,000 land trust certificates
undivided parts of the equitable
(representing 5,000 equal
ownership of the premises to be occupied by the building)
per certificate.
at $1,000 and accrued rental, to yield 5
Dated June 1 1926, from which date rental is payable at the annual
rate of $55 per 1-5000th part. payable quarterly to the trustee and by it
disbursed by check on the first days of March, June, September and
209
December to the certificate holders registered as such on the next preceding 20th days of February, May, August and November. These
certificates are subject to retirement as a whole at any time within 50
years from date of the lease, at $1,100 plus accrued rental for each 1-5000th
part upon the exercise by the lessee of its option to purchase the premises
covered by the lease upon three months' written notice to the trustee.
All certificates are fully registered on the books of the trustee, and transfers
are effected by executing the forms on the back of the certificates which
correspond to the forms required for transfer of real estate in Illinois.
Each certificate represents 1-5000th undivided interest or multiple
thereof in the equitable ownership in the fee simple title to approximately
22,250 sq. ft. of land located at the southwest corner of South Clark and
West Adams Sts., Chicago. The land has frontage on three streets:
approximately 178 ft. on South Clark St., 125 ft. on West Adams St..
and 125 ft. on the extension of Quincy St. This total street frontage of
over 400 ft. adds greatly to the intrinsic worth of the site.
The title to the land is to be vested in the National Bank of the Republic.
of Chicago, as trustee, the title being insured by the Chiago Title & Trust
Co.
The interests represented by these certificates, being equitable interests
in land, the taxes on which are otherwise provided for, are under the
laws of the States of Ohio, Iowa,Missouri, Illinois, and most other States,
not subject to State and local taxes.
-The land represented by these certificates has been apValuation.
praised, upon completion of the building and under normal occupancy.
13y Wm. H. Babcock & Sons at $6,650,262, and by Frederick S. Oliver
of Oliver & Co. at $6,696,900. The building, when completed, is appraised by Wm. H. Babcock & Sons at $6,972,000, and by Frederick S.
Oliver of Oliver & Co. at $7,000,000, making the total valuation of the
property, upon completion, based on the lowest appraisal, $13,622,262.
Lcase.-The land represented by these certificates is to be leased for a
period of 99 years from June 1 1926 to the Adams Clark Building Corp.,
which will operate the Bankers Building, to be built on this land. BY
terms of this lease the lessee will agree to construct the building and to
pay, in addition to all taxes and assessments on the leased premises and
trustee's charges, $275,000 per annum rental for distribution to the registered certificate holders. Adequate insurance will be carried on the improvements on the property.
-Net earnings of the Adams Clark Building Corp. upon
Earnings.
completion of the building and under normal occupancy, applicable to
payment of ground rental are estimated at approximately $962,273, or
nearly 33 times the $275,000 rental to be distributed to the land trust
certificate holders.
For further description of properties, &c., see V. 123, p. 88.
-Bonds Sold.
Bay Biscayne Bridge Co. (Miami, Fla.).
-Peabody, Houghteling & Co., Inc., and Coffin & Burr,
Inc., have sold at 100 and int., to yield 6.50%,$1,500,000
1st (closed) mtge. sinking fund 63/2% gold bonds.
Dated July 1 1926; due July 1 1941. Prin. and int. (J. & J. 1) payable
at the Chatham Phenix National Bank & Trust Co., New York, N. Y.
.
Denom. $1,000 and $500 c5 Red. as a whole or in part on any int. date
at 105 to and incl. July 1 1937; at 104 thereafter to and incl. July 11938;
at 103 thereafter to and incl. July 1 1939; at 102 thereafter to and incl.
July 1 1940; and at 101 thereafter and prior to maturity; in each case accrued interest being added to the price named. The company agrees to
pay interest without deduction for normal Federal income tax up to 2% per
annum and to refund to resident holders certain State taxes. Biscayne
Trust Co., trustee.
Data from Letter of J. F. Chaille, President of the Company.
Property.
-The bridge, opened Mar. 1 1926, extends eastward approximately 2% miles across the shallow waters of Biscayne Bay,from the City
of Miami to Miami Beach, Fla. This bridge constitutes the most direct
route between Miami and Miami Beach and passes through a series of 5
islands, of which one, Belle Isle, is crossed on a county road less than 3C of
a mile long. The other 4 islands have been built for residential purposes
along the bridge and an additional island, to be known as Causeway Island,
containing over 17 acres, will be built on land to be owned in fee by the company. The bridge thus consists of an alternation of land and water cross,
ings, of which in all nearly a mile is through the islands and about 1 36 miles
over the intervening waters of the bay. The company will own in fee a
strip of land occupied by the bridge extending across the bay frcm Miami
to the west shore of Belle Isle, having a width of 100 feet at water crossings
and on the islands a width varying from 55 feet to 100 feet. The roadway
is nowhere less than 36 feet wide, with a 4-ft. sidewalk. Abutting on the
Miami approach to the bridge, the company will own additional parcels of
real estate with an average frontage of 400 feet on each side of the street.
-These bonds will be secured by a closed 1st mtge. on all the
Security.
company's mortgageable property to be presently acquired, including the
bridge and real estate referred to above. Upon the execution of the mortgage, $250,000 in cash will be deposited with the trustee to be withdrawn
from time to time for expenditures made or indebtedness incurred by the
company on account of the cost of constructing Causeway Island.
Authorized. Outstanding.
Capitalization (After Financing)1st mtge. sink.fd.6%% gold bonds (this issue)_ _ $1,500,000 $1,500,000
20,000 shs. 20,000 shs.
Common stock (no par value)
-The bridge (including the span between Belle
Rights and Franchises.
Isle and Miami Beach) is operated under an Act of the Florida Legislature
granting the right, after permission has been secured from the War Department, to construct, maintain and operate a road and roadways and toll
bridges. The necessary permission of the War Department has been obtained. The rights to be vested in the company under said Act extend for
25 years from March 1926, subject to the power reserved to Dade County
to purchase the bridge. If Dade County shall not have elected to purchase
within said 25 years, the Act provides for an extension of the franchise,subject, however, to said right of purchase.
-Based on actual total receipts for the first 3 months of operaEarnings.
tion, the net earnings before bond int., Federal income taxes and depreciation, as estimated by Ford, Bacon & Davis, Inc., engineers, will be $247,555
for the year ending Mar. 1 1927, or over 2% times the maximum annual
bond interest.
-The company will be required to deposit $6,250 monthly
Sinking Fund.
until the outstanding bonds shall have been reduced to $500,000; and thereafter so long as any of the bonds are outstanding, $4,167 monthly;and also
to deposit semi-annually beginning Mar. 11927, and until the outstanding
bonds shall have been reduced to $1,000,000, a sum equivalent to any exces
over $37,500 of all of the net earnings of the bridge for the 6 months period
(ending June 30 or Dec. 31) preceding such payment; and semi-annually
thereafter and until the outstanding bonds shall have been reduced to
$500,000, an amount equivalent to any excess over $37,500 of 50% of such
net earnines.
The mortgage will also provide that the real estate abutting on the Miami
approach and the real estate on Causeway Island may be released against
the deposit of cash equivalent to $400 for each front foot on the approach
of any of the property abutting on the bridge, and $300 for each front foot
on the approach of any of the property on Causeway Island, with the proviso that after the principal amount of bonds outstanding shall have been
reduced to $1.000,000, the amount of cash so to be deposited shall be
eauivalent to $300 per front foot on the approach and for the Causeway
Island property $200 per front fekit on the bridge; all said cash to be applied
to the retirement of bonds. If all said real estate be released, this cash
at the minimum rates will total $940,581, and accordingly it is anticipated
that all of these bonds will be retired before maturity.
-These bonds, together with all of the capital stock (except
Purpose.
incorporators' shares) of the company are being issued in connection with
the acquisition by the company of the properties to be covered by the mortgage, and this financing will result in the retirement of $1,000,000 of first
mortgage bonds now secured by a lien on properties to be vested in the company.
Borden Co.
-Declares Extra Div. on Common Stock.
-The
directors have declared an extra dividend of 25 cents a share
in addition to the regular quarterly dividend of $1 a share on
the common stock, par $50, both payable Sept. 1 to holders
of record Aug. 16. Extra dividends of like amount were
paid on the common stock on March 1 and June 1 last.
V. 122, p. 2334.
Braun Lumber Corp.
-Notes Offered.-Security Trust
Co., Detroit Trust Co., First National Co. of 'Detroit,
210
THE CHRONICLE
[Vol. . 123.
,
Bank of Detroit and Nicol, Ford & Co., Inc., are offering
at prices to yield from 5% to 5
according to maturity,
$4,250,000 serial 532% gold notes.
furniture and fixtures, pianos, electrical appliances, &c. The new subsidiary will have for its Manager. Ludwig Lichtenstadter and its Board of
Directors will consist of Siegfried Bieber, of the Berliner Handels-Gesellschen, as Vice-Chairman; Minister A. D. von Raumer, Berlin; Dr. Paul
Date July 1 1926: due serially 1927-37. Denom. $1,000 C. Red. all or Wallich, of J. Dreyfus & Co., Berlin; and, in addition, a number of the men
part on any interest date on 30 days notice at 101 and int. Principal and who now are directors of the parent American company. Henry Ittleson,
int. (J. & J.) payable without deduction of Federal income tax up to 2%. President of Commercial Investment Trust, will serve as Chairman of the
Board of the German company.
-V.122, p. 1176.
Security Trust Co., Detroit, trustee.
Corporation.
-Will be one of the largest retail and *wholesale lumber
Consolidated Mining & Smelting Co. of Canada,
concerns in the United States. It is taking over and consolidating the
business and properties, including valuable real estate holdings, of the Ltd.
-Production for First Half Year.
following companies: Braun Lumber Co., Arthur L. Holmes Lumber &
1st 6 Mos. Lead,Tcms. Zinc,Tons. Copper,Tons. Gold,Ozs.
Silver,Ozs.
Fuel Co., Hartwick Lumber Co. and the William P. Ternes Co., all of 1926
61,265
27,726
5,461
29,843
3,306,308
Detroit. The Arthur L. Holmes Lumber & Fuel Co. had previously been 1925
45,682
8.179
15,711
1,585,938
purchased by the stockholders of the Braun Lumber Co. The property -V. 122, p. 3458.
consists of 16 lumber yards and offices in Detroit and suburbs.
Security.
-These notes are the direct and only funded obligation of the
Curtiss Aeroplane & Motor Co., Inc.
-Preferred Stock
corporation. The corporation will not, while any of these notes are out-The directors
standing, mortgage any of its capital assets nor create any indebtedness Put On $7 Per Share Annual Dividend Basis.
of a rank equal or prior to said notes except purchase money mortgages: have declared a semi-annual dividend of $3 50 per share on
also, except such obligations as may be incurred in the ordinary course of
business. No dividends 'will be declared or paid on the capital stock that the outstanding 25,231 shares of participating preferred
will reduce net current assets to less than two-thirds the amount of the stock, representing an increase of $1 per share per year and
notes outstanding, or reduce the ratio of quick assets to current liabilities placing the stock on a $7 annual basis. Heretofore the midbelow 3 for 1.
Guarantee.
-Fisher & Co. has unconditionally undertaken and promised year dividend was only $2 50. The dividend is payable
that these notes, both principal and interest, will be fully paid 'when due. Sept. 1 to holders of record Aug. 16. (Compare V. 122,
All of the common stock of Fisher & Co. is owned by Fred J., Charles T.,
William A., Lawrence P., Edward F. and Alfred J. Fisher. The net worth p. 615.)
of this company is over $25,000,000. Fisher & Co. also agree that its
The increase voted by the directors absorbs the full 7% preference value
net assets will not be reduced below $20,000,000, or five times the principal of the stock, but under the participating feature it shares with the common
amount of these notes outstanding, whichever is less.
stock in additional earnings up to 42%.
No action was taken in connection with the Curtiss Assets Corp.
Buffalo Lithia Springs Co.
-Registrar.
The official semi-annual statement of toe concern has not yet been
The Central Union Trust Co. of New York has been appointed registrar prepared, and the officers are withholding any announcement of the comfor 32,000 shares 7% preferred stock. 8,000 shares 6% preferred stock and pany's activities during the first half-year until then. The company
200,000 shares of common stock of the company.
recently announced that for the first time since the war it is marketing its
-V. 123, p. 89.
products in Europe and South America.
(A. M.) Byers & Co.
The company announces that the British Government has standardized
-To Increase Capital.
The stockholders will vote Sept. 7 on increasing the authorized preferred for pursuit planes and observation the Curtiss D-12 motor, which is now the
stock from $4,500,000 to $7,000,000, and the common stock from 150,000 standard pursuit motor of the United States. The motor was entered in
shares to 200,000 shares, no par value. It is announced that rights to competition with all British and Continental motors and was accepted
subscribe to additional preferred or common stock will soon be offered to after it had successfully withstood a test of 100 hours' continuous operation,
stockholders of the company. The proceeds of the projected offer, the which is double the test previously required by the British Air Ministry.
amount of which has not as yet been determined, together with cash on
The company has contracted to deliver a quantity of these motors and
hand, will be used to retire the $3,800,000 1st mtge. 6% bonds at 103 and parts to the British Government and deliveries are now being made at the
int. Of the common stock 10,000 shares are to be reserved for employees. rate of about six a month. Arrangements have been concluded also with
-V. 122, p. 2657.
the Fairey Aviation Co. of Great Britain under which the Curtiss product
will be supplied to the British Government for a period of years, during
Calumet & Arizona Mining Co.
-Production.
which time it is expected the Fairey company will gradually adapt its plant
Month ofMarch.
to the manufacture of the Curtiss type of motor under Curtiss engineering
April.
May.
June.
Copper output (lbs.)
sopervision. Subsequently the Curtiss company will receive a royalty on
4,208,000 4,908,000 3,876,000 4,020,000
-V.122. D. 3214.
all motors manufactured by the British concern.
Supplementing this business in Great Britain, the company is negotiating
to supply motors and planes to Brazil, Argentina, Chile and Peru, and sevCanadian Explosives, Ltd.
Dividend.
-Pays Extra
The company on July 5 paid an extra dividend of 2% on the outstanding eral Central American countries. Heretofore, it was said, the British.
French and Italian manufacturers have dominated this field to the exclusion
common stock, par 3100, to holders of record June 19.
-V.122. D. 2048.
The usual quarterly dividends of 1'4% on the preferred and of 2% on of American products.
the common stock have been declared payable on July 15 and July 31
Delaware Punch Co. of America, Inc., San Antonio,
respectively, both to holders of record June 30.-V. 120, p. 3069.
Tex.
-Preferred Stock Offered.
-The company is offering
20,000 shares of 7% cumul. preferred (a. & d.) stock (par
$100), and 20,000 shares of common stock (no par value), in
units of 1 share of preferred stock and 1 share of common
Circle Theatre Co. (Indianapolis, Ind.).
-Common stock at $100 per unit.
Divs. payable annually, when earned and declared. Red. all or part
Stock Offered.
-Fletcher American Co., Indianapolis, is offer- after 5 years on any div. date upon 30 days' notice at 105 and divs. Divs.
exempt from present normal Federal income fax.
ing at par ($100 per share) $600,000 common stock.
Childs Company, New York.
-Sales.-
Period
6 Mos.-1925
-1925 1926
-June
1926
Sales of meals
113 289 $1,809,716 $12,636,233 $11,507,729
No. of meals served_- _ _ $2
3,648,943 25,146,151 23,742,562
4:098,007
-V. 123. p. 89.
Exempt under present laws from State and local taxes (except inheritance taxes) in Indiana and from normal Federal income taxes. Fletcher
American Co.. Indianapolis, registrar and transfer agent.
Capitalization.
-Authorized and issued, $1,600,000; par of shares, $100.
Data from Letter of A. L. Block, President of Company.
Company.
-Organized in 1915 in Indiana and erected at that time on
Monument Place the Circle Theatre, the first large moving picture theatre
west of New York. Company also holds a one-half interest in the Ohio
Theatre and a three-fourths interest in the city's newest modern neighborhood house, the Up Town Theatre at College Ave. and 42d St. Both of
these theatres are profitable. Company will erect at once and will operate
the new Indiana Theatre, adjoining the Claypool Hotel. These theatres
will have a combined seating capacity of nearly 9,000.
Property.
-In addition to these operations the company will own directly
and through subsidiaries valuable long-time leases on three of the largest
downtown properties in the city, viz., the Circle Theatre site, the west half
of the English Hotel site and the new Indiana Theatre site. These properties
will have a combined sound value in excess of the entire capitalization of the
company. In the English Hotel site the company holds one of the city's
finest potential locations for another theatre or for commercial purposes.
The company's balance sheet shows net assets of $1,687,266 against its
total capitalization of $1,600,000.
Earnings.
-It is conservatively estimated that, with the new Indiana
Theatre and ball room and other entertainment features in full operation,
the Circle company, after all operating expenses and charges except Federal
income taxes, will show net earnings of not less than $250,000 per year
(over 15% on the stock) available for dividends and expansion.
Management.
-Officers and directors are: A. L. Block (Pres.), Robert
Lieber (Vice-Pres.), Leo M. Rappaport (Sec.), Fred C. Gardner (Treas.),
Theodore Stempfel (and.), Edgar 0. Hunter and Herman P. Lieber.
Purpose.
-To acquire the common stock ownership of the Lincoln Square
Realty Co. (see that co. below), thereby paying a part of the cost of construction and equipment of the building which will house the new Indiana
Theatre and amusement centre.
Dividends.
-It is the intention of the directors to place this stock on an
initial 7% annual dividend basis, payable quarterly, the first dividend to
be payable Oct. 1 1926 for the 3 mos. ending on that date. The owners of
$1,000,000 of the common stock have agreed to waive their right to dividends during the period of construction of the Indiana Theatre property
and for 90 days thereafter to whatever extent might be necessary to assure
dividends at the annual rate of 7% during that period to the purchasers of
the 8600.000 common stock now offered.
City Investing Co. & Subs.
-Report.
-
Data from Letter of Thomas E. Lyons, President of Company.
Business.
-Delaware punch is now sold In more than 40 States in the U.S.,
as well as in Canada, Hawaiian Islands and Central America. The product
is a soft drink bottled without the use of carbonic gas or carbonated water.
CapitalizationAuthorized. Outstanding.
7% cumul. pref. stock (par $100)
100,000 shs. 20,000 shs.
Common stock (no par value)
200,000 shs. 100,000 shs.
The company has no funded debts outstanding.
Purpose.
-To enable the company to carry forward a plan of expansion.
It is proposed to establish Delaware Punch bottling plants in amny centres
throughout the U. S., where the beverage is not handled to the best advantage at the present time.
Under existing arrangements the beverage is bottled and distributed by
many plants which are not Delaware Punch plants in name, and are not
controlled by the parent company. Even under such conditions, some of
these plants have shown as high as 70 bottles per capita consumption of
Delaware Punch.
-Estimated annual gross sales
Earnings.
$6,545,460
Materials and production, $1,636,365; sales expense, $160,000:
advertising,$1,200,000;executive and overhead,$132,000;total3.128,365
Total estimated profit
$3,417,095
Directors.
-D. K. Furnish (Chairman), Thomas E. Lyons (President),
T.F.Smith (Vice-President), Harry II. Rogers, %V. B. Tuttle,Ike T.Pryor,
J. H. Haile, Charles Baumberger, F. G. Oppenheimer, Thos. N. Smith,
John B. Herff, E. Keith Lyons, Ferdinand P. Herff, II. M. Moors, E. V.
DePew. and Frank Winerich.
Devoe & Raynolds Co., Inc.(& Subs.).
-Balance Sheet.
May31'26. Nov.30 25.
.
Assets$
$
Plant, equip., &e.,
less depreen___ 2,680,203 2,668,783
Investments
788.180
819,715
65,734
lst pref.stk.purch.
436,550
227,087
Cash
168,039
144,698
Notes receivable
Accts.receivable 3,142,969 2,527,422
3,280,795 2,662,718
Inventories
268,554
122,778
Deferred charges
328,482
Prepaid lfunir., &c. 845,969
.11fay31'26. Nov.30'25.
Liabilities
-Class A corn. stk_x 3,191,667 3,191,667
Class B corn. stk_y 1,
133,333 1,333,333
1st pref. stock_-__ 1,841,400 1,872,000
2d pref. stock____ 935,500
935,500
Accounts payable_ 461,199
524,817
Notes payable___- 825,000
Inst. of Fed'i tax
180,009
Reserve for taxes Ze
accr. exp., dee__ 487,018
4,650
Surplus •
2,212,439 1,849,145
11,287,556 9,891,121
Total
Total
11,287,550 9,891,121
x Represented by 95,000 shares of no par value. y Represented by
40,000 shares of no par value.
A comparative income account for the 6 months ended May 31 1926
was published in V. 123, p. 90.
Consolidated Income Account for Year Ended April 30 1926.
Income from rentals, diva., int. on mortgages, &c
$3,217,737
Gen. & adm. exp., $81,229; int. on mtges. $189 '737; other
expenses, $96,538; total _____
____
_
367,504
Dodge Brothers, Inc.
-Deliveries in United States.
6 Months ended June 301926.
Net income for year
1925.
Increase.
$2,850,233 Motor cars and trucks delivered
173,373
Previous surplus
120,704
52,669
912,425
122, p. 3346.
Total surplus
$3,762,658
Dome Mines, Ltd.
-Gold Production (Value).
Federal taxes, years 1919-20 and 1920-21, $17,685; years
May '26.
June '26.
April '26.
Mar.'26.
Feb. '26.
1924-25, $21,873; total
Jan.'26.
39,557 $327,664
$328,028
$311,551
$344,933
Dividends on preferred stock
$329,689
$348,324
30,614
122, p. 3215.
Cash dividends on common stock (15%)
599,970 -V.
Common stock dividend (50%)
1,999,900
Dominion Iron & Steel Co., Ltd.
-Receiver Appointed
Surplus as at April 30 1926
$1,092,616 Protective Committees Formed.
-V. 122. P. 3089. 2196.
The National Trust Co. of Toronto having been appointed on July72
1926 sole receiver and manager of the property of the Dominion Iron r&
Commercial Investment Trust Corp.
Steel Co., Ltd., two influential protective committees have been formed
-Forms German In London to safeguard the interests of the 5%
consol. mtge. bondholders
Subsidiary.
(sterling series) of the Dominion Iron & Steel Co. and the 6% cumul. prefcorporation announces the formation of a subsidiary
The
company, erence shareholders of the Dominion Steel Corp., Ltd., which owns a large
known as the Commercial Investment Trust Aktiengesellschaft with head- interest in the Iron & Steel Co. These committees
quarters at Berlin W 56, Jaegerstras.se 27, Germany. The German com- posits of the securities in New York, London, are now calling for deMontreal and Toronto.
pany is capitalized at 5,000,000 marks, and ownership is vested solely in Holders of the 5% consol. mtge. bonds (sterling series) of the Dominion
the parent American company.
Iron & Steel Co. are invited to deposit their bonds with the Bank of MontThe new German subsidiary will grant credits for the time payment real at its office,64 Wall St., N.Y.City,and its offices in London,
purchase of automobiles and other products adaptable to this type of financ- and Toronto, while the holders of the 6% cumul.preference stock Montres,1
Dominhag, such as income-producing machinery,industrial equipment, commercial ion Steel Corp. are aseed to deposit their certificates with the of
Canadian
JULY 101926.]
THE CHRONICLE
Bank of Commerce at its office, 16 Exchange Place, N. Y. Cityland its
offices in London, Montreal and Toronto.
The personnel of the two committees is as follows:
-The Hon.
Bondholders' Committee, Dominion Iron & Steel Co., Ltd.
Arthur 0. Crichton, W. T. Layton, C.FI., Claud P. Serocold, A. Rae
Smith, and John A. Roney, 5 London Wall Buildings, E.C. 2, London
(Secretary).
-B. H. Binder,
Shareholders' Committee, Dominion Steel Corp., Ltd.
Raleigh B. Phillpotts, E. Guy Ridpath and G.B. Vignaux,80 Bishopsgate,
2, London (Secretary).
B.C.
Speyer & Co.of New York and the Dominion Securities Corp.of Toronto
and Montreal at the request of these committees are prepared to furnish
information relative to the above calls for deposits, on application, at their
-V. 123, p. 90; V. 122. p. 3346.
respective offices.
-Preferred Stockholders'
Dominion Steel Corp., Ltd.
Protective Committee Formed.
-V.118, p. 1274.
See Dominion Iron & Steel Co., Ltd., above.
-Earnings.
Early & Daniel Co., Cincinnati, 0.
1925.
1924.
Calendar Years$166,642
$177,444
operating profits
Total
47,097
31,621
Deprec., taxes, interest and other charges
$119,545
1145,823
Net earnings
During 1925,the company paid a total of$3 (incl. 50c. extra)in dividends
the common stock. This compares with the regular rate of $2 50 per
on
annum paid in 1923 and 1924. The regular quarterly dividends of 62%c.
per share on the common stock have been declared for the next two quarters,
payable Oct. 1 1926 and Jan. 1 1927.-V. 121. p. 983.
-Proposed Sale of
Edmunds & Jones Corp., Detroit.
-To Retire Preferred
Assets, &c., to the C. M. Hall Lamp Co.
Stock, &c.
211
Famous Players-Lasky Corp.
-Dissenting Statement of
Commissioner Huston Thompson to the Action of the Commission in Reopening the Motion Picture Case.
On June 14 1926 the Federal Trade Commission had before it for consideration and action an order relating to the case of the Famous Players
et al., whicn was reopened on April 6 last. The first paraLasky
Corp.'
graph of the order, which was approved by all the Commissioners, reads
as follows: "That all rulings made by the Examiner sustaining motions
to strike out evidence introduced by respondents herein, or on behalf of
the Commission, or otherwise striking out any of such evidence, shall be
and are hereby vacated; and that such evidence, being already physically
incorporated in the record in this cause, shall be received and considered
by the Commission in the determination of this cause, and be given such
weight as it may be entitled to receive under the law, and with the same
force and effect as if the same had been received in evidence by the
Examiner."
With respect to the second paragraph,"That counsel for the Commission
and respondents are granted leave to adduce additional material evidence
on the subjects only of theatre ownership and block booking" Messrs.
Hunt, Humphrey and Van Fleet voted in the affirmative and Messrs.
Nugent and Thompson in the negative and asked that their dissent be
noted. Commissioner Thompson made the following statement for the
record:
"This case was docketed as an application for complaint on Dec. 10 1919,
after preliminary investigation. Since that time the Commission has
taken evidence all over the United States to the extent of 17,264 pages
and has spent approximately $73,601 during a period of 6 years. The
record was digested and the case exhaustively briefed and argued before
the Commission. At the time of the trial, counsel for the respondents
presented arguments covering the offer of evidence on numerous points
and cited rulings of the Trial Examiner refusing to admit such evidence
in some 5.000 instances.
"I am opposed to the granting of that part of the motion to open the
case to take further testimony regarding block booking and theatre ownership since in my opinion the evidence and the findings of the Examiner
already show a tendency toward monopoly, a substantial restraint of trade,
full line forcing and tying contracts contrary to law.
"Three years ago I stated before a Congressional Committee that it
had been freely bruited about the country and throughout the motion
picture industry ever since this case was started that final action would
never be taken resulting in the issuance of an order. That statement has
become literally true so far as my vote is concerned since my term expires
Sept. 26 1926. In the meantime it will be utterly impossible to conwlet9
the taking of the additional evidence as contemplated by the Commission."
The stockholders will vote July 20 on approving a proposition to sell and
convey the entire assets, business and goodwill of the corporation as a
going concern, to C. M. Hall Lamp Co. a Michigan corporation, and
receive in payment therefor 3 shares of common stock of C. M. Hall Lamp
Co. having no par value, and $5 in cash, for each share of common stock of
Edmunds & Jones Corp. now outstanding. In addition thereto, the Hall
Lamp Co. will deliver to this corporation an additional 5,000 shares of its
common stock, no par value, under an agreement, however, that the same
are to be re-delivered by this corporation to A. B. Turner of Boston, Mass.,
as consideration for his services in connection with effecting the plan. The
Hall company as a further consideration, assumes and agrees to pay all
Subscription Agent.
commitments, obligations and liabilities of the Edmunds & Jones Corp.
The Empire Trust Co. has been appointed agent for the acceptance of
The directors on June 28 elected, pursuant to an agreement to sell the
entire assets and business of the corporation to C. M. Hall Lamp Co., subscriptions to the common stock (see V. 122, p. 3347).-V. 123. P. 90.
and subject to the approval of the sale by the stockholders of Edmunds &
Fanny Farmer Candy Shops, Inc.-June Sales.Jones Corp., to redeem and retire its entire outstanding 5,091 shares of
Increase. 1926
6 Mos.-1925
Increase.
---1925
-June
preferred stock on Oct. 1 1926 at $120 and dividends. Payment will be 1926
$91,2091$1,513,094
$137,559
$1,088.849
1424.245
$228,768
made at the Guardian Trust Co. of Detroit.
122, p. 3347.
The C. M. Hall Lamp Co. has outstanding 200,000 shares of common
shares of common stock, par $25 per share.
stock, no par value, and 10taken by the
stockholders of that company to
-Bonds Sold.
Appropriate action has been
-j. P. Morgan &
Fiat (Turin, Italy).
its authorized capital stock to 500,000 shares of common stock, no
increase
Co., First National Bank, the National City Co., Guaranty
par value.
The agreement further lorovides that the C. M. Hall Lamp Co., prior to Co. of New York, Bankers Trust Co., Lee, Higginson &
the assets
the acquisition by it of dividend ofand business of this corporation may Co. and Marshall Field, Glore, Ward & Co. have sold at
$2 50 per share, or in lieu thereof. a
declare and pay a cash
93 and int. to yield 7.69% to maturity,$10,000,000 20-year
20% stock dividend on its outstanding capital stock.
personnel of the management of C. M. Hall Lamp Co. upon acquisiThe
fund 7% gold debenture bonds (carrying detachable
tion of the assets and business of this corporation, is to be as follows: sinking
George E. Edmunds, Chairman of the board of directors and Chairman of stock purchase warrants).
Committee; William F. Anklam, President; William T.
the Executive
Dated July 1 1926; due July 11946. Red. as a whole (but not in part
Jones, Vice-President in charge of manufacturing, and J. F. Hartz, Vice- except for the sinking fund) at the option of the company on any int.
President, and such other executive officers as may be chosen by the board date upon 60 days' notice at 105 and int. Principal and int. (J. & J.)
-V. 122, p. 3346.
of directors.
payable in N. Y. City at the office of J. P. Morgan & Co., in U. S. gold
of weight and fineness,
coin of the present
-20% Stock Dividend.
Electric Controller & Mfg. Co.
- for any Italian taxesstandardor future. Denom. $1,000without deduction
present
and $500 c. The
The directors have declared a 20% stock dividend, payable Aug. 1 to National City Bank of New York, trustee.
holders of record July 20.-V. 122, P. 3090.
Data from Letter of Giovanni B. Agnelli, President of Company.
-Preferred Dividend.
Electric Finance Corporation.
- Company.
-Fiat was constituted as a societa anonima (corporation)
The directors have declared a cash dividend equal to 8% per annum on according to Italian law, March 8 1906, as successor to Societa Anonima
paid-in amount on the 4,000 shares of no par cumulative preferred Fabbrica, Italiana di Automobill (Torino), which latter company was
the
stock, for the two quarters from Aug. 1 1925 to Feb. 1 1926, payable Aug.2 founded in 1899. It takes its title (Fiat) from the initial letters of its
1926 to holders of record July 23 1926.-V. 121, P. 591.
former name.
Company is the largest industrial concern
-Cash Position manufacturers of automobiles in Europe, andin Italy, one of the largest
Electric Household Utilities Corp.
one of the foremost manu-Secretary James A. McCoy, in referring to the facturers of Diesel engines in the world. It has ten manufacturing diStrong.
visions engaged in the production of passenger automobiles, automobile
of the dividend declared last week, said:
payment
and special steels. forgings, castings, spare parts, tractors,
The cash position of the company is very strong, but the directors declared bodies, common internal combustion engines including Diesel and semi
types of
half of the regular dividend in stock rather than cash so as to increase the varioustypes, railway rolling stock and material, aviation engines and
to use in connection with immediate expansion Diesel
company's working capital
contemplates placing new models of both aeroplanes, employing about 32,000 men.
of the business. The companymachines
In addition, the company has subsidiary and associated companies which
on the market and also contemwashing machines and ironing
manufacture motor trucks, supply and manufacture raw and semi-finished
plates additions to the present sales organization in order to greatly intensify materials and accessories, supply hydro-electric power, operate motor
-V. 123, p. 90.
distribution efforts.
their
services in Italy, and facilitate installment purchases of automobiles. The
Electric Refrigeration Corp. Divs.--Additional Stk.- company's policy is to make each of its departmental and subsidiary facregular quarterly dividends of 50c. a tories self-supporting, and approximately 35% of the total production of
The directors have declared the the capital
share in cash and 1 X% in stock on quarterly stock, both payable Aug. 20 these factories is sold to outside customers and not to the automobile
dividends of the same amounts department. The company's policy of creating departments and subto holders of record Aug.2. Initial
sidiaries of such a varied nature not only assures its supply of materials
were paid May 1 last.
also authorized an issue of 25,000 shares of additional and accessories, but also provides diversification of output to a considerable
The directors have
stock for employees at $70 per share. All of this stock has been subscribed, degree.
-The company's chief manufacturing plant is
-V.122, p. 3610.
Plants and Other Assets.
to be paid for in instalments over a period of time.
the Lingotto Works at Turin, Italy, which is the largest automobile plant in
Elyria (0.) Iron & Steel Co. Acquisition.
Europe. It employs about 17,500 men and all the machinery is electrically
The company has acquired the Standard Steel Tube Co. of Toledo. 0, driven. This works comprises 97% acres of ground, on which are located
effective July 1. The plant of the latter will continue to be operated under modern fireproof factory buildings having an aggregate floor space of
,
the name of the Standard Steel Tube Division of the Elyria company. 3,056,000 square feet, or about 70 acres. The main factory building is over
George B. Storer Jr., who was President and General Manager of the Stand- one-third of a mile long and has on its roof an oval testing track of over
-V.122, p. 2659. one-half of a mile long.
ard company, becomes a director of the Elyria company.
The real estate, plants and machinery owned directly by the company,
-Annual Report.(The) Fair (Chicago).
consisting chiedy of 10 plants with a total floor space of about i76 acres,
1926.
1925.
Yrs. ended Jan. 311924.
have a cost production new in Italy, less accrued depreciation, of $54,$26,957,739 $24,406,062 Not stated 958,510, according to a recent appraisal by Day & Zimmermann, Inc.,
Net sales
Oper. profit after. exps. & deprec_ _ $1,604,461 $1,271,602 $1 437 599 engineers. A large part of the Lingotto Works and of the other plants
200,921
Federal taxes
160,000
'170:000 has been consametwi since tne end of the war, and the older plants have
remodeled and equipped with modem
$1,403,540 11,111,602 11,267,599 been completely-The company's oalance &met does machinery since 1919.
Net income
Balance Sheet.
not show the consoli280,000
Preferred dividends
416,850
420,000 dated position o, the company and all its subsidiaries, but simply the
1,037.500
Common dividends (cash)
125,000
125,000 position of its directly owned properties and its holdings of securities of
subsidiary and associated companies. In the balance sheet of Dec. 31 1925
$86,040
Surplus
$569,752
$722,599 the directly owned properties are valued at the nominal figure of only
1,275,700
Previous surplus
889,308
166,709 $15,451,200 (in comparison with tneir appraised value as stated above of
467,721
Profit on real estate sold
$54,958,510) due to the company's ultra-conservative policy in allocating
Common stock dividend
large sums from earnings to the writing down of property values. Security
1.769,9 62
Miscellaneous debits
183,360
holdings had a book value of $4,994,200. Net current assets amounted to
$21,630,560. Aside from current liabilities, the company's only debt
$1,286,696 31.275.700
and loss surplus
Profit
1889,309 other than this issue of bonds is 2,004.000 lire (about $80,160) of long-term
-V.122. P. 3347, 890.
bonds of an old issue, which are being steadily amortized. The balance
sheet of Dec. 311925, giving effect to the above-mentioned appraisal and
-Balance Sheet.-Fairbanks Co. and Subsidiaries.
to this financing, shows net assets, after deducting all liabilities except
dtpr.30'26.Dec.31'25.
Apr.30'26.Dec.31'25. these bonds, of approximately $92,872,580, or more than 9 times the
$
Liabilities-.
$
Assetsof this issue of bonds.
$
8% cum. 1st pf. stk_1,000.000 1,000,000 amount
$
-In every year since 1908 the company has earned a profit
Land, bldgs., maEarnings.
2,848,042 2,843,438 8% cum. pref. stock_2,000.000 2,000,000 after deducting fixed charges and ordinary depreciation from earnings.
chlnerY, &e
Common stock
1,500,000 1,500,000 The company's annual reports show net earnings after allocating a large
Standing timber,
29,264 Cap.stock Fairbanks
equip. & develop't 23,300
part of the actual net earnings to extraordinary depreciation and various
Co. of Cuba
.
other special reserves.
lit pref. sink. fund__ 165,135 165,135
5
250,9n 201,716
1925.
1922.
Contr.& goodwill_ _ _ 898,500 898,500 Accts. payable
5°
Cal.Yrs.- 1921.
1924.
1923.
0
330,125 242,538 Customers' balances_
120,132,910 $20,690,208 $24,819,390 $33,873,035 $49,423,160
13,476 Sales
Cash
Notes & accts. rec__ _ 570,485 566,003 Reserve for European
5,105,433 8,641.920
1,218,048
*Net earns_ 2,019,825
2,140.875
taxes
3,232
1,965
423
* After taxes and ordinary depreciation.
Adv. to employees4,215
943,790 946,051 Fed, taxes and other
Inventories
(Lire figures have been converted at the following rates: 1921. 4.5c.;
44,554
contingencies
45,299
117,002 212,751 1922, 4.8c.; 1923, 4.5c.; 1924, 4.3c.; 1925, 4c.• being approximately the
prepaid expenses_
2,381,340 2,483,808 Notes payable
2,548,868 2,548,868 annual average exchange rates for each of these years.)
Deficit
Deprec. reserve
784,641 740,998
The sales and net earnings shown above are those of the Fiat Company
le
5,571
itself the earnings including only dividends received from subsidiary and
(each side)- _8,207,981 8,222,524 Fed.tax res.(cur.yr.)
Total
the company's proportion of the
A
" comparative income account for the 4 months ended April 30 1926 was associated companies and not including companies.
undistributed surplus earnings of such
given in V. 123, IL 91.
-V.
212
THE CHRONICLE
Purpose.
-Proceeds will be used in part for expansion of the Lingotto
Works, chiefly in connection with the production of a new small car selling
for the equivalent of about $635, with but one exception the cheapest car
in quantity production on the Continent. The proceeds will also be used
in part for the reimbursement of the company's treasury for similar expenditures already made, and to provide the company with additional
working capital.
Capitalization and Dividends.
-The stock capitalization of the company
consists of 2,000,000 shares of 200 lire par value each, of which 1,000,000
shares are fully paid. In 1924 shareholders were granted the right to
subscribe to 1,000,000 shares at par, or 200 lire each, thus bringing the
'
stock capitalization to the present outstanding amount. 70% of the new
share capital was paid for in installments during 1924 and 1925 and the
remaining 30% is subject to call. The new shares participate in divs.
from Jan. 1 1926. Divs. paid in recent years have been: 1922, 7%%;
1923, 10%; 1924, 113,1%; 1925, 15%.
Stock Purchase Warrants.
-Each $1,000 bond will carry a detachable
stock purchase warrant entitling the holder to purchase 40 shares, and each
$500 bond 20 shares, of the present outstanding fully paid capital stock (par
200 lire each) at $25 a share. All rights under the warrants will expire
on July 11931. The company will cause 400,000 shares of the company's
now outstanding fully paid stock to be deposited by important shareholding
interests under a deposit agreement with the Credito Italiano, Milan, Italy.
which, upon the exercise of rights under any warrants, will deliver the
appropriate number of share certificates. Warrants may be surrendered
and the required payment made at the office of J. P. Moragn & Co. in
N. Y. City. This deposit agreement contains appropriate provisions
protecting the interests of the holders of the warrants in case of a change in
the par value of the stock, in case of the issuance of additional shares of
stock as a stock dividend, and in case of the issuance of additional shares
for a consideration in cash or property less than the then existing purchase
price per share.
The company's capital shares as at present constituted, have sold in
Italy at prices (lire quotations being converted at the then current exchange
rates) ranging from $24 59 to $18 83 in 1925, and from $24 08 to $17 59
to date in 1926. The present price in Italy of 555 lire is equivalent, at
the present exchange rate, to about $19 04 per share.
Sinking Fund.
-A cumulative sinking fund calculated to be sufficient
to redeem the entire issue on or before maturity, is to be applied to the
purchase of bonds if obtainable at or below 105, or, if not so obtainable,
to the semi-annual redemption at 105 of bonds called by lot.
Listing.
-Application for the listing of these bonds on the New York
Stock Exchange will be made by the company in due course.
[All amounts originally expressed in lire are converted into dollars (unless
otherwise noted) at 4 cents to the lire.]
Flintkote Company.
-Annual Report.
-
Calendar YearsProfits for year
Reserve for Federal taxes
Amortization of patents
1924.
1925.
$587,515 $1,118,658
133,000
75,000
61,551
[VOL. 123.
General Electric Co.
-Equipment Orders.
-
Two of the new type motor-generator electric locomotives,
to
those being built for the New York New Haven & Hartford similarbut
RR.,
larger,. are being constructed by the American Locomotive and General
Electric companies for the Great Northern By. The two locomotives will
weigh 250 tons each, with 200 tons on the driving wheels. They are
used in connection with the extension of the railway electrification to be
from
Skykomish to Wenatchee, a distance of 80 miles. In connection with this
extension of the electrification, a 7y,-mile tunnel is being constructed
through the Cascade Mountains, which will lower
summit
500 feet. The new line will substitute 9 miles of the present straight
practically
track for 18 miles of curved and heavy grade line.
Four new type transformers, the largest individual units ever built,
have just been completed at the Pittsfield
Electric Co.
for the Great Western Power Co. These plant of the Generalthan 28 feet
transformers, more
high, will be used to step down 220.000 volts to 125,000 volts on the transmission line between the Great Western Power Co.'s system and the San
Joaquin Light & Power Corp's network furnishing electricity to San Francisco and vicinity. The total weight of each transformer, including oil,
is 261,000 pounds.
Develops a New Lamp for Traffic Signals.
-
A new incandescent lamp, especially
been developed by the General Electricdesigned for traffic signals, has
The new lamp will burn
50% longer than the types now in use andCo. have a better candlepower
will
maintenance as it is a gas-filled lamp, whereas
vacuum
type. In addition to lasting longer it gives the others are of 122,
more light.
-V.
p.
3611, 3217.
General Railway Signal Co.
-Equipment Orders.
-
The company announces new orders for interlocking machines
the
following railways, viz.' New York Central RR. Line West, from
16 Lever
model, at Gibson, Ind.;'Detroit, Toledo & Ironton, at Hamler, O.; Cleveland Cincinnati Chicago ez St. Louis, Pana, Ill., 93 levers model; Southern
By.,32 levers, Biltmore, N.
Co.,8 levers: Bingham
& Garfield RR., automatic C.; Montreal Tramways between Bingham and
block signaling system
Magna, Utah. The company has also received an additional order from
the Chicago & Northwestern By. for 6 additional engine equipments for
continuousv peed,controlNorthwester
motlves - s l2 p.91. on Chicago & Nohwestern class "E" lo. .
oc
n
3
1925
Gra
.nd
(26 aJuWne--.)
19 .
F
$778,451
$636,309
-V. 122, p. 3217.
5 -25
-10 -Cent Stores, Inc.
-Sales.Increase. I 1926-6 Mos.-1925.
Increase.
114,401,845 $3,249,322 $1, 52 e.
11cre 3
4 ,52
(W. T.) Grant
Co.(Mass.).
-June Sales.
1923.
1926 June-1925.
Increased 1926-6 Mos.-1925.
$510,785 - 639,69 n. 33,9
32v. 122 7 $24356,731
,
.
$282,9661$14,395,438 $12.601.981 $1, crease
7 ,5
1n 93 4 7'
61,000
60,518
Net profit
$389,267
$922,117
$512,515
Total sales for the year 1925 amounted to $7,948,820,showing an increase
of 4.25% over the year 1924.
Balance Sheet Dec. 31.
Assets1924.
1925.
1925.
Liabilities
1924.
Plant assets
42,178,283 $1,782,930 1st pref. stock- __ $493,600 $533,600
Stk. in other cos__
15,800
64,600
64,600 2d pref. stock
Patents & royalty
Common stock__ 1,490,100 1,490,100
contracts
474,476
511,780 Acc'ts pay.ble and
Cash
296,109
118,829
accrued expenses 267,879
425,468
Acc'ts receivable
39,337
98,044
724,078
856,918 Dividends payable
Notes receivable
4,970
14,511 Res. for comm'ns,
Inventories
673,802
477,243
royalties. Fed'l
Cash with sinking
183,705
taxes & conting_ 145,388
fund trustee&
11,575 Unapprop. surplus 1,810,147 1,549,712
Prepaid expenses_
42,874
35,449 Sur. for redeznp. of
Extraord. charges_ 125,314
60,536
1st pref. stock__ 102,069
Sur. for redemp. of
11,575
2d pref. stock_
Total
$4,407,226 $4,180,475
$4,407,226 $4,180,475
Total
x After deducting $358,865 reserve for depreciation.
Note.
-The balance sheet as at Dec. 31 1925 is stated without estimate
of the unsettled claim for use and occupancy insurance occasioned by the
fire of Aug. 13 1925 at the Rutherford plant.
-V. 120, p. 2154.
Floue Mills of America, Inc.
-Initial Dividend.
(C. M.) Hall Lamp Co., Detroit.
-To Acquire Edmnuds cfc
Jones Corporation-May Pay 20% Stock Divideni.See that company above.
-V.122. P. 3349.
Hamilton Mfg. Co. (Mass.)
-In Receivership.
Judge Bishop in the Suffolk Superior
Boston has appointed
Charles F. Rowley, Boston attorney, and Court at
Flather, Treasurer
Frederick
of the Bott Mfg. Co. of Lowell, as receivers for theA.
company. Both receivers will be required to furnish bonds of $50,000.-V. 122, p. 2661.
Horn & Hardart Co.
-Special Common Dividend.
-
The directors have declared a
dividend
of 1234 cents per share on thedividend of373 cents and a special holders
common
of record July 12. On both Feb. 1 and stock,1payable Aug. 2 to paid in
company
May
addition to a quarterly dividend of 25 cents; an last the 123 cents.
extra of
-V.
122, p. 2661.
International Paper Co.
-Common Dividends Resumed.
The directors have declared a quarterly dividend of 50
per share on
the common stock payable Aug. 16 to holders of record cents 4. The last
Aug.
dividend paid on the old $100 par common was $2 per share in 1899. The
old common stock was recently exchanged share for share for common stock
of no par value.
Construction of Gatineau Newsprint PaperMill.-The company on June 21 made the following announcement:
Our Gatineau Mill is at
The directors have declared a quarterly dividend on the $8 cumul. pref. 5 miles below Ottawa and Gatineau, Quebec, on the Ottawa River, about
two
Ottawa
stock, series "A," payable July 1. This dividend is available to holders of and Gatineau Rivers. The first miles below the confluence of the contain
unit of
interim receipts when exchange is made for definitive certificates on or 4 paper machines designed to produce a the mill now being built will inches
sheet of newsprint paper 256
about July 15. At the time of such exchange the holders of interim receipts wide at the rate of 1,200 feet a minute. These machines will have a capacity
will receive a dividend at the rate of $8 per share per annum from May 12, in excess of 450 tons of paper a day and will be the largest single producers
thus far installed in the world. The miil is being designed so that its
the date of issuance to July 1 1926.-V. 122, p. 2955.
capacity may be increased if and as conditions warrant.
Furcraft Building (214 West 28th Street Corp.), N. Y.
The electric power required to operate the mill will be supplied from the
City.
-Bonds Offered.
-The American Bond & Mortgage Co. hydro-electric plants which the company is now building on the Gatineau
River at Farmers Rapids, Chelsea, and Paugan Falls. These 3 plants
is offering at prices to yield from 6% to 63/2%, according to will have an initial capacity of about 400,000 h. p. with provision for a
larger ultimate capacity, thus making the combined ultimate development
maturity, $400,000 63/2% gold bonds
among the largest in the world. These plants will not only supply the
Dated June 1 1926; maturities 2
10 years. Norman Federal income power required
tax up to 2% paid when claimed.toPenn. Conn. and Vermont 4 mills Gatineau, but to operate the newsprint paper mill of the company at
will be also a source of supply for such industries as may be
tax, Dist. of Col. and Mich. 5 mills tax, Mass. and New Hamp. income attracted to the
district. It is also expected that 260,000 h. p. from these
tax up to 6% of the interest refunded. Callable at 102 and int. Prin. plants will be sold to
the Hydro-Electric Power Commission of Ontario.
and int. (J. & D.) payable at offices
American Bond & Mortgage Co.,
It is expected that the Chelsea and Farmers Rapids hydro-electric plants
Inc. Individual trustee: Charles C. of
Moore. Corporate trustee: Ameri- and the paper mill will be finished early in 1927.-V. 122, p. 3612.
can Exchange-Pacific National Bank, N. Y. City. Denom. $1,000, $500,
$100 ($100 bonds in 10
-year maturity only) c*. Commencing June 20
International Projector Corp.
-Sales
-Earnings
1927, on the interest and Dec. 20 1927 on the principal, the 214 West
Five Months Ended May 3128 Street Corp. agrees to pay monthly to
1925.
Bond & Mortgage Co., Sales _
'
____________________________ $861,622
Inc., for account of bond holders, one-sixth of the interest and principal
$719,365
258,394
payments payable at the end of each 6 months, except that the monthly Net income ___ ______
163,737
The corporation rePorts - liiaY sales increased-15% over sales made by
-fts
payments to be made on Dec. 20, 1935 and on the 20th day of each month
constituent
thereafter, shall be in the same amount as the respective monthly payments increased companies in the same month of last year, while net income
53%
.-V. 122. p. 3461.
for the 6 months period preceding Dec. 20 1935.
Security.
-These bonds will be secured by a dosed first mortgage on the
International Standard Electric Corp.
land and 14-story fireproof commercial building, to be erected at 214-218
-Orders.
The Government of the Dominican Republic has formulated plans
West 28th Street. N. Y. City, to be known as the Furcraft Building, both
for
owned in fee by the Brodmor Realty Corp. The land has a frontage of the rehabilitation of its telephone system and, as part of its program,
approximately 49ft.5ins.on West 28th Street and a depth of 98 feet 9inches. has placed an order with the above corporation for the telephone equipment
The building will be a 14
-story, penthouse and basement fireproof com- required in the city of Santo Domingo. The order includes a No. 7-A
rotary automatic telephone exchange having an ultimate capacity of
mercial building.
Earnings.
-After due allowance for operating expenses, taxes, vacancies, lines and a combined rural and toll manual switchboard, together 3,000
with
&c., net annual income from the operation of this property, it is estimated, associated power plant; also aerial cable and other outside plant equipment.
The Haitian Government Department of Public Works has ordered
will be at least $54,675, or over 2 times the heaviest annual interest requirea
1-k.w. broadcasting station from the corporation. The equipment,
ments on this entire bond issue.
consisting of radio transmitter, speech input and radio receiving
output
accessory apparatus, is now being installed at Port-au-Prince by with
G-B. Theatres Corp.
-Earnings.
International Standard engineers and will be placed on the air
Period from Jan. 3 to May 291925.
1926.
shortly. The
Gross income
$509,378 station will be used by the Haitian Government for broadcasting enter$566,167
tainment and other features.
-V. 122, p. 358.
Expenses
434,139
449,864
Net available for interest and taxes
$75,239
$116,303
The corporation has leased two theatres in addition to the ten now owned.
-V. 122, p. 2508.
Gandy Bridge Co.
-Earnings.
-
Jewel Tea Co., Inc.
-Sales.First 24 Weeks of Year
1925.
1924.
Sales
$6,7301 $6,464,992 $6,322,533
196296:
During the first 24 weeks of 1926 the average number of sales routes
was
1,067, as compared with 1,033 in the same period of 1925,
an increase of
3,3% in selling units.
-V. 122, p. 3350.
[As reported by the Tampa & St. Petersburg By.Co.]
11 Mos.and
(B. B. & R.) Knight, Inc.
. .
12Mos end 12Days end.
-Sale of Properties.
PeriodThe assets of the company were sold at public auction at
May 31 '26. Oct. 31 '25.
Gross earnings
$770,542 Mass, on July 7 to President Samuel H. Swint of B. B. & R. Fall River,
$926,078
Knight Corp.
190,458
Oper. exp., deprec. & taxes (except Fed.)
135,078 for $1,400,000. Referee in bankruptcy Charles P. Ryan will
be asked to
Interest on first mortgage 6% bonds
180,000
180,000 confirm the sale.
Mr. Swint, who was the only bidder, purchased the properties
intention, it is said, of reorganizing the company in accordance with the
Balance, surplus
$555,620
$455,464
with plans
Report of traffic via the Gandy Bridge, linking the cities of Tampa and announced in V. 122, p. 2050.
The property was first offered in two parcels. Parcel A. which included
St. Petersburg, Fla.:
1925.
1926.
1925. quick assets, and all other property not mortgaged to the Chase National
No.of Vehicles- 1926.
126,337 67,030'April
113,053 66,047 Bank of New York, and Parcel B, which included mill buildings, houses,
January
135,007 78,355 May
105,673 60,642 real estate and water rights, located in Massachusetts, Rhode Island and
February
132,166 79,131
Connecticut, mortgaged to the Chase National Bank. The property was
March
then offered as a whole.
-V.121. p. 2646.
-V. 122, p. 2050.
THE CHRONICLE
JULY 10 1926.]
213
aggregate security under the mortgage not less than 200% of the principal
amount of outstanding bonds, both of which ratios the company covenants
to maintain at all times.
The property aggregating a minimum value of $62,194,963 now and
presently to be subjected to the lien of the mortgage includes, as of Dec.
31 1925, over 6.500,000,000 feet of unencumbered standing timber, having a
-June Sales.
(S. H.) Kress & Co.
independently appraised, of $33.081,353.
Increase. value, as -Approximately 99% of the capital
1926-6 Mos.-1925.
Increase.
-June-1925.
1926
Control.
stock
$464,2751521,688,113 $19,240,311 $2,447,802 Lumber Co. is owned by the Long-Bell Lumber Corp. of the Long-Bell
$3,807,155 $3,342,880
-V. 122, p. 3350.
-The mortgage contains a sinking fund provision, under
Sinking Fund.
which the company covenants to pay into such fund the sum of
-June Sales. 1,000 feet of timber cut or sold in the States of Louisiana and Texas,$6 per
Leonard-Fitzpatrick-Mueller Stores Co.
$3 per
Increase. 1926-6 Mos.-1925
Increase.
--1925
-June
1926
the States of California and Oregon and 60% of the appraised
$57,5231$2,486,836
$370,119
$1,819,230
$427,642
$667,606 1,000 feet in
value in all other States. The funds in said sinking fund must be used to
-V. 123, P. 92.
pay and discharge existing liens against certain tracts of timber, or for the
retirement of bonds secured by the mortgage, and the balance remaining in
-June Sales.
(Louis) K. Liggett Co.
such fund,if any, may be used for the payment of interest on bonds secured
1 1926-6 Mos.-1925. Increase.
-June
-1925. Increase.
1926
$625,4991$24,736,831 $20,422,036 $4,314,795 by the mortgage.
$4,138,190 $3,512,691
--Company has recently completed its second plant
Western Development.
Comparative Balance Sheet, Dec. 31.
in the Pacific Northwest, also located at Longview, Wash.,the city winch it
[As filed with the Massachusetts Commissioner of Corporations.1
founded. These mills will produce more than 450,000,000 feet of lumber
per year.-V. 122, p. 3462.
1924.
1925.
1924.
1925.
Assets
Liabilities$
$
-June Sales.
McCrory Stores Corporation.
Plant & equip., &c. 7,569,616 5,099,390 Capital stock
9,841,100 10,591,100
Increase.] 1926-6 Mos.-1925. Increase.
-June -- 1925.
1926
Merchandise
Q,368,772 6,319,470 Mortgages
879,000
754,000
$167,2701$14,180,817 $12,078.609 $2.102,208
$2,357,811 $2,190,541
2,516,997 1,505.395 Accts. payable__ _ 3,628,786 2,726,538
Notes rec'bie
Accts. receivable
302,227 Notes payable_
400,410
1,100,000 -V. 122, p. 3219.
1,462,224 1,448,338 Def. Habil.& accr's 228,578
Cash
133,547
Manne Bldg. (Manco Realty Co., St. Louis, Mo.).Securities
402,695 Misc. reserves
186,955
3,185,587
246,717 Surplus
1,249,619
Def. charges
-Fidelity Bond & Mortgage Co., St. Louis,
8,453,743 3,167,343 Bonds Offered.
Impt. to real estate 3,596,577 3,148,295
real
Bonus on leaseh'lds 865,622
Total (ea. side)_26,216,794 18,472.528 is offering at 100 and int. $225,000 1st mtge. 6
estate gold bonds.
-V. 122, p. 3350.
Dated May 15 1926; maturing 2-15 years. Denom.$100. $500, $1,000 c
at
Lincoln Square Realty Co. (Indianapolis Ind.).- ($100 in 1941 maturity only). Int. payablenot offices of Fidelity Bond &
to exceed 4% paid by the
Mortgage Co. Normal Federal income tax
Pref. Stock Offered.
-Fletcher American
ndianapolis, borrower. Callable at 103 and int.
-First mtge. on land in fee, 50x150ft.at5615-21 Delmar Blvd.
Security.
is offering at prices ranging from 100 and
Co.,divs. to 101.25
St. Louis.
and divs., to yield from 5.55% to 6%,according to maturity, proof storeMo., together with 7-story, basement and partial 8th story fire
and manufacturing building.
Mortgagor.-Manco Realty Co., a Missouri corporation.
$600,000 6% cum. 1st pref. stock.
-Harry Manne and Joseph Manne, Pres. and Sec.-Treas.
Guarantors.
,
Dated July 1 1926; maturing 1929-1944.Par value $100 per share.
Realty Co., and
Exempt in Indiana from all State, county and municipal taxes (except respectively, of Manco Bros. Furniture who are the owners of the L.
inheritance taxes) and from the Federal normal income tax. Divs. payable Manne Co. and Manna property is underCo. for 20 years
lease
-The entire
to the L. Manne
Earnings.
Q-J. First div. payable Oct. 1 1926. Callable upon 30 days' written
amount
notice on any div. date at 102 and divs. Fletcher American Co., Indianap- Co. and Manne Bros. Furniture Co., for anupkeep. sufficient to take care
of all interest and amortization, taxes and
olis, registrar and transfer agent.
-June Sales.
(S. S.) Kresge & Company.
1 1926-6 Mos.-1925. Increase.
-June
-1925. Increase.
1926
S82_834.366 $7,897,531 $936,8351$49,837,307 $44,654,910 $5,182,397
-V. 122, p. 3350.
Capitalization-Authorized and Issued.
Preferred stock
$600,000
Common stock
600,000
Security.
-Secured by a new building to be erected at 128 to 142 West
Washington St., Indianapolis, together with its equpiment, and an 89
-year
leasehold estate in the land thereunder fronting 126 ft. on the north side
of Washington St. and having a depth of 195 ft., being bounded on the
east by the alley adjoining the Claypool Hotel and on the north by Court St.
The estimated total cash cost of this project, including building and equipment, based on architect's estimates, will be $1,252,456, without placing
any valuation on the very valuable ground leasehold. This $600,000
issue of pref. stock amountss accordingly, to only 48% of the estimated
actual cost of the property.
-The Circle Theatre Co. (see that company
Lease to Circle Theatre Co.
above) has purchased with the cash proceeds of sale of $600,000 of its
own common stock, all of the common stock of the Realty company.
Furthermore, the Realty company's entire property has been leased for a
period extending to and incl. July 1 1944 to the Circle Theatre Co.,
statement shows a net worth of $1,087,265, exclusive of its commonwhose
stock
ownership of the Lincoln Square Realty Co., at a rental sufficient to pay
all pref. stock obligations both as to dividends and retirement of principal,
ground rent, taxes, and all other expenses of the Realty company. The
combined net assets of the Circle Theatre Co. and estimated cost of
Lincoln Square Realty property totaling $2,339,721 secure this issue. the
Building.
-The new building will be strictly fireproof and will contain
a modern motion picture theatre seating nearly 3,500 persons at one time,
and a ballroom on the top floor. The remaining space in the building
will be used for commercial purposes.
Management.
-The entire property will be opereated by the Circle Theatre
Co. The directors of the Lincoln Square Realty Co. are A. L. Block,
George C. Forrey Jr., Fred C. Gardner, Robert Lieber and Leo M.
Rappaport.
Loew's Boston Theatres Co.
-Smaller Dividend.
-
The directors have declared a quarterly dividend of 15 cents a share on
the common stock, payable July 31 to holders of record July 17. Tnis
-cent annual basis, as compared with the
places the common stock on a 60
$1 25 formerly paid.
-V. 120, p. 966.
Loft, Inc. (Candy) New York.-Sales.Quar. End. June 30Sales
-V. 122, p. 2052
:
1926.
1925.
1926.
$2,114,470 $1,968.277 $3,865,881
1925.
$3,764,848
-Bonds Offered.-Halsey, Stuart
Long-Bell Lumber Co.
& Co., Inc., E. H. Rollins & Sons Hallgarten & Co., Illinois
Merchants Trust Co., Blyth, 'Witter & Co. and W. A.
Harriman & Co., Inc. are offering at 97 and int., yielding
over 63i% $720,000 1st mtge. 6 sinking fund gold bonds,
series `B' and $8,000,000 of series "C."
-Bonds Offered.
Marshall Properties Holding Co.
-The
California Co. is offering at prices ranging from 100 and
hit. to 100.24 and int. to yield from 6% to 63%,according
to maturity, $1,000,600 1st mtge. 63/2% serial gold bonds
(guaranteed principal and int. by Marshall Corp.)
Dated June 1 1926: maturing Dec. 1 1926 to June 1 1936. Denom.
$1,000 c*. Principal and interest (J. & D.) payable at the Security Trust
& Savings Bank, Los Angeles, trustee. Interest payable without deduction
for the Federal normal income tax up to 2%. Red. all or part on 30 days
published notice at par and int. plus a premium of 3,1 of 1% for each 6
months of unexpired life from date of redemption to maturity, with said
redemption price limited to 102 and int. Exempt from California personal property taxes.
-Application has been made to the State Superintendent
Legal Investment.
of Banks to certify these bonds as a legal investment for savings banks and
trust funds in California.
Data from Letter of E. J. Marshall, President of the Company.
Company.-Incorp. in California in 1926 with an authorized capital of
$2,000,000, to consolidate under one corporate management the principal
California real property holdings of the Marshall family.
-Bonds will constitute a closed first mortgage on 40,789.71
.Security.
acres of agricultural land in Santa Barbara County, 409.01 acres of highly
Improved walnut groves in San Bernardino County, and 571 parcels of
land (all sold and subject to an unpaid balance of $371,700 sales contracts)
in Los Angeles County in the Town of South Gate.
-Properties mortgaged have been appraised at a total value
Valuation.
tion of $3,372.954, over 3 1-3 times the amount of this issue.
-Net earnings, based on past records and present conditions
Earnings.
are estimated at $92,500, or over 1X times interest requirements for the
ensuing year.
-Serial principal payments will be provided tnrough
Sinking Fund.
payments of contracts and mortgages (pledged under this issue or otherwise
owned by the company, totaling over $500,000) and by the sale of lands.
-Extra Dividend of25 Cents.Melville Shoe Corp. N. Y.
The directors have declared an extra dividend of 25c. a share and the
regular quarterly dividend of 50c. a share on the common stock and 2% on
the preferred stock, all payable Aug. 2 to holders of record July 20. On
May 1 last, an extra dividend of 50c. a share was paid on the common
stock.
-V. 122, p. 2510.
-Sales.
Metropolitan Chain Stores, Inc.
1 1926.-6 Mos.-1925.
-1925. Increeve.
-June
1926
$22i8,724 1 4,305,748 $3,327,303
$632,153
$855,877
-V. 122, p. 3351.
Increase.
$978,443
-Annual Report.
Mond Nickel Co., Ltd.
Years Ended April 30Gross profits incl.int.& divs.reed,&c
Debenture interest
General charges, incl. salaries
Bad debts
Reserve for corporate profits tax_ _ _ _
1926.
£574,371
96,393
52,943
1925.
£490,244
122.750
51,955
1924.
£460,218
122,750
56,477
284
4,249
Series "B," dated April 1 1923; due April 1 1943. Series "C,"
July I 1926; due Aug. 1 1946. Interest payable semi-annually in dated,
2,500
or New York without deduction for normal Federal income taxesChicago
hereafter deductible at the source not in excess of 2.7,, as follows: now or
E276,458
£313,039
Balance at credit at end of year -_
£425,035
Series
A. & 0. 1; Series C. F. 1 & A. 1, (first coupon for 7 months).
65,268
40,403
Balance brought forward
50,290
$1,000, $500 and $100 c*. Each series redeemable as a whole Denom. of
but not in
part,on any int, date upon 60 days'notice at 105 and int.and
£341.726
£353,442
Total
£475,325
purposes at any time upon 30 days' notice at 101 and int. for sinkingfund Directors' fees
13,823
15,652
21,252
Penn. four mill
tax refundable.
Dividends on preferred shares
175,000
175,000
236,370
Data From Letter of R. A. Long, Chairman of
Dividends on ordinary capital
112,500
112,500
112,500
Company.
Exp. of cap. issue to 'be written off
Company.
56,992
-Founded in 1875 and is believed to be the largest
lumber
manufacturer and distributer in the world under a single ownership.
BusiBalance to be carried forward
£48,212
£40,403
£40,290
ness is a complete industrial unit, comprising the ownership of raw
material -V. 121, p. 717.
which it manufactures, wholesales and retails, the forest products
distributed
being widely diversified.
Michigan-Ohio Bldg. (Corp.) Chicago, Ill.
-Bonds
Consolidated Capitalization of Long-Bell Lumber Corp. and Subs, as
at Dec.31 Offered.-Greenebaum Sons Investment Co. and Greene1925 (After Present Financing),
Authorized. Outstanding.
Class A common stock (no par value)
750,000 shs. 593,921 shs.
Class B common stock (no par value)
550,000 shs. 542,569 shs.
1st mtge.6% gold bonds
Timber, land, plant purchase obligations, long $30,000,000 x$25,547,100
term notes, &c
(Closed)
y12,400,805
x Of the $25,547,100 1st mtge. bonds to be outstanding in the
hands of
the public, $9,327,100 are Series "A," due July 1 1942,$8,220,000 are
Series
"13," due April 1 1943, and $8,000,000 Series "C," due Aug, 1 1946 In
.
addition there are $611,200 Series "13" treasury bonds pledged as collateral
on timber Purchase indebtedness, which indebtedness is included
above.
1st mtge. bonds amounting to $1,841,100 have been retired through
the
sinking fund.
y Partly secured by liens, collateral, &c.
Purpose.
-Proceeds will be used principally for the payment of existing
timber liens and the balance for the reimbursement of the company
for
capital expenditures chiefly, in connection with its western development.
This financing will substantially complete the company's major financial
program with the exception of a contemplated note issue to
company for advances to a subsidiary incident to the buildingreimburse the
of its western
railroad.
Security.-Series "A,""B" and "C" bonds will be equally secured by a
direct first mortgage on unencumbered standing timber baying a value, as
independently appraised, equal to at least 100% of the face amount of the
outstanding bonds, and will be further secured by a mortgage on plants,
mills and other property having a value at least sufficient to make the
baum Sons Securities Corp. are offering at prices ranging
from 100 and int. to 101 and int., to yield from 5.97% to
63/2%, according to maturity, $900,000 1st mtge. 6%
building and leasehold gold bonds.
Dated July 1 1926; maturing semi-annually 2 to 15years. Principal and
int. (J. & J.) payable at offices of Greenebaum Sons Investment Co., and
collectable at all offices of the co. Denom. in $100, $500 and $1,000 c.
Red. all or part on any int. date, by giving 60 days' written notice to the
trustee, at 103 and int. The borrower agrees to pay the Federal normal
Income tax up to 2%, and any State taxes up to 5 mills of the principal
amount. Monthly deposits in advance with Greenebaum Sons Bank &
Trust Co., Chicago, trustee, to meet interest and principal payments are
provided for.
-Secured by a closed 1st mtge. on long-term leaseholds on land
Security.
at the N. W.corner North Michigan BTv'd & Ohio St., in the heart of the
close-In north central business district, adjoining the"Loop;" and completed
-story and basement store and office building of fireproof construction.
8
The equipment of the building and the entire earnings a the property comprise part of the security for the 1st mtge. bondholders. The corner 100 x 75
feet is held under lease for 195A years and the rear 40 x 100 feet is under
lease for 96A years. The ground leases provide for an average annual rental
of $29.100 during the term of the loan.
-Independent expert appraisal of the property, including the
Valuation.
easehold, the completed building and equipment places the total value at
$1,532.1691
214
THE CHRONICLE
[VOL. 123.
-Annual rental from the property, based upon leases already of the added property; provided the net earnings of the company, plus the
Earnings.
signed for approximately 82% of the rentable space, will be as follows: net earnings to be derived from the new property for the 12 Preceding
Gross income, $202,500; expenses, (incl. ground rent), $80,986; net income, months or the preceding fiscal year applicable to bond interest shall be at
$121,514. This figure is 2.08 times the maximum annual interest charges least equal to three times the annual interest charge on the bonds outon the entire issue, reduced semi-annually by serial payments of principal. standing and to be issued. No dividend greater than $1 a share may be
-The bonds are a direct obligation of the paid on the common stock if such increase shall reduce net current assets
Ownership and Management.
Michigan-Ohio Building Corp. Officers of the latter are J. E. Bistor, below 100% of the par value, of bonds outstanding.
Earnings.
Pres.; C. J. Gordon, Treas.; El. I. Jerrett, Sec.
-Average consolidated net earnings available for bond interest
and taxes for the five years ending Jan. 1 1926 were $71,802. Consolidated
-Production of New Car.
Moon Motor Car Co.
net earnings of the companies, exclusive of the Cape Cod Creamery,for the
Announcement was made by the company of the acquisition of additional first four months ending April 30 1926, were $35,460 applicable to interest
facilities which will enable it to place its new light six in greater production on these bonds. Consolidated earnings for the year ending June 1 1927
than any previous Moon models. Deliveries of this car, which will be of are estimated in excess of $118,000 available for bond interest.
Sinking Fund.
the economical European high-speed type and retail for $995, will start
-On or before June 1 1928 and on or before June 1 of each
July 15 and the production schedule for August will be the heaviest in the year thereafter the company shall pay to the trustee an amount not less
history of the business, according to Secretary Stanley Moon.-V.123,p.92 than 15% of consolidated net earnings of the preceding year after depre-Bonds Offered. ciation and taxes, for the purpose of purchase or call of these bonds.
National Ice Cream Co.,San Francisco.
-William R. Staats Co. and Anglo-California Trust Co.,
San Francisco, are offering at 100 and int. $750,000 1st
(closed) mtge. 63/2% sinking fund convertible gold bonds.
Neisner Bros., Inc.
-June Sales.
-
1926-June-1925.
Increase., 1926-6 Mos.-1925.
Increase.
$294,399
$165,141
$929,806
$129,258151,471,855
$542,049
The directors have declared a regular quarterly dividend (No. 2) of
Dated June 1 1926;due June 1 1941. Denom.$1,000 and $500 c. Interest 1 % on the 7% cum. pref. stock, payable Aug. 1 to holders of record
payable (J. & D.) without deduction for normal Federal income tax up to July 15. An initial dividend of 1%% was paid on this issue on May 1
2%. Principal and interest payable at the Anglo-California Trust Co., last. (For offering of stock, see V. 122, p. 1621.)-V. 122, p. 3352.
San Francisco, trustee. Callable all or part at 102 and int. Exempt from
New Cornelia Copper Co.
-Copper Output (Pounds).
personal property taxes in California.
June.
May.
March.
April.
February.
Data from Letter of President J. B. Howell, June 18.
7,086,640
7.446,190
7,281,560
7,268,300
5,972,400
Company.-Organized in San Francisco in 1906. Company, in addition -V. 122, p. 3220.
to the San Francisco plant,owns a complete ice cream and ice manufacturing
North Western Refrigerator Line Co.
plant at Oakland; a complete receiving, separating and ice plant at New-Equip. Trusts
man,Stanislaus County,and distributing plants at San Francisco, Oakland,
-Freeman & Co., New York, have sold at prices to
San Jose, Santa Rosa, San Rafael and Vallejo. The output in 1925 reached Sold.
a total of 1,363,505 gallons of ice cream. Company serves a territory yield from 5% to 532%, $1,200,000 53'% equipment trust
from San Louis Obispo County on the south to Mendocino County on the gold certificates, series C, unconditionally
guaranteed by
north. In addition to enlarging the ice cream plants, the company, during
-ton endorsement both as to principal and dividends by the
-ton ice making plant at San Francisco, a 130
1925, constructed a 70
-ton plant at Santa Rosa. These plants are company. Issued
plant at Oakland, and a 20
under the Philadelphia plan.
sufficient in capacity to care for present needs, as well as the increasing
Dated Aug. 1 1926. Principal payable in semi-annual installments of
business of the company. The growth of the company is best indicated
sales of ice cream over a 10
follows: 1915, 381,438 $60,000 each from Aug.1 1928 to Feb. 1 1938, both incl. Denom.$1,000c*.
-year period, as
by the
Both principal and divs. are to be paid without deduction of the normal
gallons; 1920, 935,275 gallons; 1925, 1,363,505 gallons.
-The security for this issue will be a direct first mortgage on Federal income tax not in excess of 2% per annum and the company agrees
Security.
company. The Cali- Both principal and divs. are to be paid without deduction of the normal
the entire properties, plants and equipment of the
Federal income tax not in excess of 2% per annum and the company agrees
fornia Appraisal Co. has appraised this security, as of Oct. 1 1925, at a to
reimburse
depreciated value of approximately $2,000,000. This is equal to over 2% application, .the Penna. State tax not to exceed 4 mills annually upon
lied, as a whole on any div. date upon 30 days' notice at
to our
times the amount of this issue. No value is given in this appraisal
101 and divs. Div. payable F. & A. Irving Bank-Columbia Trust Co.,
trade routes. which are conservatively valued in excess of $1,300,000.
shares of 8% cum. pref. stock, Par New York, trustee.
-Consists of 25,000
Capital Stock.
These
-ft.
steel
$100, of which 14,666 shares are outstanding and 2,693 shares are sub- standard certificates are to be secured by 500 neweach),underframe 40
now being built
refrigerator cars (80,000 lbs. capacity
scribed for but not yet issued; also common stock, without par value, by the
American Car & Foundry Co., of a current aggregate value in excess
and 30,000 shares
consisting of 11,666 shares of class A stock (non-voting)
of $1,500,000 or more than 125% of the total amount of Series C certifiof class B (voting), issued as bonus on preferred stock.
-Average annual net earnings for six years (1920 to 1926), cates to be issued.
Earnings.
Under a preferential contract with the Chicago & North Western By,
$181,623, or an
before interest, depreciation and income taxes, amounted to
these refrigerator cars will be operated primarily in the service of the Chicago
2
amount equal to over 3Y times the interest requirements of this bond issue. & North
earnings since March 1 1926 (being the date upon which the present business Western Ry. System and are to be preferred in the handling of
Net
originating on its lines and destined to points beyond its rails,
management took control) are at an annual rate of over five times the upon
whien the greatest earnings are available.
bond interest requirements.
Company owm; and operates a repair plant at Baraboo, Wis.,sufficiently
-Company will be required, under the deed of trust, to
Fund.
Sinking
d to care for the rebuilding and repairing not only of its
deposit with the trustee sufficient funds annually, beginning June 1 1927, large
rut of the equipment of other refrigerator lines and of
to retire $50,000 of bonds by purchase in the open market, or, if not obtain- ov
p. 1776.
int. An additional sinking fund is
able, to call bonds by lot at 102 and
provided in the event that in any one year ending June 30 1927,or thereafter,
Northwestern Bldg. (1146 Milwaukee Ave. Bldg.
net earnings, after deprecitaion, exceed $250.000, then 25% of such excess
shall be deposited with the trustee to be added to the regular sinking fund, Corp.), Chicago I11.
-Fidelity Bond &
-Bonds Offered.
but it is further provided that this additional sinking fund shall not exceed Mortgage Co. Chicago, is offering at par and int. $200,000
$50,000 in any one year.
-Bonds may be converted, at the option of the holder, on or 1st mge 6M%, real estate gold bonds.
Conversion.
t.
before June 1 1931,into 2d partic. pref. stock of no par value of Pacific Dairy
Dated April 11926; maturing 3 to 15 years. Denom.$1,000,$500. $100c.
Products Co., on the basis of 110 and int. for the bonds in payment for the ($100 in 1941 maturity only). Int. payable (A. & 0.) at offices of Fidelity
stock at $100 per snare. The Pacific Dairy Products Co. stock is preceded Bond & Mtge. Co. Normal Federal income tax not to exceed 4% paid
by 5,000 shares of pref. stock, of no par value, entitled to $7 per share by the borrower. Callable at 103 and int. Chicago Title & Trust Co.,
cum. divs.; the 2d participating pref. (45,000 shares of no par value au- trustee.
thorized) is then entitled to $7 per share cum. divs., and, in addition, a
Security.
-First mtge. on land in fee. 1144-46-48 Milwaukee Ave., Chishare in divs. paid on common stock (25,000 shares of no par value au- cago, Ill., together with 3
-story and basement fireproof store and office
thorized) in excess of $7 per share, viz.: one-quarter of such excess to be building, and first lien on income from same.
Mortgagor.-Eleven Forty-six Milwaukee Ave. Bldg. Corp., Chicago, Ill.
paid on the participating pref. stock.
-Is acquiring other properties, and has at
Dairy Products Co.
Pacific
Guarantors.
-Ralph H. Fienberg and Samuel H. Fridstein.
Earnings.
-It is estimated that net earnings will be more than 2 times
this time earnings sufficient to pay its preferred dividends on the present
outstanding stock, before any earnings are derived from National Ice greatest annual interest charge, with probable Increase in rental values.
Cream Co.
'Oahu Sugar Co., Ltd.
-To retire present current indebtedness of company and for
-Annual Report.
Purpose.
additional working capital.
Profit and Loss Account for
Dec. 31 1925.
-In March 1926 a corporation known as the Net receipts on sugar and molasses,Year Ended int. and other
Management and Control.
$1,198,243;
Pacific Dairy Products Co. was organized by local capitalists and business
income, 391,666; total
$1,289,009
men, including J. B. Howell, H. R. Struthers, A. D. Schindler, T. T. C. Deprec'n,$297,512; other misc. debits, $58,298; total
355,810
Gregory, Ralph P. Merritt, J. W. Mason and others. This corporation
has purchased the control of the Ntaional Ice Cream Co., formerly held
Net profit year 1925
$934,099
by F. H. Ames.
Previous surplus
4,845,104
On Mar.19 19263. B.Howell was made President and General Manager. Miscellaneous credits
24,576
-Bonds Offered.
New England Creamery Products Co.
Plimpton & Plimpton, Boston, Mass., are offering at par
and int. $225,000 1st closed mtge. sinking fund 7% convertible bonds (total authorized issue $400,000).
Dated June 1 1926; due June 1 1936. Subject to call as a whole or in
part, for sinking fund purposes, on any interest date on 60 days notice,
at 105 and int. Interest payable (J. & 1).) at American Trust Co.,trustee,
Boston. Denom. $1,000. $500 and $100 c*. The company agrees to pay
normal Federal income tax not in excess of 2% and to refund the Conn.
4 mill tax and all income taxes assessed by the Commonwealth of Mass.
and the States of Vermont, New Hampshire and Rhode Island upon income
received on these bonds not in excess of 6% of said interest per annum.
-Holders have the privilege of converting bonds into
Conversion Privilege.
common stock at the rate of $100 of bonds for four shares of stock until
Jan. 1 1929. At any time thereafter and before Jan. 1 1930 at the rate of
and
$100 of bonds for three shares of stock and at any time thereafter two
before the maturity of such bonds at the rate of $100 of bonds for
shares of stock. On called bonds, holders may have 60 days from date
of first publication of call to exercise right of conversion.
Data from Letter of Charles L. Alden Jr., President of the Company.
Company.-Incorp. in Mass. In April 1926 to engage, through its subsidiaries, in the distribution of milk, cream and dairy products in Greater
Boston and vicinity. It purchased, through the issuance of its common
stock, all of the real estate, buildings, machinery and equipment and
common stock of the Childs Brothers Co. and W. F. Noble & Sons Co.,
Alden
and all the real estate, buildings, machinery and equipment of the of the
Bros. Co. and all of the common stock; all of the common stock
Co. of IIyannis, Mass. It also acquired in the same
Cape Cod Creamery
manner all but $82,200 of the preferred shares of these subsidiary companies. Sufficient shares of this company's common stock have been
set aside to retire all remaining preferred stock.
Company's principal properties are pasteurizing plants at Somerville
Boston,
and Roxbury, together with distributing stations in Greater
Hyannis, Falmouth and creameries in Vermont. Average annual net sales
combined companies for the five years ending Jan. 1 1926 exceeded
of the
32,350,000.
-To retire certain small mortgages, to pay off bank loans and
Purpose.
capital is being taken out
for expansion of the company's business. No
of the business.
-Secured by a 1st closed mtge. on land, buildings, machinery
Security.
by Lockwood, Greene & Co., Inc., engineers,
and equipment appraised also creameries in Vermont consisting of land.
at $454,770 sound value; fair value of $38,604. These bonds are further
equipment at
buildings and
of Childs Brothers Co.,
secured by assignment of all the common sharesshares of the 2d pref. out
of 405 outstanding; 517
55 shares of 1st preferred of the common stock of Alden Bros. Co. and of
all
of 812 outstanding and
W.F. Noble & Sons Co.
-Additional bonds of the $400,000 authorized may be
Additional Bonds.
or permanent additions or improvements
issued to pay for new real estate
of 60% of the cost or appraised sound value, whichever is lower,
at the rate
$5.803,779
Total surplus
720,000
Dividends paid (12%)
Territorial taxes accr.,$28,401;res. for Fed. taxes,$125,105;total 153,506
Transfer to general insurance fund reserve
42,489
Profit and loss surplus Dec. 31 1925
-V. 119, p. 2187.
$4,887,782
Oak Hall Apartments (Kansas City, Mo.).-Bonds Offered.-Greenebaum Sons Investment Co. is offering at prices
ranging from 100 and int. to 101 and int., according to maturity, 8300,000 1st mtge. 63/2% serial gold bonds.
Dated July 1 1926: maturing semi-annually 2 to 8 years. Denom.$1,000,
$500 and $100. Principal and int. payable (J. & J.) at offices of Greenebaum Sons Investment Co., Chicago, and collectible at all offices of the
company. Red., all or part, on any int, date on 60 days' notice at 103 and
int. Borrower agrees to pay the Federal normal income tax up to 2%,
and any State taxes up to 5 mills of the principal amount. Monthly deposits in advance with Greenebaum Sons Bank & Trust Co., Chicago, to
meet interest and principal payments.
-Secured by a closed 1st mtge. on land, 100x140 ft., southwest
Security.
corner Brush Creek Blvd. and Oak St., Kansas City, owned in fee, and
-story and basement kitchenette apartment building of fireproof construc8
tion. All of the equipment, furniture and furnishings of the building, and
the entire earnings of the property, comprise additional security for the
1st mtge. bondholders.
-Estimates of the income from the building when completed
Income.
are as follows: Gross income, $83,000; operating expenses (incl, allowance
for vacancies), $24,000, leaving a net income of $59,000, which is slightly
more than 3 times the maximum annual interest charges on the entire issue,
reduced semi-annually by serial payments of principal. All earnings of the
property comprise part of the security for the 1st mtge.
Ocean Court Apartments (Acme Construction &
Holding Corp.), Ocean City, N. J.
-Bonds Offered.
Public Service Bankers Corp., N. Y. City, is offering
$275,000 1st mtge. 6% serial gold bonds at 100 and int. to
yield 6% for all maturities other than 1928, 1929 and 1930,
which are offered to yield 59% (principal and interest
guaranteed jointly by the Maryland Casualty Co. and the
Metropolitan Casualty Insurance Co.).
Dated May 1 1926; due 1928-1938. Denom. $1,000, $500 and $100
($100 pieces in 1930, 1935 and 1938 only) c*. Int. payable May 1 and
Nov. 1 at the office of the Chemical National Bank, N. Y. City, trustee.
without deduction for any Federal income tax not in excess of 4% Per
annum. Pa., Conn., Md., R. I., Mich., and Ky. State taxes refunded.
Red. in reverse order of maturities on any int. date on 60 days' notice
at 103 and int.
JULY 10 1926.]
THE CHRONICLE
-Guaranteed closed first mortgage on the land (in fee) at the
Security.
southwest corner of Ocean Ave. and 3d St., Ocean City, N. J., and the
four-story co-operative elevator apartment house to be erected thereon.
Valuation.
-Appraised by the Ocean City Real Estate Board at $500,000
for land and building.
Mortgagor.
-Acme Construction & Holding Corp.
-The apartments will be sold on the co-operative plan, which
Income.
provides for the assessment annually of each tenant-owner of an amount
ample to provide for the cost of operation including interest on and amortization of the mortgage with a liberal reserve for contingencies.
One Hundred University Parkway Apartment Corp.,
Balt.-Bonds Offe:ed.-Gillet & Co., Baltimore, Md., are
offering at 100 and int. $680,000 1st mtge. 20-year 6%
sinking fund gold bonds (closed mortgage).
Dated June 1 1926, due June 1 1946. Principal and interest (J. & D.)
payable at the Baltimore Trust Co., trustee, Baltimore, Md. Denom.
$1,000 and $500 c*. • Red. all or part for sinking fund on 30 days' notice
on any interest date at 102 and int. Company agrees to pay int. without
deduction for any normal Federal income tax not exceeding 2% per annum
and to reimburse the holders of these bonds, any State, county or municipal
personal property taxes not exceeding 4% mills per annum.
Data From Letter of William G. Nolting, President of Corporation.
Property.
-One Hundred University Parkway West is located on the
northwest corner of University Parkway and Canterbury Road, Baltimore
city. The building will be a 9 story and basement modern fireproof structure containing 74 apartments, store and doctor's suite.
Capitalization (Upon Completion of Financing).
1st mtge. 20 year 6% sinking fund gold bonds (this issue)____
$680,000
mortgage 7% bonds
2d
75,000
7% preferred stock
200,000
Common stock
50,000
-These bonds will be secured by a closed first mortgage on the
Security.
above described land and building owned in fee simple.
Valuation.
-The land and improvements when and as completed according to plans are appraised at $1,085,000.
Earnings.-Estimated net earnings from rentals to be obtained from the
apartments allowing for 10% vacancy and after all operating expenses are
.
as follows:
Gross rentals
$177,815
10% vacancies
17,781
Operating expenses
52,000
Interest on first mortgage bonds
40,800
--Balance
$67,234
Sinking Fund.
-The provisions of the mortgage will require setni-annual
payments of $10,000 to the trustee (during 1927 if earned and uncondi
tionally thereafter) for the account of sinking fund, to be used for the
retirement of bonds at not over the call price. These payments are to
be augmented each year by an amount equal to 50% of the corporation's
annual net surplus.
Directors.-William G. NoRing (Pres.), J. Percy Lucas (V. Pres.),
John H. Scarff (Sec. Treas.), Charles B. Gillet, J. C. M. Lucas, William
H. Peirce, Van R. P. Saxe and George P. Zouck.
1830 to 1836 Market St.(Business Buildings), Phila.--The Bankers Bond & Mortgage Co., Phila.,
Bonds Offered.
are offering at 100 and int. $300,000 1st mtge. 6% guaranteed gold bonds.
Dated June 1 1926; Due June 1 1929. Principal and semi-ann.
int.
payable at the office of the Bankers Bond & Mortgage
Denom. $1,000c*. Red. in whole, but not in part, at anyCo., trustee.
time, upon
days' notice, at 103 and int.
60
Guarantee.
-Principal and interest unconditionally guaranteed
by
Bankers Bond & Mortgage Co.
Property.
-The property is located at 1830 to 1836 Market St.,
Philadelphia. The improvements consist of substantial brick buildings
used
for store and commercial purposes.
Security.
-Secured by a closed first mortgage on the land and
building,
owned in fee on a lot fronting 60 ft. on Market St. by 176 ft. depth.
Appraisal.
-The property recently changed hands for
$540,000, and
the appraisals average $467,500.
Junior Security.
-There is a second mortgage of $100,000 on this
property
which is subject to this loan.
Onomea Sugar Co., Honolulu, Hawaii.
-Annual
Report
. Calendar Years1925.
1924.
1923.
1922.
Profits from sales
$2.178,056 $2,650,405 $2,381.816 $2
003 143
Oper. & market expenses 1,848,096
2,005,511
1,960,503
1,65 ,79
4
8
Balance
$329,960
$644,893
$421,312
$348,345
Other iacome
76.803
81.762
187,743
60,953
Total income
$406,763
$726,655
$609,055
$409,298
Miscellaneous losses_ _ _ _
24,312
43,412
17,062
6,267
(12%)300,000 (18)450,000 ( 8)450,000
Dividends paid
1
(12)240,000
Balance, surplus
$ 82,451
$233,244
$141,993
$163,030
-V. 120, p. 2157.
-Bonds Offered.-Hornblower &
Oswego Falls Corp.
Weeks; E. H. Rollins & Sons, Inc., and Peabody, Houghteling & Co., Inc., are offering at 100 and int. $2,300,000
1st mtge. 6% sinking fund gold bonds.
Dated July 1 1926; due July 1 1941. Callable all or
notice at 105 and int. up to July 1 1931, and thereafter part on 30 days'
% for each full year of remaining unexpired life of at a premium of
bonds. Denom.
$1,000 and $500c*. Principal and int. (J. & J.) payable at
Equitable
Trust Co., New York, trustee, without deduction for
tax up to 2%. Mass. 6% income tax and Pa. 4-mills tax normal Federal
refunded.
Data from Letter of H. L. Paddock, President of
Corporation.
Corporation.
-Incorporated in New York Jan. 31 1922 as a
of the Oswego Falls Pulp & Paper Co., the Skaneatles Paperconsolidation
Sealright Co. The former two companies had been engaged Co. and the
in the manufacture of pulp, paper and paperboard for 34 and 50
years
The Sealright Co. owns patents covering the manufacture respectively.
of milk bottle
caps and cylindrical liquid-tight paper cans or containers
sold under the
nationally known name of "Sealright" and also holds
patents on special
machines for filling this type of container with ice cream
frozen, forming a cylindrical brick. These machines are which is then
of "Sealright" containers. The company supplies about sold to users
daily requirements of milk bottle caps for the entire United one-third the
States. Approximately one-third the company's output is manufactured
into "Seal
right" Products. The balance is sold in the form of
products, woodpulp board, boxboards, mill wrappers and specialized paper
Manufacturing plants of the company have a daily newsprint.
capacity of 165
tons of paper and paperboard products. The Sealright plant
capacity of 15,000,000 milk bottle caps and 500.000 paper has a daily
cans or containers.
Corporation owns by title from the State of New York half
of the power
rights on the Upper Dam in the City of Fulton on the
Oswego River.
At the east end of this dam, adjoining the paper mill, the
corporation
has a hydro-electric power plant with a total
on the hydraulic canal at the eastern end of capacity of 6,600 in Fulton
the Lower Dam h.p., and
another hydro-electric installation of 1,000 h.p., giving the
corporation
hydro-electric plants with a'total installed capacity of 7,600
h.p. For the
year 1925 electric power output of these plants was 28,680,264
k.w. hours,
of which the corporation sold to the local distributing company
4,246,350
k.w. hours. Under a contract running until 1941 the local
distributing
company has guaranteed to take a minimum of 4,000,000 k.w.
hours for
its power requirements for lighting and power purposes in and
around
Fulton. It has been estimated that the sound value of these
power plants
water rights is in excess of $1,250,000.
and
Corporation plans to acquire the balance of the power rights
at
Upper Dam and the hydro-electric plant on the west end of this the
with an installed capacity of 3,600 h.p., together with foundations, dam
power
house, tail race, &c., constructed ready for installation of 2,400
additional equipment. This acquisition will give the corporation h.p.
all
215
the power rights at the Upper Dam which, based on flowage records of
the river will provide an annual output capacity of 45.000,000 k.w. hours
of electric power. A ready market for surplus power is available, as the
Niagara Lockport & Ontario Power System reaches Fulton, and there
are prospects of an increasing demand from the local distributing company
of over 4,000,000 k.w. hours.
di
In addition to the hydro-electric properties, the corporation has located
at the Fulton mill a modern steam boiler plant of 2.100 boiler h.p. of
ample capacity to supply not only the necessary steam for paper-making
equipment, but also to operate an auxiliary steam turbine plant of 750
k.w. output capacity.
Valuation.
-The sound value of all the company's properties, based
on an appraisal as of 1921, plus net additions at cost and less depreciation.
is in excess of $4,500,000. This estimate includes no value assigned to
the water power rights or the "Sealright" patents, trade names or good-will.
Year Ended Year Ended Year Ended 11 mos.end.
Dec. 31 '25. Dec. 31 '24. Dec. 31 '23. Dec. 31 '22.
Results for
$4,288,307 $3,834,973 $3,776,039 $3,083,813
Net sales
Net profit before deprec.,
bond int., disc't, and
533,727
643,090
Federal income taxes_
529 503
.
492,724
4.66
Times hit. on this issue
3.86
3.83
3.57
$461,510
$367,223
Bal. after depreciation
$373.243
$358,158
3.34
2.66
Times hit, on this issue
2.70
2.59
earnings before depreciation
For the five months ending May 31 1926 net
were $263,818, equivalent to 4.59 times the period's proportionate interest
on these bonds, and after depreciation were 3.05 times proportionate
interest charges.
-These bonds will constitute a direct first line upon all the
Security.
water rights, real property and fixed assets now owned by the corporation
or which may hereafter be acquired by it, including all patent rights,
processes, formulae, trade names, good-will, securities of allied and subsidiary companies, subject only to existing purchase money mortgages
aggregating $30,000. Of the remaining $1,700.000 authorized bonds,
$700,000 may be issued at any time up to Dec. 31 1927 by notice to the
trustee that the company has acquired the hydro-electric plant located
on the west end of the Upper Dam and the remaining water rights.
Capitalization (After Financing)Authorized.
Issued.
1st mtge. 6% gold bonds (this Issue)
$4,000,000
$2,300.000
250,000
8% cumulative first preferred stock
220,000
750,000
8% cumulative preferred stock
750,000
Common stock
1,500,000
1,500,000
-To retire the present outstanding 8% 1st mtge. gold bonds
Purpose.
and for other corporate purposes.
-An annual sinking fund will be payable in cash or these
Sinking Fund.
bonds at par. During the first five years this sinking fund will amount to
2% of the maximum amount of bonds at any time issued; during the second
five years to 2 1-3%; and thereafter 3%. The trustee is to use all moneys
paid into the sinking fund for redemption of bonds either by purchase at,
or below the call price; or in the event that bonds are not so obtainable,
-V. 121, p. 718.
by call.
-Bonds Offered.
Pacific Door & Sash Co.
-California
Securities Co. Los Angeles is offering at 99 and int. to yield
$1,000,000 closed 1st mtge. 6% sinking fund
about 6.10%
'
gold bonds.
. Dated June 1 1926; due June 1 1941. Callable all or part on any hit:
date, after 30 days' notice at 103 and hit. Principal payable at the California Bank, Los Angeles, trustee. Int. payable (J. & D.) at the California
Bank, Los Angeles, and at the Anglo & London Paris National Bank, San
for normal Federal income tax, which tax up
Francisco, without
to 2% per annum the company agrees to_pay. Denom.$1,000 and $500 c*.
Exempt from personal property tax in California.
-Application has been made to the Superintendent of
Legal Investment.
Banks to have this issue certified as a legal investment for savings banks and
trust funds in California.
Data From Letter of C. L. Miller, President of the Company.
-Originated in 1901 as a partnership between C. L. Miller and
Company.
E. A. Nicholson. The business was incorporated in 1903 as the Western
Door & Sash Co. In 1918, the Pacific Door & Sash Co. was organized by
the original stockholders of the Western Door & Sash Co. and has rapidly
grown to a leading position in the industry.
For several months the company has been in the process of merging with
the Pasadena Mfg. Co. of Pasadena, the Burbank Planing Mill Co. and the
Eureka Mfg. Co. of Burbank, the Tom Merrell Sash & Door Co. and the
Baker-Hickman Co. of Long Beach, the Hepburn-Topham Mill Co. and the
Sunset Sash, Door & Mill Co. of Los Angeles, thereby acquiring their
extensive plants, properties and good will.
The bulk of the company's business is the manufacture of doors, sash,
windows and mill work. The company is also engaged in the production or
fine cabinet work including the well known "Masterbilt" and "Eureka"
cabinets and wall fixtures. The main mill located on San Fernando Road,
Los Angeles, is the largest in Southern California. The combined capacity
of the company's mills is the largest on the Pacific Coast.
-Bonds will be secured by a closed 1st mtge. on the fee title to
Security.
8 parcels of business and industrial property with an aggregate area of over
1,660,000 sq. ft., and two industrial leaseholds with a combined area of
about 118,000 sq. ft., together with all buildings, improvements, machinery
and equipment in connection therewith.
Purpose.
-To retire existing indebtedness and to increase working capital.
Earnings.
-Consolidated annual net earnings for the past 5 years before
interest but after all taxes and depreciation have averaged $237,510 or
almost 4 times the largest annual interest requirements of these bonds and
over 2N times the maximum annual interest and sinking fund requirements.
-Deposits are to be made with the trustee in a sinking
Sinking Fund.
fund for the redemption of these bonds, a minimum of $3.500 per month
commencing as of Dec. 1 1927. These payments will be sufficient to retire
over 50% of the bonds prior to maturity.
Packard Motor Car Co.
-Extra Cash and Stock Divs.The directors have declared an extra cash dividend of 5%,
holders of record July 17, and a 15%
payable July 31 to
stock dividend payable Aug. 31 to holders of record Aug. 14,
and three regular monthly dividends of 20c. per share
payable Sept. 30, Oct. 30 and Nov. 30 to holders of record
Sept. 15, Oct. 15 and Nov. 15, respectively. Previously
quarterly cash dividends of 50c. a share were paid on the
Issue and, in additional the company on Jan. 30 last paid
a cash dividend of 5% and on Dec. 1 1925, a 10% stock
dividend.
-V. 123, p. 93.
Page-Hersey Tubes, Ltd.
-Bonds Offered.
-A. E. Ames
& Co., Ltd., and Aldred & Co., Ltd., are offering at 100
and in $2,000,000 6% 20
-year 1st mtge. sinking fund
gold bonds.
Dated July 11926; due July 1 1946. Principal and in (J. Sr J.) payable
in gold coin of Canada at the holder's option at any office or branch in
Canada of the Dominion Bank. Denom. $1,000 and $500c*. Bonds
may be registered as to principal. Provision is made for a half
-yearly
sinking fund commencing .Jan. 1 1927, sufficient to redeem 69% of total
issue before maturity. Callable at the company's option on 60 days'
notice at 105 and int. in whole, but not in part, except for sinking fund
purposes, or in case of sale of substantial portion of fixed assets of any
of the subsidiary companies, or out of the proceeds of sale or the payment
of any of the assets specifically mortgaged. Trustee, National Trust
Co., Ltd.
Earnings.
-The average annual consolidated net earnings• of Paget
Hersey Tubes, Ltd. (old company) and its subsidiaries, available for
bond interest after providing for depreciation, Government taxes and
after deduction of interest earned on the bonds not to be acquired by the•
new Company, for the four years ended Dec. 31 1925 were in excess of
$746,000, or 6.21 times the bond interest requirement. Consolidated
net earnings on the same basis for the year ended Dec. 31 1925 were in
excess of $900,000, or 7.5 times the bond interest requirement.
Approximate consolidated net earnings on the same basis for the four
months ended April 30 1926 were in excess of $355,628, which is at the
rate of 8.89 times the bond interest requirement.
216
-Secured by a specific first mortgage on all the fixed assets
Security.
of the company in Canada, and by a pledge of all the capital stock, except
qualifying shares, of all the subsidiaries, and the assignment of a first
mortgage for $800,000 on the fixed assets of Cohoes Rolling Mill Co.
and by a floating charge on the undertaking of the company and all its
other property present and future.
The trust deed will provide that, while any of the bonds of this issue
are outstanding, the company shall not make any payment of dividends
or purchase or redeem any of its capital stock which will reduce its net
tangible assets below $5,000,000, or reduce its net current assets below
$3,000.000.
-A. E. Ames & Co., Ltd.,
Preferred Stock Oversubscribed.
announce that the recent offering of preferred stock was
heavily oversubscribed.
For description of properties, capitalization and balance
sheet as of Jan. 1 1926, &c., see V. 122, p. 3613.
-Paraffine Companies.
-Rights.
The company is offering common stockholders rights to subscribe on or
before Aug. 2 to new common stock on the basis of one share of new for each
8 shares held at $93 per share. The old pref. stockholders, 93% of whom
deposited their stock under common stock conversion plan, are included
in the offer. Funds derived are to be used to retire in part outstanding
bonds which become callable in September. The total issue of new stock
-V.122, p. 3094.
will amount to about 21,000 shares.
-June Sales.
(David) Pender Grocery Co.
-June-1925.
1926
$656,202
$874.855
-V. 122, p. 3222.
[VOL. 123.
THE CHRONICLE
Increase. I 1926-6 Mos.-1925.
$218,653 I $5,039,458 $3,861,515
Increase.
$1,177,943
-June Sales.
(J. C.) Penney Co., Inc.
Increase.
Increase.' 1926-6 Mos.-1925.
-June
---1925.
1926
$9_ ,092,751 $7,037,215 $2,055,536$46,074,953 $35,669,008 $10,405,945
-V. 122, p. 3222.
-June Sales.
Peoples Drug Stores, Inc.
1926
-June
-1925. Increase.I 1926-6 Mos.-1925. Increase.
$276,423
$2,561,791
$61,730 $2,838,214
$485,619
$423,889
-V. 123, p. 93.
People's Monthly Co. Des Moines, Ia.-Bond Offering.
-The Central State Banc, Des Moines, Ia., are offering at
prices to yield from 53 to 6%,according to maturity, $125,000 1st (closed) mtge. 6% serial gold bonds.
Dated May 11926;due serially May 1 1927 to May 1 1936 incl. Denom.
$1,000 and $500 c*. Principal and int.(M. & N.) payable at the Central
State Bank of Des Moines, trustee. Int. payable without deduction for
normal Federal income tax not exceeding 2%. Red., all or part, on May 1
1929 on 30 days' notice at 102 and int. and thereafter on any int, date
before maturity at 101 and int.
Guaranty.
-These bonds will be guaranteed, principal and interest, by
the personal endorsements of Carl C. Proper and A. M. Piper of Des
Moines, Ia. Life insurance aggregating $100,000 is carried by these endorsers, payable to the Central State Bank, trustee.
Company.
-Established in Des Moines, Ia., in 1895 and incorp. in 1903
under the present title, publish the People's Popular Monthly, a monthly
household magazine. From 1895 to date the investment in the business
has increased from $5,000 to over $557,000,the increase having accumulated
almost entirely out of earnings. During this period the paid circulation
of the People's Popular Monthly has increased from less than 8,000 to over
1,000,000 copies per month.
The present plant of the company, erected in 1913 and located at Second
-story, reinforced concrete,
and Center Sts., Des Moines, is a modern 4
fireproof structure containing 30,000 sq. ft. of floor space. The company
also owns in fee the tract of land 100x144 ft., on which this building stands,
with street frontage on three sides. The plant is thoroughly equipped with
the most modern machinery and presses.
-Secured by a closed 1st mtge. on the real estate, buildings,
Security.
machinery and equipment and all fixed property of the company. The
building and equipment was appraised Jan. 31 1926 by the Lloyd-Thomas
Co., Chicago, as having a sound or depreciated value of $249,043, exclusive
of ground. The ground has recently been appraised at $30,000. Total
assets as of April 30 1926, after deducting all liabilities, except this bond
Issue, amounted to $516,747, or over $4,133 for each $1,000 bond. This
Issue of 1st mtge. 6% bonds constitutes the co.'s only funded debt.
-Net earnings for the year ending Dec. 31 1925, after deductEarnings.
ing all expenses, including depreciation, available for interest and Federal
taxes, were $39,000, or more than 5.2 times maximum interest charges on
this issue of bonds; for the 4 months ending April 30 1926 such earnings
were $39,860, or at the annual rate of over 15.9 times such int. charges.
-Proceeds will be used for the purpose of retiring present outPurpose.
standing funded debt and to increase working capital.
-The officers are Carl C. Proper, Pres.; A. M. Piper.
Management.
Sec.-Treas., and Graham Stewart, V.-Pres. & Advertising Manager.
-Plans Expansion.
Piggly Wiggly Western States Co.
An expansion program contemplated to increase sales 50% by opening
25 new stores during the next 6 months has been announced by A. C.Jones,
President. The company opened 8 new stores during the first 5 months
of this year, the addition being reflected in a sales increase 14.8% greater
than for the corresponding period last year. The company now onerates
74 stores on the Pacific Coast. Sales in 1925 totaled $7,164,741.-V. 122,
p. 3614.
-Bonds
Pine Crest Apartments (Corp.), Chicago, Ill.
Offered.-Leight, Holzer & Co., Chicago is offering at 100
and int. $315,000 1st mtge. serial 632% coupon gold bonds.
Dated May 5 1926; due serially, 1928 to 1936. Denom. $1,000 and $500
($100 in 1936 only). Principal and semi-annual interest payable(M.& N.)
in gold coin at the office of Leight, Holzer & Co., Chicago. Callable all or
part on any int. date upon 60 days' notice in reverse of the numerical order
of the bonds at 102 and int. Chicago Title & Trust Co., trustee.
-Secured by a direct closed first mortgage on the land (62% x
Security.
136 ft.), owned in fee, and a 6 and 8
-story fireproof building to be erected
at 3941-43-45 Pine Grove Ave., Chicago, Ill. The mortgage is also a first
lien on the earnings derived from the building. Completion of the building
free and clear of all mechanics' liens, is unconditionally guaranteed by
Leight, Holzer & Co.
-stories.
-Fronting on Pine Grove Ave.,it will have a height of8
Building.
-stories in height. The building will contain 85
The rear portion will be 6
apartments of 1 room, kitchenette and bath each, and 15 apartments of
2 rooms, kitchenette and bath".
-The value of the security upon completion, exclusive of
Valuation.
furnishings, is appraised at $500,000.
-It is estimated that the gross annual income will be in excess
Earnings.
of $82,000. The net rental, after deductions for taxes, operating expenses
and allowance for any vacancies that may occur, is estimated at over 23i
times the greatest annual interest requirement.
-Bonds are a direct obligation of the Pine Crest Building Corp.
Borrower.
And will be personally guaranteed by Henry Janisch, the President.
Dated July 1 1926, due July 1 1936. Denom. $1,000 and $500 c*•
Principal and interest (J. & J.*) payable at the office of Dillon, Read &
Co., New York. Interest payable without deduction for Federal income
tax not exceeding 2% per annum. Pa., Calif. and Conn. 4 mills taxes and
Mass, income tax not exceeding 6% per annum refunded. Red. all or
part by lot, on any int. date on 3 days' notice, at 105 and accrued int.
on or before July 1 1927, with successive reductions in the redemption price
of 34 of 1% during each year thereafter until maturity. Central Union
Trust Co., New York, trustee.
Data From Letter of Edwin L. Wayman, President of Company.
Company.
-Has been organized in Delaware to acquire all of the assets
and business .of the predecessor company of the same name, established
35 years ago and now the largest manufacturer and distributor in the
world of equipment for dental offices and laboratories such as dental chairs,
electric engines, laboratory and office lathes, electric air compressors,
x-ray machines, dental units and tridents. The predecessor company owns
a modern plant at Rochester, N. Y., and during 1924 and 1925 acquired
83% of the stock of Ritter-Biber, A. G. of Baden. Germany, a company
which for the past 10 years has been the largest producer of this type of
equipment in Europe.
Earnings.
-The consolidated net earnings of the predecessor company
and its American sales subsidiary for the 3 years ended Dec. 31 1925,
available for interest and Federal taxes, after depreciation as taken on
the predecessor company's books without giving effect to a subsequent
appraisal of certain fixed assets, and after including loses of Ritter-Biber,
A. G. during the period of reorganization of methods and plants to the
extent of writing down the investment in such company to values as of
Dec. 31 1925 have been as follows:
1925.
1923.
1924.
$815,188
$617,823
$679,857
The average annual earnings for the 3 years were $704,289, or nearly
4 times the maximum annual interest on these debentures, plus average
annual interest actually paid on all other debt of the predecessor company
and its American sales subsidiary outstanding during this period. Such
earnings for 1925 were over 4 1-3 times such interest on these debentures
plus such interest actually paid in such year. The above earnings and
ratios are shown after deducting charges heretofore paid for certain royalties
upon patents presently to be assigned to the company and for salaries to
the owners of the business, which charges (averaging annually $67,849
for the 3 years above shown) will be eliminated hereafter.
Security.
-These debentures will be the direct obligations of the company
and together with £69,591 ($337,565) outstanding 5
-year 6% serial notes,
Issued in London in June 1924, will at the time of issue comprise the only
funded debt of the company and its subsidiaries, other than $83,419 amount
of obligations of the German subsidiary under the Dawes plan based on
the existing assessment. After giving effect to all transactions in connection
with the present financing, net tangible assets applicable to funded debt
and the above-mentioned obligations under the Dawes plan amount to
$5,042,829, and net current assets amount to $2,986,313. Total current
sssets amount to over 7% times total current liabilities.
Sinking Fund.
-The indenture will provide for an annual sinking fund
of $100,000, payable in equal semi-annual installments, first payment
Jan. 1 1927, to be used to purchase debentures at not exceeding the then
current redemption price and accrued interest, or, if not so obtainable, to
redeem debentures by lot at such price. The company may be credited
upon its sinking fund obligation with the cost (up to the redemption price)
of debentures surrendered by it to the sinking fund.
Purpose.
-These debentures will be issued in part payment for the
assets and business of the predecessor company, to obtain funds for the
retirement of all interest-bearing debt (other than the above-mentioned
obligations under the Dawes plan) of Ritter-Biber, A.G. existing on Dec. 31
1925 and to provide additional working capital for the company
Conversions of German and British into United States currency have
-one
been made on the following bases: one reichsmark equals 23.8 cents
pound sterling equals $4.8507.
-Earnings, dcc.
Rand Kardex Bureau, Inc., & Subs.
Income Statement for 6 Months Ended Mar. 31 1926.
Not sales, $10,641,737; cost of sales, 85.439,867; gross profit__ _ $5,201,870
Gross profit on serv. to customers, $103,69l misc. inc. of subs.,
179,607
$75,916; total
$
Total gross profit
,
Selling,. __ gen.______ $3,316,339;int. paid & accr.,$72,289;
....
_
Depreciation,
_______
7
8 4
4 81, 786
35:3385 6270
Net income, consolidated companies
Dividends on minority pref. stock of subs
Earnings applicable to minority corn. stock of subs
$1,517,178
12,440
31,861
Net earns. applic. to Rand Kardex Bureau, Inc
Divs. paid & accrued on pref. stock
$1,472,877
150,531
$1,322,346
Balance carried to Class"A"stock value
Consolidated Balance Sheet March 31 1926.
Liabilities
Assets
50 10,
Land, bldgs., mach.& equip_ $5,521,879 Class A cum. pref. stock_ __ _ $4,445:000
x8,743,132
Leaseholds
803,865 Class A common stock
common stock
Cash
2,318,511 Class B
817,771
Notes receivable
16,973 Accounts payable
Accounts receivable
3.295,892 Accr'd acc'ts, incl. provision
723,487
for eat Federal taxes
Inventory
3,858,321
0 0
8 30
2,759:094
% go. eolas
rrAd divsiddn ctered
Invest. In &open accounts of
affiliated companies
1,313,685 5-yr.
Minority stockholders' int.:
Inv. in & open ace ts of forRand Kardex Co., Inc_ _._
254,137
eign corporations
750
80274
159,533
Library Bureau of N.J_ .....
133,932
Misc. acc'ts, advs., &c
4,210 Canad. subs., 92 she. pref _ _
Capital stock subscriptions_ _
11 Res. for empl., welfare & parGood-will, pats., tr.-mks., &c.
120,293
tic., contingencies, &c_ _
398,356
Deferred charges
$17.919,792
Total
$17,919,792
Total
x Represented by 357,564 shares without par value.
liable as endorser on customers'
-The companies were contingently
Note.
notes and drafts discounted amounting to $346,162. A dividend on the
Class A common stock of 1.6% payable in Class "A" common stock was
10 1926, the number of shares being
declared Mar. 5 1926 and paid
represented by
5,719.07. The value of minority stockholders' interestsat the net tangicompanies has been computed
common stock of subsidiary
-V. 122, p. 3614.
ble book values.
(The) Roosevelt (Hotel and Store Bldg.), Pittsburgh.
-Bonds Offered.-Greenebaum Sons Securities Corp. are
offering at prices to yield from 6.07% to 6.50%, according
to maturity, $3,600,000 1st mtge: 63/2% serial & sinking
fund gold bonds.
Dated July 1 1926; maturing semi-arnually 2% to 15 years. Prin. and
interest (J. & J.) payable at office of Greenebauni Sons Investment Co.
Chicago, and collectable at all offices of the company. Dencm.$100, $506
and $1,000 C. Red. all or part on any interest-apyment date, by giving
-days' written notice to the trustee, at 103 and int. The borrower agrees
60
to pay the Federal normal income tax up to 2%, and any state taxes up
to 5 mills of principal amount. The trust deed provides for monthly
-Shipments.
Prairie Pipe Line Co.
deposits in advance with Greenebaum Sons Bank & Trust Co., to meet
1926-6 Mos.-1925.
-Month-1925.
Period Ended June 30- 1926
Interest and principal payments promptly.
4.716,114 25,937,479 27,539,577
Crude oil ship'ts (bbls.)- 4.215,416
-Secured by a closed first mortgage on valuable land on the
Security.
-V. 122, p. 3353.
N. E. cor. 6th St. & Penn. Ave., in the center of the retail business, hotel,
theatre and office building section of Pittsburgh, 160 x 120 feet, owned in
-Note Redemption.
Rainey-Wood Coke Co., Inc.
-story and basement commercial hotel and store building of fireproof
fee; 13
All of the outstanding 7 % equipment gold notes have been called for construction, to contain 602 rooms; furnishings, equipment and earnings.
payment Aug. 1 at the New York Trust Co., trustee, 100 Broadway,
-Thetrust deed provides that in addition to the usual semiSinking Fund.
Aug. 1 1927 at
at the following rates with accrued interest: $100,000 due
annual serial payments of principal, the borrowing corporation shall, begin101;$100,000 due Aug. 1 1928 at 102: $100,000 due Aug. 1 1929 at 103, and ning in the third year, deposit 25% of the net earnings, after principal
$100,000 due Aug. 1 1930 at 104.-V. 111, p.300.
payments, to be applied to the prepayment, at 102 and int, of bonds in
the latest maturities outstanding.
Ritter Dental Mfg. Co., nc.-Debentures Offered.Valuation.
-Independent appraisal of the property, when completed.
$5,820,000.
Dillon, Read & Co. and E. kaumburg & Co. are offering places the total value atplace net annual income, with
-Estimates
allowance for 273 %
Earnings.
99 and int., to yield over 6.60%, $2,150,000 10-year vacancies, at $561,852. which is 2.4 times maximum annual interest charges
at
on the entire issue.
63/2% sinking fund gold debentures.
JULY 10 1926.]
THE CHRONICLE
217
Ownership and Personal Guarantee.—The bonds are a direct obligation of
the General Forbes Hotel Co., headed by L. Fred. Klooz, an experienced
hotel operator; in addition Mr. Klootz personally guarantees the prompt
payment to investors of principal and interest.
apartment building of reinforced concrete, fireproof construction, faced
with buff colored pressed brick, richly ornamented with marble and ceramic
stone. The building will contain 94 apartments.
Valuation.—Lot is valued at $50,000; building valued at $630,000; total
$680,000.
St. Lawrence Paper Mills, Ltd.—Bonds Called.—
Income.—Gross annual income estimated to be about $96,000 per year.
•
The company has called for payment Sept. 1 at 105 and int. all of the After deducting operating expenses, taxes and an allowance for possible
outstanding Series "A" 20
-year 6%% 1st mtge. sinking fund gold bonds, vacancies, there will be left a net income of about $66,000, which is over
and series"B"20 year 6% 1st mtge.sinking fund gold bonds at the principi 2% times the greatest annual int. charge on the bond issue.
office of the Bank of Montreal in Montreal, Toronto or Winnipeg, Canada,
or in London, England, or at the Agency of the Bank of Montreal in N. Y.
(Isaac) Silver & Bros. Co.—June Sales.City, U. S. A. In addition, bonds of series "B" will be redeemed at the 1926—June-1925.
Increased 1926-6 Mos.-1925.
Increase.
office of the Bank of Montreal in Three Rivers, Canada.
$31,2951 $1,867,343 $1,639,056
$274,353
$305,648
$228,287
Holders of the bonds may surrender them at any of the places mentioned —V. 122, p. 3354.
prior to Sept. 1 and receive payment of 105 and int. to date
on any date
Simmons Co.—Semi-Annual Earnings.—
of payment.—V. 122, p. 2205.
Six Months Ended May 31—
1926.
1925.
Saenger Realty Corp., Inc. (Saenger Theatre, New Net sales
$14,120,061 $14,367,801
Orleans).—Guaranteed Bonds Offered.—Hibernia Securities Manufacturing cost,selling, &c.,expenses
11,879.156 11,724,002
miscellaneous income)
Other deductions (less
192,122
106,746
Co., Inc., New Orleans and New York, Hemphill, Noyes Depreciation reserve
597,601
526,677
& Co. and Merrill, Lynch & Co., New York, are offering
Net profit, before Federal taxes
41,451,182 $2,010,376
at prices to yield from 6% to 63/2%, according to maturity,
x Before paying preferred dividends amounting to $210,738, and common
$900,000 1st mtge. guaranteed 63/2% serial gold bonds. dividends of $1.250.000.—V. 122, p. 1184.
(Principal and interest unconditionally guaranteed by
Saenger Theatres, Inc.).
Dated July 1 1926: due July 1 1928-41. Interest payable (J. & J.) at
Hibernia Bank & Trust Co., trustee, New Orleans. Red. on any int.
date, all or part, on 60 days notice at 103 and int. Denom. $1,000 and
Interest payable without deduction for normal Federal income
$500
c**
tax not in excess of 2%. Corporation will refund the usual Penna. Calif.
and Conn. taxes not in excess of 4 mills per annum,the Maryland securities
tax not in excess of 4% mills per annum, and the Mass, income tax on the
interest not in excess of 6% per annum.
Data from Letter of J. H. Saenger, President of the Corporation.
Business.—Saenger Theatres, Inc., owns all of the stock, except directors'
qualifying shares, of Saenger Realty Corp., Inc. Saenger Theatres, Inc.,
now operates a motion picture and theatrical business in Louisiana, Texas,
Mississippi, Florida and Arkansas, distributed in 17 cities. Saenger Realty
Corp., Inc., was organized in Louisiana on Nov. 5 1925 for the purpose of
erecting the new Saenger Theatre in New Orleans, located at the corner of
Canal and North Rampart streets, and the new Saenger Theatre in Mobile.
Ala. As the name implies, it is a realty corporation, but it forms a part
of the motion picture and theatrical business conducted by Saenger Theatres,
Inc., and its subsidiaries.
Security.—These bonds will be secured by a direct closed first mortgage
on the property belonging to Saenger Realty Corp., Inc., at Canal and
Rampart St.
Valuation.—The property has been appraised at $1,808,882.
Guarantee.—These bonds will be unconditionally guaranteed by Saenger
Theatres, Inc., as to the payment of principal and interest and as to the
performance of all terms and conditions of the act of mortgage. The net
earnings of Saenger Theatres, Inc., for the year ended Dec. 31 1925 were
$416,125, after all operating expenses and charges, and after all interest,
depreciation and Federal taxes. During the intervening years since 1920
these earnings have averaged over $411.570 before interest and Federal
taxes, but after depreciation. These earnings are exclusive of accruals
on stock of subsidiary companies in which the ownership by Saenger
Theatres, Inc., is less than 100% of their total capital stock
Purpose.—To be used to complete the new Saenger Theatre described
above.
Capital Stock.—Saenger Realty Corp. has a paid-up capital of $750.000,
which will be increased immediately to $1,000,000.
Southern Dairies, Incorporated.—Sales.—
Six Months Ended June 30—
Sales
—V. 123, p. 94.
1926.
1925.
Increase.
$5.263,136 $3.999,983 $1,263,153
(A. G.) Spalding & Bros.—Reduces Dividend.—
The directors have declared a dividend of $1 25 per share on the common
stock, payable July 15 to holders of record July 8; also the regular quarterly
dividends of 1%% on 1st preferred and 2% on 2d preferred stock, both
payable Sept. 1 to holders of record Aug. 14. Previously quarterly dividends of $2 per share were paid on the common stock.
The company says: "It was decided advisable to make this reduction
in order to accumulate for purposes of working capital and necessary plant
extension, a larger undistributed surplus that has been possible with the
heretofore prevailing rate of dividend on the general stock."—V.122,p.2813.
(Frederick) Stearns & Co. & Subs.—Earnings.—
Calendar Years—
1925.
1924.
Profits after provision for income taxes
$557.633 $475,933
After deducting all dividends paid on preferred and no par value stocks,
the company had a balance of $171,972, which was transf'erred to the surplus account; other additions of $35.428 obtained from tax refund and reduction in depreciation applicable to previous year's operations brought
a total addition to surplus of 5207,400.—V. 119, p. 2891.
Sun Oil Company.—Tenders.—
Lee, Higginson & Co., 43 Exchange Place, N. Y. City, will until July 20
-year 5%% S. F. gold debentures, dated
receive bids for the sale to it of 15
Sept. 1 1924, to an amount sufficient to exhaust $133,500 at prices not
exceeding 102% and interest.—V. 122, P. 2513.
Sun Realty Properties, Los Angeles.—Bonds offered.—
S. W.Straus & Co., Inc., are offering at prices to yield from
53 % to 63%, according to maturity, $2,500,000 1st &
4
gen. mtge. leasehold 6% serial coupon gold bonds.
Dated June 15 1926; maturities: 1928 to 1941. 2% Federal income tax
paid.
-story buildings and one 3
Security.—Secured by three 12
-story building,
located in the heart of the downtown business district of Los Angeles;
775 Park Ave. (Michael E. Paterno Corp.), N. Y. City. all modern fireproof structures erected within the last few years, containing
—Notes Sold.—Redmond & Co. and the Tillotson & Wolcott offices and stores, together with long term leasehold estates.
Valuation and Earnings.—The 4 buildings and 4 leasehold
Co. have sold at prices to yield from 6% to 6.4%, according been independently appraised at $4,663,431, the bonds beingestates have
53% of the
value of the property.
to maturity, $1,500,000 1st mtge. leasehold 6% hold notes.
Net annual rental earnings for the properties for 1925 amounted to
Dated July 1 1926; maturing $500,000 July 1 1927, $500.000 Jan.
1 6379,731, nearly 2% times the greatest annual interest charge and nearly
1928, and $500,000 July 1 1928. Int. payable Q.
-J. without deduction 1% times the greatest interest and principal charges taken together. The
for normal Federal income tax up to 2%. The company agrees to refund Sun Realty Co. ba'ance sheet, as of Dec.311925, shows capital
and surplus
Pa. and Conn. 4-mills taxes, Md. 4%-mills tax, Dist. of Col., Mich. and of $12,383,388.
Ky. 5
-mills taxes, Va. 5 -mills tax, and Mass, income tax not to exceed
Borrowing Corporation.—These bonds are the direct obligation of the Sun
6%. Denom.
Red. all or part on any int. date upon 30 days' Realty Co.
$1.000c*.
notice at a premium of
of 1% for each quarterly period prior to
maturity of the note or notes to be redeemed. Manufacturers Trust the
Taggart Bros. Co., Inc.—Transfer Agent.—
Co.,
New York, trustee.
The Equitable Trust Co. of New York has been appointed Transfer
Data from Letter of Michael E. Paterno, President of Machael
E. Agent for the common stock.—V. 122, p. 3355.
Paterno Corp.
Texas Pacific Land Trust.—Earnings.—
Build-in.—Michael E. Paterno Corp. is about to erect a co-operative
Income from oil leases in the first 5 months of 1926
apartment building of the finest type, at 775 Park Ave., N. Y.
$131,000.
City, as against $186,235 in the full year 1925 and $41,487 inexceededyear
the full
comprising the entire block front on the east side of Park Ave. from
1924.
to 73d Sts. The building will be of the maximum height permitted 72d Compare V. 122, p. 3225.
for
buildings of its type,laid out in 13 floors of large apartments. The building
Texon Oil & Land Co.—To Receive Dividend.—
will be of fireproof steel construction, faced with limestone and brick.
The Big Lake 011 Co. has declared a dividend of 2
It will be constructed under the inspection of the J. G. White Engineering
0%, payable July 30
to holders of record July 22. This dividend amounts to $800.000, of which
Corp., supervising engineers for the bankers.
Security.—Secured by a closed first mortgage on the leasehold
25% is payable to the Texon Oil & Land Co. and 75% to the Plymouth
estate Oil Co.—V. 122, p. 3615.
comprising the site and the proposed building, which will contain approximately 2,600.000 cu. ft. The trustee will hold the proceeds from
(John R.) Thompson Co., Chicago.—June Sales.sale of these notes and will disburse them from time to time during the
Increase.) 1926-6 Mos.-1925.
1926—June-1925.
erection of the building, under the restrictive terms of the mortgage the
Increase.
and $1,210,267
$1,040,440
5169,827157,189,040 $6,368,061
the building agreement.
$320,979
—V. 122, p. 3355.
This leaseh id estate with the proposed building when completed,
has
been appraised at $2,515,000.
(August) Thyssen Iron & Steel Works.—Merger.-The lease runs until Oct. 1 2010, at a ground rental of
$50.000
See United Steel Works Corp. in V. 122, p. 3615 and that company
July 1 1926 to Oct. 11927, at $70.000 per year thereafter until *Oct. from
1 1937, below.—V. 122, p. 3466.
and at $121.000 per year thereafter until Oct. 11947. For each
period of 21 years each, the rental will be based on a 6% net subsequent
return to the
Tower Mfg. Co.—Earnings Year Ended May 311926.—
lessor on the then appraised value of the land alone
and unimproved not less, however, than the rentalconsidered as vacant
period..
President Frank S. Tower in his report to the stockholders says: "Net
for the last year of
taxes, but before
The fee title to the land cannot be
the preceding
mortgaged unless earnings after were $203,861. employees' bonus, for the fiscal year ended
subordinate to the lease and the leasehold mortgage.
Earned surplus account shows an
May 31 1926
increase
Completion of the building in accordance with the plans and
of $113.271. Good-will account has been
specifications $116.134, and $78,408 organization expense reduced from $218,376 to
is unconditionally guaranteed to the trustee by Michael E.
has been written off.
sonally. The trustee has the further protection of a bond Paterno per- outstanding preferred stock has been acquired by the company."—V. All
122,
by the National Surety Co. in the amount of $1,500,000. for completion p. 3225.
(Frank G.) Shattuck Co.—Opens New Store.—
The company announces the opening of a new establishment
Lane, N. Y. City. This store occupies the main floor and at 41 Maiden
mezzanine of
-story building erected on that site, and marks
a new 15
the system, which extends to Brooklyn, Syracuse and the 30th store in
Boston. It has
accommodations for 400 patrons simultaneously.
The company has two additional stores under
these, located at 556 Fifth Ave., is intended to beconstruction. One of
the principal store of
the system and the second will occupy most of a 3
-story
erected by the company at 279 Broadway, N. Y. City.—V. building
122, p. 3354.
being
Shell Transport & Trading Co., Ltd.—Dividen
d.—
The Equitable Trust Co. of New York, as depositary of
shares of the company has received a dividend on the certain ordinary
ordinary shares
held by it of 2s. 6d. per ordinary share, par value £1 sterling
each. The
equivalent thereof distributable to holders of "American
the terms of the agreement is $1 20 on each "American shares" under
share." The
dividend will be distributed by the trust company on July 24
holders of "American shares" of record as of July 14 1926.—V. to registered
122, p. 3599.
Travelers Insurance Co.—Extra Dividend.—
The company on July 2 paid an extra dividend of $4 per share and the
regular quarterly dividend of $4 per share to common stockholders
of
record June 21. On Dec.31 1925, an extra of 2% was paid on the
common
stock.—V. 122, p. 2963.
Union Oil Co. of California.—Earnings.-
-Quer End. June 30— —6 Mos.
.
End. June 301926.
1925.
1926.
1925.
Net income after deprec
depl. & Federal taxes_ $3,500,000 $3,350,000 $6,200,000
$5,900,000
—v. 122, p. 3467.
United Steel Works Corp. (Vereinigte Stahlwerke
Aktiengesellschaft).—Bonds Sold.—Dillon, Read
& Co.,
International Acceptance Bank, Inc., and J. Henry Schrodr
Banking Corp. have sold at 96 and int. to yield over 6.80%,
s. f. gold bonds, Series "A,"
$30,000,000 25-year 6
'
Sheridan Road Apartments (661 Sheridan Road), (with non-detachable stock purchase warrants).
Chicago, Ill.—Bonds Offered.—Lackner, Butz & Co. are
Dated June 1 1926; due June 1 1951. Prin. and int.(J. & D.) payable in
New York at the office of Dillon, Read
offering at par (100) and int. $415,000 63/2% 1st mtge. ent standard. Bondholders may, at & Co., in U.S. gold coin of the prestheir option, collect principal and
interest in London at the office of J. Henry Schroder & Co. in pounds sterreal estate gold bonds.
Dated June 15 1926; due 1928 to 1936 incl. Denom. $1,000,
$500 and
$100. Callable at 103. Int. payable (J. & D.) at Chicago Title & Trust
CO., trustee.
Security.—Secured by 1st mtge. on land and the 8
-story apartment build
ing soon to be erected at 661 Sheridan Road, which is a north front. east
of Pine Grove Ave. The lot, 50x150 ft., is being improved with an 8
-story
ling at the buying rate for sight exchange on New York on the date of presentation for collection. Denom. $1,000 c*. Callable as a whole or in
part by lot on any int. date after 30 days' notice, at the following prices
and accrued interest: to and incl. June 1 1931, at 105; thereafter to and incl.
June 1 1936, at 103; thereafter to and incl. June 1 1941, at 101; thereafter
prior to maturity at 100. The National City Bank of New York. American
trustee. Darmstaedter und Nationalbank Kommanditgesellschaft au
218
[Vol,. 123.
THE CHRONICLE
Aktien German Trustee. Principal and interest payable to others than
citizens and residents of Germany, without deduction for any taxes, past,
present or future, levied by German Governmental authorities.
Data from Letter of Carl Rabes and Oskar Serape11, Managing
Directors, June 25.
Properties and Operations.—The chief coal properties and iron and steel
plants being acquired are located in the centre of the Ruhr district, one of
the most important industrial sections of Europe.
Properties being acquired by the corporation also include 33 by-product
coke plants, with total annual capacity of 9,189,000 metric tons, 63 blast
furnaces capable of producing annually 9,038,000 metric tons of pig iron
and ferro alloys, 26 steel plants with an annual ingot capacity of 7,936,000
metric tons, and rolling mills, foundries, finishing and manufacturing departments with an annual capacity of 7,066,600 metric tons of finished iron
and steel products. The mills and finishing departments are equipped to
convert into finished products.the entire ingot production. The plants are
maintained in an excellent state of repair and in many instances have been
extensively remodeled during recent years.
Corporation is also acquiring cement plants equipped to manufacture
Portland cement from blast furnace slag. The new cement plant at Gelsenkirchen is one of the largest and most modern in Europe.
Security.—These bonds will be the direct obligation of the corporation,
secured by mortgage on fixed assets valued by H. A. Brassert, American
consulting engineer, at $537,671,800 subject to about $70,600,000 of underlying obligations, including approximately $29,400,000 obligations under
the Dawes Plan based on existing assessments. Such fixed assets have been
appraised on the basis of present replacement costs in Germany, after allowance for depreciation and obsolescence, and comprise iron and steel
plants valued at $228,889,300; coal properties and coke plants at $107,635,000; coal reserves at $77,604,800, and, real estate, including land, plant
sites, business and administrative buildings, at $123,542,700. These properties include all the fixed assets being acquired by the corporation except
a machinery plant, a small wire netting shop, certain ore and other mining
properties, rolling stock, portable machinery and certain other movable
property, valued by Mr.Brassert in the aggregate at less than $35,000,000.
Additional Bonds.—Against the properties presently to be mortgaged,
there may be issued (ranking equally with the Series "A" bonds) a total of
$105,000,000 of bonds, incl. the $30,000,000 Series "A"bonds, the eciuivalent of about $30,000,000 of bonds proposed to be presently issued abroad
in foreign currency, and $41,180,000 of bonds reserved to refund underlying
obligations. The valuation of $537,671,800 equals about 4 times the sum
of all underlying obligations (incl. existing obligations under the Dawes
Plan), these $30,000,000 Series "A" bonds and all other bonds ranking
equally therewith (except bonds reserved to refund underlying obligations)
issuable against the properties presently to be mortgaged.
Purpose.—The proceeds will be used for the completion of construction
in process, for additional working capital and other corporate purposes.
Sales.—Mr.Brassert estimates that under present trade conditions annual
sales of the corporation for the 5 years 1927 to 1931 incl. will average $290,000,000. Of these sales he estimates approximately $60,000,000 will be
for export, exclusive of export sales for reparations account, for which payment is made in German currency.
Stock Purchase Warrants.—Each Series "A" bond will carry a non-detachable warrant, entitling the holder, on or before July 1 1929, to purchase
50,
one share (par value 1,000 Reichsmarks) of common stock for $297 unviz., 125% of par. Detached warrants will be issued in exchange for
"A" bonds redeemed on or before
exercised warrants attached to Series
June 1 1929.
Conversion of Currency.—All conversions of German into U. S. currency
have been made at par of exchange (one Reichsmark equals 23.8 cents).
Balance Sheet April 1 1926 (After Financing).
[Conversions of German into U. S currency have been made at par of
exchange—one Reichsmark equals 23.8 cents.]
Liabitilies—
Pref. panic. ctfs., Ser."A"_: 11,900,000
Properties, plant & equip.,
16,065,000
4256,139,986 Partic. ctfs. Ser. "B"
good-will. &c
180,880,000
Cash res, from sale of bonds_ y3,094,000 Common stock
Cash13,871,605
22,716,000 Due to vendor cos
610,258
9,698,956 Bond int. accrued
Due from vendor cos
533,018
54,384,131 Organ. taxes. exp., &c (est.)_
Inventories
1,614,623
9,854,734 Customers' deposits
Investments
3,106,189 Vendor companies'°Wig assumed:
Deferred charges
25,000,000
Rheinelbe 7% bonds
Aug. Thyssen 7% bonds 10,500,000
debts assumed:
ges
moorized
Revalrtga
a4,119,320
21,561,234
Loans
30,000,000
ser. A
25-Yr. 654% bonds,
Special loan made in 1923— _ b3,002,678
purchase money °Wig_ _ 18,119,446
cDef.
dOther deferred obligations_ - 2,667,171
14,803,680
Operating reserves
Reserve (req. by Germ.law). 19,038,572
$358,993,996 Surp. provided at organiza'n_ 4,707,391
Total (each side)
on
x The tangible properties are appraised by H. A. Brassert, engineer,defor
the basis of present replacement costs in Germany, after allowance
$500,000,000.
preciation and obsolescence, at more than
y To complete certain construction in process.
a Subject to slight variation when finally determined.
b Secured by lien on ore, pig iron,rolls, moulds,&c.,valued at $4,212,600.
c To vendor cos., as part of purchase price of inventories, payable 1931
for re(unsecured), $23,800,000; less deferred debits due from vendor cos.
valorized debts assumed, $5,680,554 (see "a").
d Organization taxes due 1928-1934 (est.).
Notes. (1) Title to part of the fixed assets of the Thyssen companies
may not be actually transferred until July 1 1927, but these properties are
Corp.,
now in possession of, and being operated by, United Steel Works
which receives the entire income therefrom.
Plan), the vendor
(2) Under the Industrial Charges Act, 1924 (Dawes
which it
cos. have issued debentures in the capital sum of $33,358,023, of United
assumed by
is estimated $29,363,501 will be the proportion to beacquired by it under
Steel Works Corp. as relating to the properties to be
the purchase contracts.
of mort(3) No adjustment is made in the above balance sheet in respect foreign
gage gold bonds proposed to be presently issued abroad payable in
$30,000,000)•
currency (in principal amount equivalent to about
Listing.—It is expected that the common stock will shortly be listed on
the Berlin Stock Exchange.
The Boston Stock Exchange has authorized the listing of $30,000,000
6
,
-year 63 % S. F. mtge. gold bonds, Series "A," with non-detachable
25
stock purchase warrants to be dated July 1 1926 and due June 1 1951.
approximately 120 feet on Georgia St. and approximately 150 ft. on Howe
St. The building is to be a 12
-story modern hotel structure of reinforced
concrete, fireproof construction surfaced with face brick and with cast
stone trim, and will contain 320 guest rooms, lobby, dining rooms, lounge,
full quota of public rooms and service quarters, and- a mezzanine floor
and basement. Six stores and a coffee shop will face Georgia St. with
entrances also into the hotel corridor.
Valuation and Earnings.—Appraised value of completed property,
$2.110,000; amount of bond issue, $1,350,000; margin of value, $760,000.
Estimated net annual earnings, $211,400; greatest combined annual
Interest and serial principal requirements, $119,655; surplus of earnings,
$91,745.
Borrowing Corporation.—Theso. bonds are the direct obligation of Georgia
Hotel Co., Ltd.
(A. R.) Walker Candy Corp., Owosso, Mich.—BondsOffered.—Benjamin Dansard & Co. and Union Trust Co.,
Detroit, are offering at prices to yield for the June 1928 to
Dec. 1930 maturities 63%, and for the June 1931 to Dec.
1936 maturities 63/2%, $320,000 63/2% 1st mtge. serial gold
bonds.
Dated June 11926. Due serially June 1 1928 to Dec. 1 1936. Denom;.
$1.000, $500 and $100 c*. Callable all or part on any int. date on 30 days
notice at 102 and int. Prin. and in (J. &D.)payable at Union Trust Co.,
trustee, Detroit, Mich., without deduction for normal Federal income tax
up to 2%. Tax-exempt in Michigan.
Data from Letter of Curtis R. Gray, Vice-Pres. & Gen. Mgr. of Co.
Company.—Incorp. in 1904. Present capacity of the two properties in
Owosso and St. Joseph, Mich., is in excess of 100,000 lbs. of candy a day
of practically all kinds and description. Sales are to the retail tradethroughout Michigan and through wholesale channels and chain store organizations to territory elsewhere east of the Rocky Mountains. Properties
have recently been largely expanded.
workin ose pital assist in the payment for these properties and to increase
Purpg ca—Tb
.
Security.—Secured by a first lien on the company's properties. The total'
valuation of land, buildings and equipment, as shown by the American
Appraisal Co. Mar. 1 1926, amounts to $772,287. Fixed assets amount to$2,427 for each $1,000 bond of this issue.
Dividends
.—Cash and stock dividends have been yearly paid on common
stock from 1911 to 1924. averaging 32% a year.
Earnings.—Average earnings for the last 4 years, before interest charges
and taxes, amount to $63,786, this being more than 3 times the maximum
interest requirements. Sales for the first 4 months of 1926 amounted to,
35% over the corresponding period in 1925.
Asset
Balance Sheet (After Giving Effect to Financing) March 31 1926.
eferreci stock
$776,698 PrLiabiliaes—
Plant, equipment, &c_ _ _
4,
134 351
Netcash and receivables_- 209,524 No-par value stock surplus "3 842
320,000
Mdse,&s s, a
ace supplies
353,397 63i% 1st mtge.bonds_ _ _ _
150,000
Advances
amounts du
(es due
-7% deb. notes (10 years)_
108,000
from salesmen, &c
20,286 Notes payable
S
58,576
tocks and bonds
5,319 Other liabilities
Deferred charges
40,545
$1,405,769'
Total
Total
$1,405,769
Wesson Oil & Snowdrift Co., Inc.—First Annual Report'.
Consolidated Income Account for Year Ended May 31 1926.
___$4,189,935
Net earnings
1,213,264:
Depreciation,
______________
945,105
Preferred dividends
82,031,566.
Balance, surplus
Consolidated Balance Sheet May 31 1926.
[Incl. Southern Cotton 011 Co., Southport Mill, Ltd., and Sub. Cos.]
Assets—
Liabilities—
413,501,500
Real est., plant & equip
$13,767,373 Capital (stated)
1,035,324
Inv. in & adv, to allied cos__
270,101 Accounts payable
236,276
Inventories
8,076,691 Divs. payable June 1 1926.....
355,000
Aceta & bills receivable
3,287,133 U. S. income tax (est.)
1,760,046
Cash
Depreciation reserve
3,194,965
1,549,416
Prepaid items
43,108 Operating reserves
10,201,808
Surplus
Total (each side)
$28,639,371
x Capital stock outstanding, 135,015 shares no par value ($7 per shareper annum) cumulative preferred and 270,000 shares no par common.—
V. 122, p. 626, 105.
(F. W.) Woolworth Co.—June Sales.-
1926--June-1925. Increase. i 1926-6 Mos.-1925. Increase.
$19,020,573 $17,922,166 $1,098,407 I $107,197,761 $101,296,280$5,901,481;
—V. 122, p. 3356.
Yellow Truck &
Co.—Rights.--
Coach Mfg.
The holders of the outstanding 800,000 shares of common stock and
600,000 shares of class "B"stock of record July 9 have been given the right
to subscribe on or before Aug. 6 for the additional 700,000 shares of class.
"B"stock (par $10) at $20 per share, on the basis of one share of class "B"
stock for each two shares of either common or class "B" stock held. See
also V. 123, p. 95.
CURRENT
NOTICES.
—For the convenience of trustees, individuals and others interested in
"legals," the National City Company nas Issued a pamphlet containing
a consolidated keyed list of investments legal for savings banks in New
York, Massachusetts and Connecticut. The list is compiled from the
latest official list of the Banking Commissioners of these three States—the
New York list of Jan. 1 1926, the Massachusetts list of Feb. 1 1926 and the
Connecticut list of May 1 1926, and is so arranged as to furnish a convenient and workable reference. In addition to the Government, State.
municipal and railroad bonds and equipment trust certificates, the list
embraces the public utility bonds now legal for investment by savings
For further description of properties, &c., see V. 122, p. banks in Massachusetts and Connecticut.
3615.
—Clark, Childs & Co., members of the New York Stock Exchange, 120
German Portion of Loan Over-Subscribed.—Cable advices Broadway, New York, announce the admission of Edwin A. Strong as a
the heavy over-subscription there of the general partner. Mr. Strong, who was formerly a partner of Harris,
from Berlin report
German portion of the $60,000,000 loan. The offering was Winthrop & Co., has been actively identified with Wall Street affairs for
made by a syndicate headed by the four "D" banks. It many years.
—Chatham Phenix National Bank and Trust Company has been-appointed
took the form of a 7% bond at 99. Of the German portion
par value $100 and
Transfer Agent
of $30,000,000, a part was simultaneously offered in Switzer- 60,000 shares of 10,000 shares of Preferred Stock, Hudson River Naviof Common Stock, no par value, of the
land, Holland and Sweden.—V. 123, p. 95.
gation Corporation.
Vancouver Georgia Hotel (Georgia Hotel Co., Ltd.),
—Albert E. James, formerly a member of the United States Board of
W. Straus &
Tax Appeals, announces his association with the firm of Cooke & Beneman,
Vancouver, B. C.—Bonds Offered.—S.
to
giving
in
63/2% Washington,
Inc., are offering at 100 and int. $1,350,000 1st mtge.plan). income tax D. C.,in the practice of the law,of Tax special attention
Appeal.
matters
cases before tne Board
serial coupon gold bonds (safeguarded under the Straus $500
Denom. $1,000,
—Bankers Trust Company has been appointed co-coupon paying agent
Dated June 1 1926; maturing 3 to 16 years. first five years and at
the
the payment
103 and
and $100c*. Callable at Principal bat, during & D.) payable at offices with the Continental Trust Company, Baltimore, Md., for
and int. (J.
thereafter.
of Raleigh & Augusta Air Line Railway 5% Extended Bonds.
102 and int.
Personal property taxes refunded upon proper
of S. W. Straus & Co.Calif. 4 mills, Minn. 3 mills, Mich. 5 mills, Kan.
—National Bank of Commerce in New York has been appointed trustee
application as follows:
gold notes,
U. S. Federal income tax 2% paid by borrower,
234 mills, Ky. 5 mills. Dominion of Canada 2% also paid by borrower of $4,000,000 American Seating Corp. ten year 6% convertible
dated July 1 1926.
and income tax of the
application.
upon proper
land in fee,
—F. S. Smithers & Co. have issued a booklet, presenting an analysis of
Security.—Secured by a direct closed first mortgage on the
furniture, furnishings and equipment, described the investment merits of electric light and power company preferred stocks
and on the building and its
which this building is being erected occupies the
and railroad preferred stocks.
as follows: The land on
Vancouver, B. C. It fronts in comparison with representative industrial
northwest corner of Georgia and Howe Sts.,
JULY 10 1926.]
THE CHRONICLE
219
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HI DES-METALS
-WOOL
-ETC.
-DRY GOODS
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, July 9 1926.
COFFEE on the spot was quiet and steady, at 223 to
4
25c. for Santos 4s and 203' to 20 Vic. for Rio 7s; fair to good
4
Cucuta, 253 to 253 c.; washed Caracas, fair, 27 to 27
Porto Cabello washed, 27% to 28c.; Colombian, Ocana,
25 to 253/2c.; Bucaramanga natural, 27 to 273/2c.; Honga,
Tolima and Giradot, 29- to 293 c.; Medelin, 30% to
%
4
4
303 c. Cost and freight offers were generally higher on the
6th inst. For prompt shipment Santos Bourbon 3s-4s were
here at 22 to 22.60c.; 3s-5s at 21.75. to 22.20c.; 4s-5s at
21.50 to 22.15c.; 5s-6s at 21.10c.; Bourbon grinders, 7s-8s,
at 19.20 to 19.30c.; part Bourbon 3s-5s at 21.60 to 21.95c.;
5s at 21.50c.; Peaberry 3s-4s at 22.60c.; Rio 7s, 18.65 to
18.85c., and Victoria 7s-8s at 18.20 to 18.30c. For future
shipment the firm offers included part Bourbon or flat bean
43, July-August, at 21.50c., and October-December at
20.75 to 21.200.; Bourbon 3s-4s, July-September, at 22.05c.;
4s, August-September, at 21c.; Rio 7s, July-September, at
18.65c., and September-December at 18.30c. Later cost
and freight offers included prompt shipment Santos Bourbon
3s-4s at 223'c.; 3s-5s at 21.75 to 22.05c.; 4s-5s at 21.40c. to
,
21.60c.; 5s at 213'c.; 5s-6s at 21 to 21.70c.; Bourbon grinders 7s-8s at 19.15 to 19.35c.; part Bourbon 3s at 22.60c.;
3s-4s at 22 to 22.35c.; 3s-5s at 21.65 to 22c.; 4s-5s at 21.60
to 21.85c.; 5s-6s at 21.40c.; 6s at 21c.; Peaberry 2s-3s at
22.86c.; 5s-6s, 20Vic.; 6s, 21c.; Rio 7s, 18.40c.; 7s-8s, 18.35c.;
Victoria 7s-8s, 18.30c. Future shipment part Bourbon
3s-48-5s, October-December,20.10 to 209c.;January-March,
19%c.; July-September at 21.25 to 21.85c.; Bourbon 4s,
July-September, 21.25 to 21.85c. To-day spot trade was
4
very dull; Rio 7s, 20c.; Santos 4s, 223 c.
Futures advanced 25 to 32 points on the 6th inst. with
sales of 40,250 bags owing to higher Brazilian cables and
European and Brazilian buying.. Brazilian demand was the
chief support so far as the trading here was concerned. In
Brazil the tone was stronger pargy owing to firmer exchanges
linked with higher cost and freight offers. The Permanent
Committee for the Defense of Coffee reported the stock in
.
Sao Paulo warehouses and at the railways on June 30, as
2,833,000 bags including Minas Craes, against 3,144,000
bags on May 31. The strength of the statistical position
attracts attention. July 1 showed world's visible supplies
of 4,464,000 bags against 4,363,000 bags on June 1 and.
5,003,000 a year ago. World's deliveries exceeded production by 6,539,000 bags. Deliveries were 21,705,000 bags.
On the 7th inst. futures ended 3 to 10 points lower with sales
of 34,740 bags. Europe is said to be paying much higher
prices than America. Europe and Brazil bought early and
sold later. The Coffee Exchange estimated the stocks of
mild coffees on July 1 at 228,025 bags against 161,761 bags
on June 1. The complete figures for the world visible shows
a total of 4,484,013 bags, an increase for the month of 96,933
bags. One firm said: "The new Sao Paulo crop has been
officially estimated at 8,480,000.
bags, to which one might
have to add 500,000 bags from Minas and Parana, 2,833;000
bags out of the old crop remaining in the interior at this
time and 1,200,000 bags current' port stocks, giving in all
about 13,000,000 bags Santos supplied for the coming crop
year. How much of this may become available will depend
upon the regulations of the Defense Committee whose present
aim it seems to be to maintain approximately current values,
but at the same time to dispose of as much coffee as possible,
presumably in view of the continued favorable outlook for
the)1927-28 crop. The latter is "low approaching its most
critical stage. According to official reports the rainfall in
the principal districts of Sao Paulo, after having been very
copious in April was during May much below the average
for recent years. The last full moon has passed without any
signs of frost."
Some think that the future of the market seems to be
largely in the hands of the Defense Committee. The Committee may not permit an opportunity to dispose of part
of their holdings to escape however. Aside from the Defense
Committee, a sustaining feature may be the demand from
this country. Stocks in the United States are small. The
report of the New York Coffee & Sugar Exchange on stocks
of Brazil coffee June 29 put the stock of Brazil coffee in
New York as 264,152 bags. Of this quantity only 87,948
bags were actually in warehouses. The rest consisted of
coffee that was being discharged fpom recently arrived
vessels. Deducting the new imports, the total stock in
New York was only about one week's deliveries. The
interior is no better off. Everybody now depends on
quick shipments by our highly efficient railroads. The
United States needs 25,000 bags of Brazil coffee every
business day, i.e., 300 days a year, and as long as the receipts in Brazil are regulated, this demand alone should
be a steadying influence. Of course, the whole matter
hinges on whether the Defense Committee can carry on
or not. A big crop is coming and there will be pressure
to let down the bars in• the matter of regulated receipts.
But Brazil is expected to manage somehow. In the meantime, futures here continue to sell below the price at which
actual coffee is obtainable. To-day futures ended lower
with sales of 46,000 bags. Some people here are expecting
larger Brazilian offerings before long, though others are
doubtful on that point. Santos was unchanged. Exchange
there was 1-16d. lower at 7 27-32d.; dollar rate 60 reis
higher at 6$300. Rio was unchanged to 100 reis lower
with exchange 3-32d. lower at 7 13-16d.; dollar rate up 70
reis to 6$300. Final prices here were 16 points higher on
July for the week and 3 to 5 lower on Sept. and Dec.
16.03a nom.
Spot (unofficial)20 _ _ _ September_ _17.35a trad.I March
July
18.29a18.30IDecember_ _16.55a16.03 I May_ --- - 15.62a tracl:
-Prompt Cuban raws were 2%0. to 2 7-16c.
SUGAR.
late last week, with sales last week estimated at over 400,000
bags of Cuban, Porto Rican and Philippine Islands. It is
recalled that the indications point to a decrease of the 300,000
tons in the European beet sugar supply. The Czechoslovakian crop was put at 1,520,000 tons. Java it seems has
a crop of 100,000 tons less than previously estimated. Facts
of this kind are regarded as explaining the steady demand
from Europe and the Far East for Cuban raws for July and
August shipment. Refined for export was dull but it appears
that Canadian refiners have sold to South America and
Europe at least on a moderate scale. Not only the Far East
and Europe but China it seems has recently been inclined
to buy Cuban sugars and rumors were current at the close of
last week that India bought 10,000 tons July shipment at
2.30c. f.o.b. The decrease in the European crops it is
recognized is due partly to heavy rains and cool weather over
most of Europe. Czechoslovakia cables have stressed the
very bad conditions. Latterly the weather has become fair
and warmer so that there would seem to be a possibility
that the crop prospects there may improve. London seems
to think that the damage to European beet root crop has
been exaggerated. Trade in refined in this country has
recently been favored by more seasonable weather. Later
sales showed a firmer tone in New York. Some 45,000 bags
sold at 4.18c. and second half of July was quoted at 2 7-16c.
Some 3,000 tons Philippines for July-August shipment sold
.
with outport options at 4.30c. c.i.f. or 2.53c. c.&f. Futures
advanced on the 6th inst. 2 to 4 points despite Europe's sales
of July and September. Cuba seemed to be buying. European cables helped the rise. Refined was not active on new
business but withdrawals were very large. The quotations
were 5.50 to 5.70c. On the 7th inst. 200,000 bags were
sold at 2 7-16c. mostly for the'second half of July. Europe
bought 12,000 tons of Cuban second half of July at 2.30c.
f.o.b. and the Far East took 7,000 tons of July at the same
price. Futures on the 7th inst. closed unchanged to 1 point
lower though at one time 2 to 3 higher.
Late prompt Cuban raws were firm at 2 13-32c. c.&f
with second half of July 2 7-16c. Protracted heavy rains
were reported in Central Europe. Damage to the beets
in Czechoslovakia caused higher prices there. The Java
crop was estimated at something less than previous estimates,
i.e., 1,950,000, against 2,000,000 tons. The Far East was
reported to be in the market for Cuban. The United Kingdom was firm. Antwerp bought a cargo of San Domingos
4
now loading at 11s. 93 d. c.i.f. On July 5 Central Tanamo
completed grinding its cane crop with an output of 305,080
bags of sugar, as against Lamborn's estimate of 300,000
bags. The total number of mills having already completed
the present crops 174. Receipts at Cuban ports for the
week were 55,029 tons, against 60,855 tons in the previous
week, 51,678 in the same week last year and 46,874 two
years ago; exports were 67,042 tons, against 82,574 in the
previous week, 78,227 in the same week last year and 96,321
two years ago; stock 1,327,592 tons, against 1,339,605 in
the previous week, 1,094,796 last year and 738,694 two years
ago; centrals grinding 4, against 5 in the previous week, 13
in the same week last year and 4 two years ago.
On the 8th inst. 15,000 Cuban were reported sold to a
%
refiner at 23 c. or 4.14c. duty paid. Details of the transaction were being withheld. There were also sales reported
of 6,000 tons of Cuba July-August shipment to Europe
at 11s. 9d. c.i.f., or 2.30c. f.o.b. Cuba. Of July notices 28
were issued on the 8th inst., and depressed July 11 points.
Thirty-nine raw sugar notices were issued here this morning.
The circulation of notices caused long liquidation of July
and it fell 3 points. London at 3 p. m. to-day was unchanged to 4,1 lower. Paris will be closed on July 12,
3
13 and 14, owing to holidays. Two cargoes of Cuba sold for
220
August shipment to Europe at us. 8hd. c.i.f., or 2.26c.
f.o.b. It is said that refiners here have bought within the
past 10 days 1,000,000 bags, or more. It is reported that a
New Orleans refiner late on the 8th inst. bought 12,000
bags of Cuba now loading at 2 13-32c. To-day futures
closed 2 points lower to 1 higher with sales of 40,350 tons.
Prompt raws were dull at 2 13-32c. after sales yesterday at
23c. Europe was still buying. Refined was dull at
5.60 to 5.70c. New business is not as large as was expected. Final prices show a decline on futures for the week
of _9 points on July and 4 to 5 on September and December.
Spot (unoffic)213-32 _ _ September_ __ _2.46a _ _ _ I March
July_
2.32anomfDecember_ _ __2.63a2.64 May
_ 2.68a
2.76a
LARD on the spot was'lower early in the week with
futures down and foreign buyers indifferent. Prime Western
16.75 to 16.85c.; city, in tierces, 163/20.; city, in tubs, 163/
to 163ic.; compound, carlots. in tierces, 173
/0. Refined,
Continent, 17/c.; South America, 18c.; Brazil, 19c. Today spot lard was quiet but steady; prime Western, 16.70c.;
Refined, Continent, 17%c. Futures declined on bearish
pig statistics. Hog receipts too were making up in weight
what they lack in numbers. Still hogs were steady and
grain markets were higher. But that was offset by the
figures mentioned and by a lack of a European demand. A
Government report pointed out that the spring pig crop was
1.2% smaller this year than last year. The increase in
spring farrowings was offset by the decrease in pigs saved.
But the report was bearish on 1927 product. It showed an
increase of 30% in the number of sows bred to farrow this
fall. Lard, on the 6th, dropped 15 to 20 points. Meats
ended unchanged to 10 net lower. Later, hogs fell 25 to
50c. and lard fell 17 to 22 points and meats 5 to 40c. Liverp9o1 was unchanged to 6d. higher. To-day futures were
slightly higher, although prices were depressed at first with
hogs 25 to 50c. lower, and the top $14 25, a drop of $1 from
the recent high. Later on prices rallied sharply, on profit
taking by shorts, an advance of 8 to 24 points in cottonseed
oil and rising grain markets. But on the advance offerings
increased and prices reacted. Western hog receipts were
59,000, against 63,000 last year. Last prices show a decline
in lard for the week of 35 points.
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
Tues.
Mon.
Sat.
July delivery
16.10
cts_ HoliHoli- 16.07
September delivery- --- day.
16.37
day. 16.37
October delivery
16.37
16.32
IN CHICAGO.
Fri.
Thurs.
15.92
15.92
16.17
16.15
16.17
16.15
PORK, steady; mess, $41; family, $43 to $45; fat back
pork, $32 50 to $33 50. Ribs in Chicago lower; cash, 18c.;
basis 40 to 60 lbs. average. Beef quiet but steady; mess,
$18 to $20; packet, $18 to $20; family, $21 50 to $22 50;
extra India mess, $35 to $40; No. 1 canned corned beef, $3;
No. 2,
25; 6 lbs., $18 50; pickled tongues, $55 to $60
nominal. Meats in moderate demand. New York quota/
tions: Pickled hams, 10 to 20 lbs., 293 to 2930.; pickled
bellies, 6 to 12 lbs., 26 to 27c.; bellies, clear, dry salted,
boxed 18 to 20 lbs., 21c.; 14 to 16 lbs., 27%c. Hogs in.
Chicago, $13 60 to $14 60; Buffalo, $13 50 to $15 75. Butter, lower grades to high scoring, 33% to 41c. Cheese,flats,
23 to 29c. Eggs, medium to extras, 26 to 333/2c.
OILS.
-Linseed has been in better demand, especially
from paint and linoleum manufacturers. A good jobbing
demand was also noticeable. Spot, carlots, 11.4c.; raw,
tanks, 10.6c.; boiled, tanks, 11c.; July-August, 11.4c.
Cocoanut oil, Ceylon, f.o.b. Coast, tanks, l03c.; Manila,
coast, tanks, 1030.; spot, tanks, 10%c.; Cochin, bbls.,
spot, 12c.; China, wood, New York, spot, bbls., 15 to 153'e•
Corn, crude, tanks, plant, 133ic. Soya bean, coast, tanks,
10 to 1031c.; blown, bbls., 14 to 14 Ye. Lard, prime,
18 8c.; extra strained winter, New York, 15%c. Cod,
domestic, 58 to 60c.; Newfoundland, 60 to 62c. Turpentine,
86 to 90c. Rosin, $13 to $16. Cottonseed oil sales to-day,
including switches, 8,100 bbls. Prices closed as follows:
Spot.... _ c _15.50a _ _September_ _14.02a14.05(December _ _ 10.90all.02
July.. _
January _ -11.00all.01
_ _15.80a
October_ _ _ _12.67a
August__ _ 15.50a15.65 November_ _11.30a11.35 February_ __11.05a11.08
PETROLEUM.
-Bulk gasoline was in better demand
owing to better weather conditions. Export buyers showed
more interest. U. S. motor, tank cars, local refineries, was
steady at 133.c.; in tank cars delivered to the trade, 143tc.
was quoted. In the Gulf the range was 12 to 12hc. for
U. S. Motor and 14 to 141
/0.for 64-66 375 end point. Cased
kerosene was more active. Kerosene consumption is now
at the lowest point of the year. But big domestic and
foreign buyers are now anticipating their fall and winter
needs and inquiries from both sources are now rather large.
Water white at local refineries was quoted at 103ic. to 103c.
and prime white at 10 to 10%c.; in the Gulf prime white,
8 to 8Yo.; water white,93c.; bunker oil, grade C unchanged
at $1 75 in bulk, local refineries. Diesel oil steady. at
$2 50. In the Gulf bunker oil was steady at $1 50. New
York refined export prices: Gasoline, cases, cargo lots,
U. S. Motor specifications, deodorized, 28.90c.; bulk,
refinery, 133c.; Kerosene, cargo lots, cases, 18.90c.; W. W.,
-degrees, 20.15c.; petroleum, refined, tanks, wagon to
150
store, 17c.; motor gasoline, garages, steel barrels, 21c.;
up-State, 21c.; single tank cars, delivered New York, 15c.;
naphtha, V. M. P., deodorized, in steel barrels, 22c.
Elk Basin
Oklahoma, Kansus and Texas$1.65 Big Muddy
28-28.9
1.97 Lance Creek
32-32.9
3.57 Homer 35 and above
52 and above
Caddo
Louisiana and Arkansas1.95 Below 32 deg
-34.9
32
2.10 32-34.9
35-37.9
• 2.25 38 and above
38 and above
[vol.. 123.
THE CHRONICLE
$2.40
2.25
2.40
2.20
2.10
2.25
2.45
Pennsylvania
$3.65
Corning
2.45
Cabell
2.40
Somerset, light___ 2.65
Rock Creek
2.25
Smackover,27 deg. 1.50
Buckeye
Bradford
Liga
Insiana
Princeton
Canadian
Corsican heavy
$3.30
3.65
2.48
2.25
2.37
2.88
1.15
$3.50
Eureka
2.37
Illinois
2.10
Crichton
1.90
Plymouth
Haynesville,33deg. 2.10
Gulf Coastal "A"_ 1.60
2.30
De Soto
RUBBER was dull and depressed early in the week
though London seemed to be pegged at 203tc. Tire prices
have been cut 10 to 25%. July new, 40.90c. on the 6th;
July old, 41c.; Sept. new, 41.10 to 41.30c.; Oct. new, 41.80c.
Outside prices: Plantations first latex crepe, spot, 43c.;
July, 42c.; Aug.
-Sept., 423'c.; Oct.-Dec., 434c. Ribbed
smoked sheets spot, 41% to 42c.; July, 40 to 41 yo.; Aug.Sept., 42c.; OA.
-Dec. 43c. Brown crepe, thin, clean, 35c.;
specky, 31c.; No. 1 rolled, 33c. Amber No. 2, 36c.; No. 3,
35c.; No. 4, 34c.
Prices of tires were cut by leading makers on the 6th inst.
Goodyear led with a reduction of 10 to 20%. Other cornpanics followed. Dunlop are down 10 to 25%. Firestone,
Miller Cord, and General announced that new lists were
being prepared. The Gcodyear reduction which is effective
immediately, ranges from 10 to a0% on tithes, and is fixed
at 10% on casings. The company made a 10% cut in
February. In the announcement a sales manager said:
"This reduction puts dealers' prices of tires and tubes back
to levels which existed prior to the three price increases of
last summer and fall." In London on July 6 the heavy
increase in the stock-1,263 tons-the Amencan tire price
reductions, and dullness of trade were powerless to affect
prices; spot-July, 2034d.; July-Sept., 203'd.; Oct.-Dec.,
21d.; Jan.
-March, 213. d. London reported imports for
the week as 2,467 tons and deliveries 1,204 tons. Stocks
are up to 25,063 tons, against 23,800 last week, 20,883 a
month ago, and 4,477 tons a year ago. Singapore spot,
193.cl. and Aug.-Sept., 20d. The London average spot
price from May 1 to July 6, as announced was 21.278d.,
which would compel an average for the rest of the quarter
ending this month of 20.404d., if a reduction of 20% in
exports under the Stevenson plan is to become effective.
Advices from the Dutch East say that rubber is being withheld from the market there. Most of the Estates there it is
said did well on the January-June of this year and made
comparatively few forward sales. Their cost of production
is low. To-day New York opened dull and unchanged to
10 points lower. London cabled that the comparatively
stable price is attributed by some well informed men in the
financial district to the battle being waged by two almost
equally balanced financial groups to shape the price of rubber.
These contending forces represent consumers on one side and
the growers on the other. If in the quarter ending July 1
the average price of rubber falls under is. 9d. the restriction
on the amount of rubber which may be exported will come
into force. While some powerful interests want to keep the
price at the present level so that there may be a substantial
drop during the quarter ending Aug. 1, others desire to see
the price for the quarter fall under the limit in order that the
new restrictions may increase the price during the next period.
To-day prices at one time were unchanged to 10 points
higher, July selling at 40.90 and September at 41.60. The
London market at 3 p. m. was steady at unchanged to %d.
higher; spots, 30%d. To-day prices were higher. Early in
the afternoon prices were up 10 to 50 points. July old and
new,41c.; Sept. new,41.80c.; old, 41.70c.; Oct., new,42.50c.
Dec., new, 42.80c.
HIDES.
-River Plate frigorifico have been steady.
Europe bought 14,000 Argentine steers last week at $32,
or 14 7-16c. c.&.f The stock here is 56,000 hides. Europe
bought 2,500 Sansinena cows at $29.12%,or 13 3-16c. City
packer hides were quiet. One ofj the large packers sold
aproximately 1,400 June bulls at 8c. Country hides were
steady and quiet. Common dry hides quiet; Orinoco, 19%c.;
Savannilla, 20c. Packer. hides, native steers, 13c.; butt
brands, 12c.; Colorados, 11%c.
OCEAN FREIGHTS.
-There was a good business in
coal in this country late last week. largely with London.
There was a fear that the British coal strike might not be
settled for some weeks. Grain tonnage was in fair demand.
Coal rates to the United Kingdom declined later. Hopes
of an early settlement of the British coal strike seemed to
brighten.
.
CHARTERS included coal from Hampton Roads to Belfast, $4, July 20
cancelling; from Hampton Roads to United Kingdom, $4 end of July;
from Hampton Roads to River Plate, 208., option Rosario, 20s. 6d. middle
July; from Hampton Roads to Rosario, 20s. late July; from Hampton
Roads to United Kingdom, $3 10 f.d., July 15 cancelling; from Hampton
Roads to United Kingdom, $3 20 f.d., July 15 cancelling; from Hampton
Roads to United Kingdom, 15s., July-August; from Hampton Roads to
River Plate 19s. 6d., July; from Hampton Roads to River Plate, 199.,
July; from Hampton Roads to United Kingdom, 15s., mid-July; from
Hampton Roads to Lisbon or Leixoes, $4 25, July; grain from C+ulf to
United Kingdom, 4s. 9d., second half July; from Gulf to United Kingdom,
5s. Antwerp or Rotterdam, 4s. 9d., Hamburg, 5s., early July; from Gulf
to'
Rio de Janeiro, 23s.. second half July; from Montreal to AntwerpHamburg range, 17c., full barley, July 15-31 cancelling; from Gulf to
United Kingdom, 4s. 3d. option Bordeaux-Hamburg range, 4s., AntwerpRotterdam, 3s. 10d., Aug. 1-15 cancelling; 25,000 qrs. from Gulf to
'
United Kingdom, 4s. 134d.; Havre-Hamburg range, 4s.. Antwerp-Rotterdam. 38. 9d., Aug. 1-15 cancelling; from Gulf to Greece, 4s. 3d., one.
4s. 43id., two, 4s. 6d., three ports July 15-31 cancelling; tankers light.
crude 4143 net from Gulf to north of Hatteras, 26c., August; 2133 net.
'
trip across delivery South Atlantic re-delivery United Kingdom-Continent, $2 25, July; ore from Carthagena to Philadelphia or Baltimore,
8s. prompt; lumber from Gulf to Rosario, 1638.64., Aug. 1-20 cancelling;
from Columbia River to New York and Philadelphia, $11, July; from
North Pacific to Japan. $10 50, Sept.; time charter trip up and round
trip in West Indies trade, $1 40, July.
COAL has been dull here both at wholesale and retail.
The business in soft coal is described as being as good as it
JULY 10 1926.]
THE CHRONICLE
was a year ago. Yet the demand has not kept pace with
the May-June rate of production. In the week ending
June 28 1,127,450 tons of soft coal were loaded at Erie ports
compared with 930,623 in the same time last year. But
there is very little coastwise movement from Hampton Roads
to New England. Tidewater movement at New York is
smaller than a year ago. And yet the trade on the whole is
said to be equal to that of early July last year. Western
markets have been quiet. Cincinnati was dull. Chicago
does not seem inclined to buy much before August. Export
demand suffered more or less from competition by Westphalia. It is said to be getting large contracts from Sweden
and other Continental countries. The British Parliament
is making appropriations, however, to assist importations
of coal into Great Britain. Bunker coal has been steady.
But on the whole domestic trade has slackened, as is not
unusual at this time of year. The United Kindgom since
May 1 has bought 2,000,000 tons of American coal at New
York. Full -cargo freight has been engaged up to Aug. 20.
The estimated number of steamers chartered is 400. The
bulk if not all of the business has been handled at this end
by the General Coal Co.," Consolidated Coal Co., Castner,
Curran & Bullitt and the Cory Mann George Corporation.
How much coal has been bought for which freight has not
been provided is purely conjectural.
TOBACCO has been quiet as usual at this time. Domestic crop reports are in the main favorable. Not so the
reports from the Dutch East Indies. Drought has been
prolonged there and the growth of the plant has been much
retarded. It is said to be only about half its normal size.
In this country there is an absence of striking features as
regards either trade or changes in prices: Wisconsin binder,
29c.; Northern, 38 to 50c.; Southern, 25 to 35c.; New York
State seconds, 45c.; Ohio, Gebhardt binder, 20c.; Little
Dutch, 25c.; Zimmer Spanish, 30c.; Havana 1st Remedios,
90 to 95c.; 2d Remedios, 80 to 85c.; Pennsylvania broad leaf
filler, 10c.; broadleaf binder, 15 to 20c.; Porto Rico, 75 to
$1 10; Connecticut, top leaf, 18 to 22e.; No. 1 second, 75c.;
seed fillers, 15c.; medium wrappers, 95c.; dark wrappers,
35 to 45c.; light wrappers, 90 to $1 40.
COPPER early in the week was firmer at 13%c. Some
producers, it was said, were holding out for 14.c. Inquiries
were of fair volume and larger sales were reported. The
European c.i.f. price was 14 to 14.05c., with demand small.
Plans of the Copper Export Trading Corp. are not progressing as rapidly as was at one time believed. London on
the 6th inst. was £57 2s. 6d. for standard spot and £57
17s. 6d for futures on sales of 100 tons of spot and 800 tons
of futures; electrolytic, £64 10s. spot, and £65 futures.
Later on the market was still firm. Copper for July shipment was scarce. Exporters bid 13.85c. ra.s. New York for
September and 13.87 Mc. for October. In the Lake district
the price was reported to have been advanced to 1434o.
This checked buying. The strength there was attributed
to the fact that surplus stocks have almost disappeared.
Standard spot and futures in London on the 7th inst. were
unchanged. London to-day standard, £57 10s. spot, and
£58 7s. 6d. futures; electrolytic, spot, £65; futures, £65 10s.
TIN advanced over the week end M to le. with the most
strength in prompt. Spot Straits, 62%c.; July, 625c.;
August, 623/c. and Sept.
-Oct., 61 V . Consumers are well
8
ic
supplied and this with the high prices now ruling has acted
as a damper on buying. Standard London on the 6th inst.
advanced £1 10s. to £277 for spot and £277 5s. for futures
on sales of 100 tons of spot and 700 tons of futures; spot
Straits, rose £1 to £286; Eastern ed.!. London was up £3 15s.
since Friday to £283 10s. Later prices here eased somewhat
with trade dull. The sales in the Far East of 450 tons on
the 7th inst. drew the attention.of the trade. This is the
largest business done in that direction for several weeks.
Spot Straits here on that day, 623/c.; July, 62e.;
2
61 8 to 6130.; and Sept., 613/2e. London declined August,
/
12s 6d.
on the 7th inst. to £276 7s. 6d. for spot and £276 12s. 6d.
for futures on sales of 100 tons of spot and 650 tons of futures;
spot Straits, £286 7s. 6d. Eastern c.i.f. London advanced
10s. to £284 on sales of 450 tons. To-day London spot,
£275 12s. 6d.; futures, £277 7s. 6d.
LEAD, like other metals, was quiet early in the week.
.
The American Smelting Co. was quoting 8.25c., New York;
East St. Louis, 8.05 to 8.10c. In the Tri-State district
lead ore sold at $100 to $101. Operators are selling very
sparingly at this level. They predict $110 will be reached
within a short time. London on the 6th inst. advanced
6s. 3d. to £30 7s. 6d. for spot and futures rose 3s. 9d. to
£30 7s. 6d. on sales of 450 tons of spot and 1,150 tons of
futures. Later on there was a somewhat better demand
here especially for August. East St. Louis prices were
stronger, i.e., 8.10 to 8.123/c. Higher London prices
2.
helped to strengthen prices. Prices there on the 7th inst.
advanced 7s. 6d. to £30 15s. for spot and £30 15s. for futures
on sales of 300 tons of spot and 700 tons of futures. Today spot London £30 17s. 6d.
ZINC advanced to 7.20 to 7.25c. East St. Louis owing to
some curtailment at the mines and higher London prices.
Demand slackened on the rise. It was predicted that output would be cut 8,000 to 10,000 tons per week for this week
and next week. Ore was unchanged at $48 per ton. Galvanizers and brass makers are busier than usual at this time
221
of the year. Spot and futures in London on the 7th inst.
declined is. 3d. to £33 16s. 3d. on sales of 50 tons of spot and
850 tons of futures. London spot to-day, £34.
STEEL is in sufficient demand to keep seasonal curtailment of output aside from that of sheet mills down to an
unusually small total. It is said to be the smallest stoppage
in half a dozen years. And this despite the fact that in
some directions new business has decreased after the spurt
in June at lowered prices. Recently the index price has
not changed. The demand has concentrated largely on
pipe, especially oil pipe. It is being ordered more freely
ahead, that is, for a month to a month and a half. Bars
have been selling steadily at 1.90c. Pittsburgh reports a
steady demand for plates, of which the output keeps up
well. Its sales in June of steel in general are said to have
been 50% larger than those of May. The note of optimism
in the reports of trade seems a bit overdone here and there
in the country's steel trade. But the tone is steady and
for this time of the year it is reasonably clear that a fair
business is being done. As for reports that 1.80e. is still
being accepted for plates some producers say that this
price was not made on new business but on options secured
when the price was 1.80c. In other words, they claim that
they are not disregarding the recent rise to 1.90e. However
this may be, there is in general to all appearance more
disposition to stick to regular quotations, especially on common place tonnages. And Philadelphia, by the way, has
forbidden the use of foreign steel in public buildings. How
much good this particular piece of paternalism may do in
the long run remains to be seen.
PIG IRON has been active in the Central West. Foundry
and malleable iron have been particularly wanted there.
Last week Chicago and Cleveland, the latter leading, had
orders for a total of 300,000 tons making at least half a,
million tons in two weeks. But this big business was traceable to the fact that prices were at the lowest level thus far
for 1926. New York sold 35,000 tons last week and further
inquiries call for 20,000 tons. It turns out that the daily
output in June was nearly the same as that of May. The
June daily average was only about 5,000 tons less. Not a
few producers have sold for the entire second half of 1926 at
the year's "Low" apparently seeing no hope of doing better.
It seemed the only way of keeping the output moving into
consumption. Buffalo is quoted at $18 50 to $19, and
Eastern Pennsylvania $20 50 to $21 with possibly $21 50
now and then for small lots. Competition is sharp. That
is the fly in the amber. It necessitates keeping prices attractive. Much of the business is for the third quarter. Jobbers
are said to be doing quite a little business at steady prices.
Birmingham reports that of foundry a considerable percentage of the third quarter production has been sold. At Pittsburgh a steady demand prevails mostly for small lots,the
number of small orders compensating at least to some extent
for the lack of big tonnages. Production at many plants
there is at nearly 80%. About 33% of the furnaces there
are said to be out of blast.
WOOL has been in lessened demand. Mills are taking
inventories. The clothing workers' strike certainly did not
make for increased activity. Foreign markets were reported
firm on fine wools. But that was nothing new. Brisbane's closing business was at firm prices. London looks
for a good enough foreign demand to keep merinos steady.
The rail and water shipments of wool from Boston from
Jan. 1 to July 1, inclusive, were 96,905,000 pounds, against
80,855,000 pounds for the same period last year. The
receipts from Jan. 1 1926 to July 1, inclusive, were 204,414,057 pounds, against 161,355,100 for the same period
last year.
Domestic: Ohio and Pennsylvania fleeces, delaine, unwashed. 44 to 45c.:
M blood combing, 43 to 44c.; % blood combing, 43c.; fine unwashed.
38 to 40c. Michigan and New York fleeces: Delaine unwashed, 43c.;
X blood combing, 43 to 44c.; % blood combing, 43c.; fine unwashed, 38 to
40c. Michigan and New York fleeces: Detain° unwashed, 43c.; % blood
combing, 42c.; % blood combing, 42 to 43c.; X blood combing, 42 to 43c.
fine unwashed, 36 to 37c. Wisconsin, Missouri and average New England
35 blood, 40 to 42c.; % blood, 42 to 43c.• X blood, 41 to 42c. Scoured
basis: Texas, fine, 12 months (selected), $l 10 to $1 12; fine, 8 months,
'
85 to 87c.
New York quotations were steady but with recent business
showing some decrease. Ohio and Pennsylvania fine delaine, 44 to 45c.• M blood, 43 to 44c.; % blood, 43 to 44c.;
% blood, 42 to 43c.; Territory, clean basis; fine staple, $1 10
I
to $1 44; medium, French combing, $1 02 to $1 05; medium,
clothing, 96 to 98c.; M blood staple, 98c. to $1; % blood,
89 to 92c.; M blood, 78 to 82c. Adelaide wool sales are
scheduled to open on Sept. 10 with the second series on
Sept. 24. The sale set for Aug. 27 has been moved forward
to Sept. 17, other dates remaining as previously listed
Oct.8 and 29, Nov. 19, and probably Dec. 17. The opening
East India wool auctions has been announced for
of the
Tuesday, July 20, continuing to July 22. The quantity of
wool to be offered is 12,500 bales.
COTTON.
Friday Night, July 9 1926.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below. For
the week ending this evening the total receipts have reached
37,067 bales, against 53,126 bales last week and 52,469
bales the previous week, making the total receipts since the
1st of August 1925, 9,496,599 bales, against 9,109,260 bales
for the same period of 1924-25, showing an increase since
Aug. 1 1925 of 387,339 bales.
Receipts at-
Sat.
Totals this week_
3.692
2,941
____
5,2'71
i'6
---6.376 10.701
3.564
357 5.741
____ 8,413
1,178 14,104
181
91
200
200
587 4,112
875
179
747
827
161
873
40
656
298
298
40
40
800
4,860
2,93'7
_
- )
1,§(
244
133
560
_
.
-875
170
64
38
-
Total.
Fri.
Wed. Thurs.
Tues.
Mon.
Galveston
835
808
____
Houston,
3 553
New Orleans...... 1,719 2,729
270
Mobile
____
82
Pensacola
Savannah
-§3
_ --_ _ _624
.
___ _
Charleston
158
124
Wilmington
550
Norfolk
68
New York
833
_ _ __
_
Boston
___
335
Baltimore
Philadelphia
____
__-_
----
1.8.5
_ ___
---9.603
3.131 37.067
The following table shows the week's total receipts, the
total since Aug. 1 1925 and stocks to-night, compared with
last year:
Stock.
1924-25.
1925-26.
Receipts to
July 9.
This Since Aug This Since Aug
Week. 1 1925. Week. 1 1924.
1926.
1925.
3,721 3,623,689
61,981
6,521 1,837,046
246,862
3,761
61,677
3
3,185 1,901,677
172.703
78,882
3,371
1,120
371
35,194
224
11,909
2,325
151,465
10,104
3,854
620,295
539
276,240
21,739
9,815
25
685
135,391
389,104
14,086
61,660
6,875
27,428
18
277
23.727
38,501
34,602
1,045
50,918
4,794
1,251
4,872
117,315
1,146
1,313
3,655
37,067 9,496,599 18.245 9,109,260
621,582
321,362
5,741 3,020,559
Galveston
Texas City
18,234
Houston
8,413 1,767,593
Port Arthur. &c
New Orleans
14,104 2,363,381
Gulfport
Mobile
181 239,513
Pensacola
18,912
200
Jacksonville
13,116
Savannah
4,112 974,425
Brunswick
400
Charleston
875 332,498
Georgetown
Wilmington
747 126,304
Norfolk
827 471,160
N'port News, &c_
New York
54,579
873
Boston
43,297
656
Baltimore
42.814
298
Philadelphia
9,814
40
Totals
64
1,424
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
2,722
5,741
8,413
14,104
181
4,112
3,721
6,521
3,185
64
1,424
1,482
382
8,763
3,692
2,311
4,831
170
4,397
16,397
58
13,108
672
4,282
40,150
1,489
15,437
2,201
15,020
875
747
827
Galveston........
Houston, 8ic..
New Orleans..
Mobile
Savannah_ _
Brunswick
Charleston......
Wilmington
Norfolk
2,325
25
685
1,155
82
2,044
3,042
2,957
839
2,178
362
1,203
1,266
1,167
3,304
778
2,899
3,710
16
2,255
21,177 , 20,125
41,564
83,955
11 r
111 :thel:&c.
..
2,067
295
Total this wk_
37,067
18,245
Since Aug. 1.... 9.496.599 9.109.260 6.634.085 5.683.145 6.018.381 6.516.265
The exports for the week ending this evening reach a total
of 32,432 bales, of which 11,045 were to Great Britain, 947
to France, 525 to Germany, 2,551 to Italy, 11,900 to Russia,
3,553 to Japan and China, and 1,911 to other destinations.
In the corresponding week last year total exports were
30,045 bales. For the season to date aggregate exports
have been 7,710,895 bales, against 7,905,580 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
July 9 1926.
Great
Ger.
Exports from
- Britain. France. many.
Galveston
Houston
New Orleans_ _
Mobile
Pensacola
New York
Boston
Total
8,772
30
1,727
200
316
7,100
4,800
3,553
11,045
4,919
2.787
2,551 11,900
3,553
325
200
947
947
525
7,496 7,510 7,130
1.393 10.468 13.623 18.945
From
Aug.1 1925 to
GerJuly 9 1926. Great
Exportsfrom- Britain. France. many.
Total
Japan&
Italy. Russia. China. Other.
2,551
Total 1925
Total 1924
Galveston.._ _
Houston..___
New Orleans.
Mobile
Jacksonville..
Pensacola_ _ _
Savannah
Brunswick _
Charleston
Wilmington _
Norfolk
New York
Boston
Baltimore_
Philadelphia.
Los Angeles..
San Diego.._
SanFrancisco
Seattle
[VOL. 123.
THE CHRONICLE
222
Total.
9,651
8,353
1,758 10,530
355
200
153 2,827
200
316
1,911 32,432
2,990 30,045
2.594 49.810
Exported to
Japan&
Italy. Russia. China. Other.
Total.
569,765 336,518 381,487 213,629 34,500 209,601 281,263 2,026,763
463,024 308,436 348,816 145,678 139,323 177,602 151,214 1,734,093
522,293 188,887 271,618 237,091 36,389 319,119 198,696 1,774,093
92,769 10,915 35,150 1,000
1,500 7,470 148,804
6,133
4,400
1,924
449
12,457
8,966
758 4,052 8,258
537
4,150
18,912
252,166 20,859 310,010
657
171,531 77,161 840,642
400
400
79,384 1,873 107,788
61,576 25,200 275,821
9,000
28,706 50,600
5,000
93,306
138,318
100 116,951 4,599
17,150 13,320 290,438
70,289 24,884 52,983 26,736
44,446 54,595 273,933
5,260
828
6,763
12,851
3,355
4,360
7,715
100
1,289
100 1,294
303
3,086
31,254 2,900 10,182 1,164
3,932 1,237
50,609
5,402
1,501
6,903
100
1,275
81,264
250
82,889
56,820
300
57,120
2,256,587 899,585 1673571 695,515 210,212 1148691 826,734 7,710,895
Total'24-'25. 2,532,405 895,970 1874357 706,870 216,411 875,284 804,283 7,905,580
Total '23-'24. 1,668.000 712,625 1284352 524,280 136,020 574,936 580,631 5,480,844
-It has never been our practice to include in the
NOTE.-Exporis to Canada.
above tables reports of cotton to Canada, the reason ming that virtually all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of May the exports to the Dominion the present season have been
19,399 bales. In the corresponding month of the preceding season the exports were
16,572 bales. For the ten months ended May 31 1926, there were 228,016 bales
exported, as against 183,832 bales for the corresponding ten months of 1925.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
Ger
Great
July 9 atGalveston
New Orle
Savannah----Charleston_ _
Mobile
Norfolk
Other ports......
Total 1926.._
Total 1925_ Total 1924.-
Other
Britian. France. many. Foreign
3,000
2,700
3,000 10,700
Leaving
Coast
wise.
Total.
2,500 21,900
342 27,093
6' 7,384
'
2
- - 1,000
-------------1,0------312
312
---__-_
-___
---200
200
_ ___
____
_
500 10,000
500
3,000 1,000 2.
6,730 5,840 11,497 32,584 3,854 60,505
5,521 2,700 12,067 21,812 2,387 44,487
8,926 5,315 4,250 22,062 1,650 '42,203
Stock
224,962
145,610
34,194
21,427
3,171
61,660
70,053
561,077
276,875
186,273
Speculation in cotton for future delivery has latterly been
more active at rising prices, largely due to apprehensions
about the "hopper" pest. The market was short. The hopper infestation is said to be widespread. Louisiana Government officials say in effect that .it is potentially a serious matter. It may lessen the chances of raising a good
crop, and may in a sense act with the weevil in keeping
down the yield. The hopper takes the squares, the weevil
takes the bolls. Between the two it Is feared that the crop
may fare rather badly. Pests are supposed to thrive under
wet and muggy conditions. One effect of the hopper attacks is said to be a rank growth of the plant, or in other
words more weed than fruit. This has latterly been quite
generally complained of in various parts of the belt. People are more or less apprehensive about these things, even
though crop scares in July are the usual thing and are very
far from always meaning conditions which militate seriously against the raising of an ample crop. But the
market, as already stated, had become short. Everybody
had been inclined to sell cotton on the big acreage and the
last monthly Government report. At the same time contracts frequently become scarce. The dulness of speculation in cotton for a prolonged period has naturally reduced
the floating supply of conrtacts considerably below the
normal total of former years, especially before the war.
The sellers have been mostly shorts with some hedge selling, and also some sales by the co-operative associations.
But on a scare among the shorts it has been found in recent months that the supply of contracts often fell below
the demand. Competition In liquidating short contracts
therefore caused sharp upturns of prices from time to
time. Latterly shorts have had to compete with mill buying. Within the last few days mill calling and other buying
of new crop months by spinning interests have been large
enough to excite remark and contribute not a little to the
firmness of prices. In three days there was arise of 80 to
90 points. And those who sold on the theory that a reaction
was due found that after small setbacks the price again
took an upward turn. The weevil Infestation this year,
It is now said, is up to the average aside from the extreme
edge of the belt. Bearing in mind that the season is late by
a couple of weeks and that the hopper is prevalent to a
greater or less degree in nine States, it is feared that the
weevil problem this year may later on become more or less
serious unless the pest is cut down by high temperatures
accompanied by clear weather for a period of some weeks'
duration. From the foregoing it will be gathered that it Is
largely a market dependent upon the weather and the
insect ravages actual or potential. Wall Street has been
covering shorts and the Southwest has bought for a long
account. Southern buying orders accompanying damage
reports have impressed people here. New Orleans has been
buying. The outside speculative demand has increased
somewhat. It is not large. But outsiders notice the hue
-1 to 3%
and cry about the hopper, the weevil, the rains
inches in Texas on Thursday-and the upward movement
of prices in three days of $4 to $4 50 per bale. And they
have been taking hold to some extent. Some of the more
prominent members of the Exchange have been buying.
Carolina interests are rightly or wrongly said to have
bought rather freely of October and December at times.
Uptown interests are inclined to be bullish on the weather.
Manchester has reported a better demand for cloths. There
is no improvement in the cotton goods situation in this
country, but the general position of the cotton manufacturing business on this side of the water, it is believed, must
sooner or later get into better shape from the mere fact that
production has been kept down, stocks have been reduced
and consumers are carrying very moderate supplies, owing
to the disappointing size of the spring and early summer
trade. Some think, too, that the world's consumption of
American cotton this year is being underestimated and the
carry-over on July 31 overestimated.
On the other hand, a weather market Is literally very
mercurial. For some time the South has had too much
rain. Nights have been too cool. Days have been hot and
humid, and generally favorable for pest. But a quick
change may come at any time. A period of hot, dry weather
would in all likelihood play havoc with the pest and give
JULY 10 1926.]
THE CHRONICLE
the crop a big lift. There is no getting away from the fact
that the acreage is practically 49,000,000 acres, something
unheard of in former times and literally unsurpassed in
the cotton records of this country, and of course, of any
other. With a big acreage the chances are that the crop
will be more or less bountiful. A failure or semi-failure
is considered hardly conceivable, even allowing for the fact
that the area planted does not always settle the size of the
crop by any means. Latterly spot markets have been very
dull. Prices have risen in sympathy with futures, but
buyers have withdrawn. A striking and perhaps rather
singular feature of the situation is that there is so little
forward buying of the actual cotton either for home or foreign account. As for Manchester's so-called improvement
In trade, it is upon examination found to be largely a case
of a better inquiry. That the bids are any more satisfactory
does not appear. Nor does it appear that the monsoon .in
East India has improved to any great extent if at all.
Worth Street has been quiet and in recent weeks Fall
River's sales of print cloths have not exceeded 50,000
pieces. Reports from Carolina mills are certainly not inspiriting. Much is said about the relative cheapness of
American cotton. It is about 7Y lower than a year ago.
2c.
But there are those who believe that with an almost fabulous acreage and a distinctly unsatisfactory state of trade
at home and abroad the tendency of prices will be towards
the pre-war level, if the crop turns out to be anything like
what the more conservative interests in the cotton trade on
both sides of the Atlantic hope it will be.
To-day further reports of the prevalence of hopper over
nine States, including 70 counties of Texas and 25 parishes
of Louisiana, with further rains and a wet forecast, lifted
prices 51 to 60 points, the latter on July, and most of this
rise was held. Liverpool was higher. Spot markets advanced. Prices in Alexandria, Egypt, were 35 to 65 points
higher. East Indian in London was up 20 points. Print
cloths and sheetings were more active in Worth Street;
Thursday's sales were 100,000 pieces. Somewhat better
reports came from Charlotte, N. C., textile interests. Manchester cabled that there was a better demand. Liverpool
shorts were driven in by hopper reports from America and
the rise here. Spot cotton advanced 35 points here to
19.05c. Last prices show a rise for the week of 101 to 112
points. Spot cotton ended at 19.05c., a rise for the week
of 80 points.
The official quotation for middling upland cotton in
New York market each day for the past week has been: the
July 2 to July 9Middling upland
NEW YORK
1926
1925
1924
1923
1922
1921
1920
1919
19.05c.
24.30c.
30.55c.
27.55c.
22.75c.
12.55c.
40.50c.
35.50c.
1918
1917
1916
1915
1914
1913
1912
1911
Futures
Market
Closed.
Spot Market
Closed.
Saturday__ _
HOLI DAY
HOLI DAY
Monday __ _
Tuesday --- Steady, 15 pts. adv_ Very steady_ _ _
Wednesday- Steady, 15 pts. adv_ Steady
Thursday _ _ Steady, 15 pts. adv_ Steady
Friday
Steady, 35 pts. adv_ Firm
Total_ _ _ _
SALES.
Spot. Confect Total.
------
Jutte--
Range--
Range Since Beginning of Option.
6 18.82 July
9 17.38 July
8 16.98 July
6 17.25 July
7 16.40 July
6 17.20 July
6 17.22 July
9 17.45 June 14 1926 24.72 Aug. 17 1925
9 16.58 June 12 1926 22.00 Oct. 8 1925
9 16.20 June 15 1926 20.97 Oct. 14 1925
9 16.02 Jply 6 1926 19.70 Nov. 6 1925
7 16.38 June 19 1926 18.20 Feb. 5 1926
9 16.00 July 2 1926 18.50 Jan. 4 1926
9 15.90 July 2 1926 17.94 Feb. 5 1926
16.85 Apr. 27 1926 16.85 Apr. 27 1928
6 17.42 July 9 16.08 July 2 1926 17.91 May 10 1926
6 16.10 July 6 16.10 July 6 1926 16.10 July 6 1926
6 17.55 July 9 16.25 July 2 1926 7.75 June 3 1926
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
--- 100
100
Monday,
July 5,
Tuesday, Wednesday. Thursday,
July 6.
July 7.
July 8.
100
Friday,
July 9.
17.50-17.90 17.87-18.14
17.88,17.9018.07 ---- 18.05-18.40 18.45-1d.82
18.22-18.26 18.82 ----- -- ---- -- ---- -- -17.36-17.38
16.9317.0217.22--- - - 16.77-16.77
16.68 ---- 16.75 ---- 16.88 ---- 16.98-16.98
17.34 ---16.02-16.46 16.39-16.65 16.60-16.84
16.43-16.45 16.52-16.54 16.72-16.73 16.88-17.25
17.22-17.25
- - - 16.40-16.40
-16.42 ---- 16.50 -16.72 ---17.20
16.01-16.43 16.37-16.65 16.59-16.82
16.42-16.43 16.48-16.50 16.72-16.74 16.87-17.20
17.19-17.20
15.90-16.38 16.30-16.59 16.53-16.75
16.84-17.22
16.36-16.37 16.44-16.46 16.6717.20-17.22
------ 16.45 ---- 16.53 -16.77 ---- 17.28---16.14-16.59 16.45-16.75 16.70-16.94
17.05-17.42
16.55-16.57 16.6216.88-16.90 17.36-17.42
16.10-16.10-----16.65 -16.71 -- 16.9617.45 ---16.26-16.78 16.67-16.90 16.87-17.07
17.20-17.51
16.75-16.78 16.8017.0417.55 ----
17.72
HOLIDAY
- - - - - - --
Range of future prices at New York for week
ending
July 9 1926 and since trading began on each option:
The above figures for 1926 show a decrease from last
week of 136,745 bales, a gain of 1,366,263 over 1925, an
increase of 1,748,761 bales over 1924, and an increase of
1.902,408 bales over 1923.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and
the same items for the
---IOO corresponding the stock to-night, andyear,
periods Of the previous
is set out in detail
below:
FUTURES.
-The highest, lowest and closing
New York for the past week have been as follows: prices at
July
Range-Closing_
AugustRange- _
Closing_
Sept.Range_ _
Closing_
October
Range-Clo8ingNov.Range-ClosingHOLIDAY
Dec.Range-ClosingJan.
Range__
ClosingFeb.Range_ _
Closingmarch
Range-ClosingAPril
Range-ClosingMal
Range-Closing-
Range for Week.
July 1926_ _ 17.50 July
Aug. 1926_ _ 17.36 July
Sept. 1926_ _ 16.77 July
Oct. 1926_ _ 16.02 July
Nov. 1926_ _ 16.40 July
Dec. 1926..- 16.01 July
Jan. 1927__ 15.90 July
Feb. 1927
Mar. 1927-- 16.14 July
Apr. 1927_ - 16.10 July
May 1927_ _ 16.26 July
July 91926.
1925.
1924.
1923.
Stock at Liverpool
bales_ 852,000 647,000 436,000 440,000
Stock at London
4,000
1,000
2,000
Stock at Manchester
83,000
88,000
53,000
42,000
Total Great Britain
935,000 739,000 490,000 484,000
Stock at Hamburg
15,000
21,000
Stock at Bremen
149,000 167,000 123,000
41,000
Stock at Havre
146,000 135,000
83,000
54,000
Stock at Rotterdam
3,000
4,000
13,000
4,000
Stock at Barcelona
83,000
76,000
88,000
80,000
Stock at Genoa
19,000
23,000
19,000
9,000
Stock at Ghent
23,000
1,000
3,000
Stock at Antwerp
25,000
4,000
15,000
Total Continental stocks
400,000 432,000 346,000 227,000
Total European stocks
1,335,000 1,171,000 836,000 711,000
India cotton afloat for Europe_ -- 52,000 126,000
85,000 101,000
American cotton afloat for Europe 221,000 130,000
94,000
Egypt,Brazil,&c.,afloatforEurope 146,000 124,000 153,000
93,000
50,000
Stock in Alexandria, Egypt
227,000
72,000
69,000 157,000
Stock in Bombay,India
623,000 672,000 721,C00 578,000
Stock in U. S.Ports
621,582 321,362 228,476 271,729
Stock in U. S. interior towns_ _ _ _ 952,467 195,424 243,812 312,912
U. S. exports to day
4,178,049 2,811,786 2,429,288 2,275,641
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 498,000 402,000 166,000 161,000
Manchester stock
74,000
76,000
39,000
23,000
Continental stock
324,000 330,000 234,000 130,000
American afloat for Europe
221,000 130,000 153,000
94,000
621,582 321,362 228,476 271,729
U. S. port stocks
952,467 195,424 243,812 312,912
U. S. interior stocks
U. S. exports to day
Total American
2,691,049 1,454,786 1,064,288 992,641
East Indian, Brazil, &c.
Liverpool stock
354,000 245,000 270,000 279,000
London stock
4,000
1,000
2,000
Manchester stock
9,000
12,000
14,000
19,000
Continental stock
76,000 102,000 112,000
97,000
52,000 126,000
Indian afloat for Europe
85,000 101,000
Egypt, Brazil, &c., afloat
146,000 124,000
93,000
50,000
227,000
72.000
69,000 157,000
Sat. Mon. Tues. Wed. Thurs. Fri. Stock in Alexandria, Egypt
623.000 672.000 721,000 578,000
Stock in Bombay,India
Hol. Hol. 18.40 18.55 18.70
19.05
Ti87.0O0 1,357,000 1.365.000 1,283,000
Total East India, &c
QUOTATIONS FOR 32 YEARS.
2.691.049 1,454,786 1,064,288 992,641
Tota American
4,178,049 2,811,786 2,429,288 2,275,641
Total visible supply
32.40c. 1910
15.45c. 1902
9.25c. Middling uplands, Liverpool_ _ _ _
9.60d. 13.67d. 16.35d. 15.794.
27.20c. 1909
12.70c. 1901
8.75c, Middling uplands, New York _
19.05c. 24.30c. 30.55c. 28.00c.
13.15c. 1908
11.20c. 1900
10.25c. Egypt,good Sake!. Liverpool.17.33d. 34.50d. 24.30d. 16.95d.
9.00c. 1907
13.45c. 1899
6.19c, Peruvian, rough good, Liverpool_ 16.096. 20.75d. 24.00d. 18.754.
13.25c. 1906
10.80c. 1898
6.19c* Broach, fine, Liverpool
8.35d. 11.95d. 13.00d. 12.70d.
12.35c. 1905
10.90c. 1897
7.94c' Tinnevelly, good, Liverpool
8.90d. 12.35d. 14.15d. 13.854.
12.30c. 1904
10.95c. 1896
7.44c*
14.500. 1903
12.20c, 1895
Continental imports for past week have been 84,000 bides.
7.19c:
MARKET AND SALES AT NEW YORK.
Saturday,
July 3.
Option for
223
Movement to July 9 1926.
Receipts.
Ship- Stocks
meats. July
Week. Season. Week.
9.
Towns.
I
Movement to July 10 1926.
Receipts.
Ship- Stocks
meals. July
Week. Season. Week. 10.
Ala.,Birming'm
414 1,857
451 98,405
9 54,822
40
269
Eufalua
10 2,848
11 21,985
____
19,598
50 1,125
Montgomery _
515 11,59Q
206 104,317
52 82,90
254 5,246
Selma
36 89,782
146 5,463
7 64,439
566
29
Ark., Helena_
485 20,985
116 102,010
____
63,203
100
947
Little Rock_
103 231,221 1,680 33,956
8 205,983
187 2,402
Pine Bluff__
92 182,162 1,905 33,760
____ 126,214
378 3,006
Ga., Albany__
7,919
____ 2.005
____
3,891
125 1,870
Athens
•
260 39,063
820 2,181
82 52,60
896 3,942
Atlanta
736 234,009 3,823 19,613
460 228,441 1,85
7,923
Augusta
• 1,105 363,276 1,335 39,260
727 236,278 3,692 13,417
Columbus_ _
501 88,898
612 1,656
____
76,87
608
208
Macon
200 72,563
200 5,643
39 49,187
337 5,625
Rome
•
235 56,249
250 9,768
___
47,449 ____ 4,868
La., Shreveport
49 168,238 1,645 15,696
_-__ 102,2.1
____
400
Mi.,Columbus
92 46,949
555 1,267
____
37,18.
____
176
Clarksdale__
162 236,921 1,104 53,348
1 112,272
22 2,133
Greenwood _
70 224,580 1,989 49,775
____ 135,117
52 4,727
Meridian_ __ •
27 69,519
264 5,262
1 37,8.1
264 1,266
Natchez
•
20 58,651
8 4.606
___
42,73
____
927
Vicksburg -- •
1 54,836
181 11,787
1 31,71.
21
187
Yazoo City_ .
3 52,992
98 10,061___
33,140
77
306
Mo., St. Louis . 3,997 729,268 4,281 13,252 2,3 7 726,293 2,491 3,723
3
N.C..Greensb'
489 72,088 1,210 18,424
224 73,2P
771 5,795
Raleigh
31,836
500 1,122
_
8,374
I
127
Okla., Altus_ _ •
36 144,799
724 5,355
11 218,83.
475
622
Chickasha_ _
195,105
_-__ 6,960
---75 156,416
149
217
____ 172,541
Oklahoma__
527 17,869
-__ 140,013
41
595
S.C.,Greenvill
1,875 316,674 3,233 35,876 2:053 248,871 2,543 20,035
Greenwood_•_
4,912_ 2,682
13,264
____
___ 4,416
,Memphb 12,0133 1,957,271 19,867 82,016 1,859 1,289,475 3,147 13,439
1
Nashville___
3,476
---20
600
73
950 ____
_ __ Tex., Abilene_
87,563 ____
240
____
__
71,38
235
Brenham.._ _ .
41
6,340
68 3,907
4 3,699
5 23,266
Austin
12,727 ---23
Dallas
466 166,530 1,290 11,076 --2 194:212 -5ii 1,365
6
4- 3 60
15
Houston_ _ _ . 15,4294,844,252 24,209305,276 3,331 4,732,722 9,656 78,321
Paris
163 114,837
93,516 --__
__
10
543
59
San Antonio
430
115
65,778
26,133
____
191
1
Fort Worth_ .
191 97,096
183
363
183 159,431
863 4,368
Total, 40 to t 40.126 11587993 74.891952.467 11.50710096632 29,004 195.424
..._
•
•
•----
THE CHRONICLE
224
iVoL. 123.
The crop had improved
Prospects in Brazil were good
The above total shows that the interior stocks have de- greatly during the month in thethroughout May.where some deterioration
northern States,
had been caused
much rain.
creased during the -week 34,606 bales and are to-night taking place the by too part of April Plowing and planting were reported as
and early May in the northern
latter
757,043 bales more than at the same period last year. The from Pernambuco to Sergipe and during May in Alagoas and Bahia.States
The
completed
receipts at all the towns have been 28,619 bales more than planting season in northern Brazil should be aboutin Minas by the end of
Geraes.
May. Some injury from insect pests is reported
the same week last year.
GEORGIA COTTON REPORT.-The State Department
OVERLAND •MOVEMENT FOR THE WEEK AND of Agriculture at Atlanta, Ga., issued on July 2 its report
-We give below a.statement showing the for the State of Georgia as of June 25. The report is as
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made follows:
up from telegraphic reports Friday night. The results for
The cotton acreage in Georgia has been increased about 12% over 1925,
the week and since Aug. 1 in the last two years are as follows: according to the official July 2 cotton report released to-day through the
-1924 25- Georgia Co-Operative Crop Reporting Service. This increase brings the
Since figure for the current year up to 4,028.000 acres, as compared with 3,589,000
Week. Aug. 1. In 1925 and 3,046,000 acres in 1924.
716,505
2,491
Condition of cotton is placed at 70% of normal (as of June 25), compared
5 5
2 6, 15 with 76% on the same date last year and 75% in 1924. The crop is from
___ _
43
3 . 49 one to two weeks later than last year, being delayed by excessively cook
,.
50.289 nights and lack of moisture earlier in the season. Except in the northeastern
-.5'73
3,283 245,582 and part of north-central Georgia, where the condition is very low because
5,139 502,573 of prolongued drought from the middle of April to mid-June, condition is
fairly uniform throughout the State, with the southern counties running
11,486 1,805,813 slightly higher. In most of the above mentioned droughty area cotton is
13,791 1,791,633
Total gross overland
very small generally and irregular as to size, age and stand. Too,the fields
Deduct Shipments
295 100,323 are becoming infested with the Texas flea, or cotton hopper. Color is
1,867 152,583
Overland to N. Y., Boston, &c
27,306 good and fields clean, with chopping about completed. Northwest Georgia,
476
25,904
349
Between interior towns
5,850 706,368 except for some spotted localities, secured satisfactory stands fairly early,
11,118 840,834
Inland, &c.,from South
fields are in clean shape and reported as making good growth.
833,997
6,621
Very good progress has been made by the crop in the southern half of the
13,334 1,019,321
Total to be deducted
State during the last month. Although later than last year, due to un4,865 971.816 seasonable temperatures and insufficient moisture during the first three
457 772,312
Leaving total net overland *
weeks of May,more favorable conditions since that time have enabled much
going
of the apparent lateness to be overcome. Blooming has beengreateron for
* Including movement by rail to Canada.
part,
more
two weeks over most of this territory. For the
The foregoing shows the week's net overland movement fields than clean plants healthy and of good color on report date, although
were
4,865 bales for the scattered complaints of "too manyshowers"and "grass" have been received
thi, year has been 457 bales, against
week last year, and that for the season to date the ag- during the last few days.
In scattered localities through southern Georgia, where frequent showers
gregate net overland exhibits a decrease from a year ago of have been received,the boll-weevil is becoming active. The situation seems
to be about the same as last spring, with damage from this cause entirely
199,504 bales.
remainder of the season.
-- dependent on weather conditions during the yet, but the pest is present
--1924 25
------1925 26
Since Infestation and losses have not been serious as
Since
season should follow.
In Sight and Spinners'
Aug. 1. in sufficient numbers to cause heavy damage if a rainy part of the State.
Week.
Aug. 1.
Week.
.
Takir gs.
There is little evidence of the weevil in the northern
18,245 9,109,260
causing general uneasiness
37,067 9,496,599
Receipts at ports to July 9
At present the Texas flea, or cotton hopper, is
Piedmont
971,816
4.865
772,312
457
Net overland to July 9
over the State. In 1924 the flea was found in a few fields in the
85,000 4,315,000 area. Last year infestation was more general, but widely scattered.
Southern consumption to July 9.._ 80,000 4,580,000
fields in the Piedmont
However, this year it seems that most of the cotton
fast as
117,524 14,848.911 108,110 14,396,076 area are infested, resulting in the loss of practically all squares as
Total marketed
9,892
has been reported
896,352 *18,330
*34,606
Interior stocks in excess
formed. In addition to the Piedmont counties, the fleaand Cobb counties
Excess of Southern mill takings
In Chattooga, Floyd, Walker, Haralson, Polk, Paulding Sumter and Dooly
405,921
455,510
over consumption to June I__ _
In the northwest; Burks and Jenkins on the east; and disappeared from
south of the Piedmont belt. Heretofore, the flea has
89,780
rapidly after that date and
Came into sight during week..__ 82,918
usually
14,811,889 July 1 to 15, and infested cotton control fruited
measures have not been entirely
Total in sight July 9
made a fair yield. Generally,
depending
The effect on final production seems problematical,
8,238 1,974,089 effective.time the insects leave the fields and upon growing conditions after
North.spinners' takings to July 10 15,666 1.905,696
upon the
that date.
* Decrease.
Extract from Article Issued by Georgia State Board of Entomology.
Appearing in "State Market Bulletin," issue of July 1 1926.
hop'per is
Movement into sight in previous years:
"The characteristic symptoms of plants affected by the cotton
Bales.
Young
WeekBoles, I Since Aug. 1their straight, spindly appearance, with very few lateral branches.
11,524,033
1923
and drop from the plant. The
75,765
1924-July 12
11,341,534 squares are attacked and these turn brown
and shaking the
1923
-July 13
117,280 1922
insects may be found by walking through the cotton fields which fly very
plants. They are very small, greenish-yellow insects,
edges
QUOTATIONS. FOR MIDDLING COTTON AT readily and are hard to catch. They may sometimes be found on the
closing quotations of the upper loaves of the stalk. cotton hopper is a dust of superfine, or
-Below are the
OTHER MARKETS.
"The best control measure for the
acre at intervals
for middling cotton at Southern and other principal cotton fluwers of sulphur, applied at the rate of 6 to 8 pounds perapplications, and
of five days. It may be necessary to make three or more
markets for each day of the week:
applications to determine whether
the fields should be examined between
with an
or not the insects have been killed. Sulphur should be applied there is
when
Closing Quotations for Middling Cotton on
ordinary dusting machine, preferably early in the morning with dew. If
are covered
Week Ended
little or no breeze, and when the cotton plants
Frutay
one pound of
July 9.
Saturday. Monday. Tuesday. 1Ved'day. Thursd'y.
dusting for the boll weevil, mix two pounds of sulphur with acre. Where
calcium arsenate and dust at the rate of 9 or 10 pounds to the
18.10
17.70
calcium arsenate
17.55
17.45
Galveston
weevils are not present, sulphur should be used alone, as
18.28
17.90
17.74
1
17.70
1111111161-:
New Orleans_ _ _
will not control the cotton hopper."
17.60
17.25
17.13
17.00
Mobile
17.97
17.37
17.21
17.03
Savannah
REPORT.---The United
18.19
17.63
NORTH CAROLINA COTTON
17.38
HOLI- HOLI- 17.25
Norfolk
issued
18.00
18.00
18.00
DAY 17.65
DAY
Baltimore
States Department of Agriculture at Raleigh, N. C.,July 2
18.25
17.75
17.50
17.44
Augusta
17.75
its cotton report for the State of North Carolina on
17.25
17.00
16.75
Memphis
17.90
17.50
17.35
17.30
as of June 25. Below is the report:
Houston
18.00
17.50
prices and
17.20
17.20
Little Rock.. _ _ _
In spite of the record cotton production last year and the low
18.05
17.60
17.45
Government report indi17.30
Dallas
the heavy carryover resulting therefrom, the latest
18.00
17.50
average condition
17.35
17 :10
Fort Worth_
cates a 1.6% increase in acreage over last year, with an yield for the past
average
of 75.4% of a full crop. Based on the
year.
-The closing five years, thre is an even chance of150 pounds
making 14,900,000 bales this
NEW ORLEANS CONTRACT MARKET.
Orleans cotton The normal consumption is recokned at 14,000,000 bales.
quotations for leading contracts in the New
by the Crop Reporting
Based on over 50,000 acres being cultivated
the North Carolina
market for the past week have been as follows:
Service reporters and several sources of additional data,14% less than that
is
crop averages 63% of a full crop condition, which average. The stand is
reported a year ago and 12% less than the five-year on an average date of
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
July 9.
July 8.
estimated at 75% and the first bloom will appear 5% poorer stands than
July 3.
July 5.
July 7.
July 6.
July 12. This means eight days later blooming and five years average of
the
17.49 flat 17.65 flat 18.03-18.09 last year at this time. If the yield is equal to again make over a million
July
17.45 flat
16.96 bld 17.39 bid 250 pounds of lint per acre, this year's crop will
16.71 bid 16.73 bid
August_ _ _
16.33-16.39-16.64 -- 17.06- bales.
September
production
16.96-16.99
lt Is physically Impossible to forecast at this date what the final damage,
October_
16.23-16.25 16.29-16.30 16.54-16.55
weather, insect
16.23 ---- 16.29 ---- 16.54 ---- 16.96 ---- will be. There are too many varying factors, like
November
Carolina's 63% condition
16.90-16.93
16.17-16.19 16.23-16.25 16.49-16.50 16.90 flat labor, &c., that cannot be anticipated. North
December_
The
is the third lowest of the twenty States of the Union growing cotton.
16.17 bid 16.21-16.22 16.47-16.49
January
border, extending
February. HOLIDAY HOLIDAY 16.17-16.21 -16.47-16.90- worse conditions are to be found near the South Carolina
in this area,
16.29 flat 16.32 flat 16.55 flat 16.98 flat up through Cumberland County. Replainting has occurred
March
of growth. Blooms
April
- - -- - -- - bid- bid making the crop distinctly variable in size and degree being overcome by
17.11
have been extremely rare thus far. The bad stands are
16.35 bid 16.35 bld 16.59
May
-- the good germination from the late plantings. Cultivation has been good,
-- June
.- - -- due to the long period of drought. The plant root systems developed deep
Tone
follows
Steady
Steady
Into the ground, which will be a decided advantage if dry weather lately
Steady
Spot
Steady
Steady
Firm
qtpndv
the recent good seasons. Reports were received of damage to the Upon
Firm
Options_._
without cause.
germinated seed, which appear to be duying out
during
-A report of expert investigation, it was found that the soil moisturesoda to the dry
FOREIGN COTTON CROP PROSPECTS.
the top
nitrate of
period was bringing the soluble
production in of the soil, leaving a concentratedfertilizer like
the latest available information as to cotton
alkali too strong for the tender plants to
Foreign Service withstand. The rains corrected this condition by carrying it back into the
foreign countries has been compiled by the
soil.
cotton
of the Bureau of Agricultural Economics, of the Department
Considerable criticism has been expressed by those interested in
production against the publishing of crop reports like this one. The Departof Agriculture, and made public on July 2, as follows:
information
by the Inter- ment of Agriculture realizes that unless it publishes unbiased
The condition of the Egyptian crop on June 1 was reported condition at of this kind that the farmers will be deprived of such information, while
national Institute of Agriculture to be 96% of the average
of average. the cotton trade will continue to use their privately collected information
time for the past ten years. In 1925 the condition was 97%
that
leafworm no to a greater advantage than if the Government reports were not published.
The water supply appears to be sufficient and the attacks of
yet available. Besides this, the official reports offer a stabilizing agency which deprives
not
greater than usual. The Egyptian acreage estimate isin a total area no the private reports from having undue influence on the prices.
Should the Government restriction on acreage result
would be nearly
greater than last year's, it is expected that the Sakel area three times as
-Reports
a fourth less than last year, while Pilion would be two to than last year.
WEATHER REPORTS BY TELEGRAPH.
slightly larger
large as last year, and Zagora and Ashmouni
up for any to us by telegraph this evening denote that the weather
The carryover of Sakel is expected to be large enough to make for normal
during the week has continued to be favorable for cotton.
deficiency in this year's crop, giving a total supply sufficient
requirements.
Agricul- Temperatures have been higher and rainfall has as a rule
Russian cotton area, according to the International Institute of
ture,is less this year than in 1925. The production outlook is less favorable been scattered with precipitation light. Cotton generally
than at the beginning of the year, due to lack of irrigation water. report has made good progress.
Growing conditions have been favorable in Lower California. No
Is available on the Laguna district. Sea Island production in the Leeward
Texas.
-Cotton plants in this State have made good
Islands of the West Indies is expected to be well in excess of 1925. cotton progress the past week, but the scattered showers and rains
A consular report from the Hankow district of China stated that
their
was being put out in large quantities along the Han River and in northern caused some damage, as insects and fleas are getting in
Hunan. Hupeh and Shensi' through which the Han River flows, and work and need watching.
,
Hunan are among the more im portant cotton-producing provinces of China.
July 9Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1925 26Since
Week. Aug. 1.
4,281 711,219
2,120 307,737
40,420
108
62,215
254
3,338 243,596
3,690 426,446
JULY 10 1926.]
THE CHRONICLE
225
Mobile, Ala.
-There have been daily showers in the interior. Weevil and grasshoppers are increasing slowly.
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,580,000 bales in 1925-26 and 4.315,000 bales in 1924 -25
Rain. Rainfall.
Thermometer
- takings not being available-and
1 day 0.08 in. high 90 low 76 mean 83 and foreign spinners, 16,000,811 the aggregate amounts taken by Northern
bales in 1925-26 and 15,859,396 bales in
1 day 1.46 in. high 96 low 62 mean 79 1924-25, of which 9,972,611 bales and
10,040,596 bales American.
2 days 0.86 in. high 96 low 68 mean 82
b Estimated.
2 days 2.04 in. high 90 low 72 mean 81
2 days 0.44 in. high 92 low 72 mean 82
INDIA COTTON MOVEMENT FROM ALL PORTS.
1 day 1.92 in. high 96 low 68 mean 82
1 day 0.12 in. high 108 low 68 mean 88 The receipts of India cotton at Bombay and the shipments
1 day 0.02 in. high 94 low 62 mean 78 from all India ports for the week and for the
season from
2 days 0.10 in. high 100 low 66 mean 83
1 day 0.26 in. high 106 low 68 mean 87 Aug. 1, as cabled, for three years, have been as follows
3 days 0.18 in. high 100 low 72 mean 86
3 days 1.66 in. high 94 low 70 mean 82
1925-26.
1924-25.
1923-24.
4 days 1.11 in high 94 low 68 mean 81
July 8.
2 days 3.54 in. high 102 low 68 mean 85
Receipts at
Since
Since
Since
1 day 0.58 in. high 98 low 70 mean 84
Week.lAug 1. Week. Aug. 1. Week. Aug. 1.
.
1 day 0.94 in
high 96 low 66 mean 81
1 day 0.37 in. high 101 low 67 mean 84 Bombay...
25,000 3,247,000, 27,000 3,487,000 13,000 3,288,000
1 day 0.15 in. high 101 low 68 mean 85
1 day 0.04 in. high 99 low 67 mean 83
For the Week.
3 days 0.55 in. high 100 low 68 mean 84
Since August 1.
Exports
2 days 1.99 in. high 105 low 68 mean 87
fromGreat I Conti- Japan&
Great i Conti- I Japan & I
2 days 0.52 in. high 102 low 71 mean 87
Britain.I neat. China. Total.1 Britain.
new.
3 days 0.36 in. high 103 low 72 mean 88
China. I Total.
1 day 0.02 in. high 108 low 72 mean 90
3 days 1.32 in. high 100 low 70 mean 85 Bombay
1925-26.._ 1,000 5,000
6,000 51,000 5'4,0001,685,0002,210,000
3 days 1.06 in. high 99 low 69 mean 84
1924-25__ 6,000; 10,000 18,000 34,000 76.000 594.0001,859,0002.529,000
2 days 0.22 in.
mean 84
1923-24__ 1,000
5,000 6,000 152,000 935,0001,520,0002,607,000
3 days 0.46 in. high 100 low 72 mean 86
3 days 1.70 in. high 102 low 67 mean 85 Other India
1
5,000 107,0001 511,0001,
1925-26__ __
3 days 0.96 in. high 104 low 69
5,000
I 618,000
87
2 days 0.70 in. nigh 104 low 69 mean 87
1924-25_
1,000, 16,000;
17,000 108,000; 483,000
I 591._ _000
mean
1923-24_1 _ _ _ 10,000,
4 days 2.22 in. high 98 low 69 mean 84
10,000 129.000, 505,000:
1 6343)00
5 days 1.80 in. high 96 low 73 mean 81
3 days 0.26 in. high 96 low 71 mean 84 Total all
1
1
1
4 days 0.81 in. high 94 low 72 mean 83
1925-26.... 1,0001 10,000
_ 11,000 1'80001,01n,0001,685,0002,858,000
1924-25__ 7,000 26,000 11,000 51,000 184,0001.077.0001,859,0003,120,000
5 days 1.83 in. high 95 low 69 mean 82
4 days 0.30 in. high 92 low 69 mean 81
1923-24.._ 1,000 10,000 5.000 16.000 281.0001.440 0001.520 0003.241.003
5 days 1.09 in. high 90 low 71 mean
According to the foregoing, Bombay appears to show a
5 days 0.98 in. high 91 low 72 mean 81
82
2 days 0.25 in. high 97 low 69 mean 83 decrease compared with last year in the
week's receipts of
3 days 0.22 in. high 95 low 73 mean 84
3 days 1.09 in. high 92 low 70 mean 81 2,000 bales. Exports from all India ports record a decrease
2 days 0.05 in. high 92 low 75 mean 84 of 40,000 bales during the week, and since Aug. 1 show an
dry
high 99 low 69 mean 84
decrease of 262,000 bales.
2 days 0.28 in.
low 72
dry
high 94 low 70
ALEXANDRIA RECEIPTS AND SHIPMENTS.
2 days 0.20 in. high 96 low 72 mean 82
-We
mean 84
1 day 0.11 in. high 95 low 70
now receive weekly a cable of the movements of cotton at
1 day 0.87 in. high 98 low 70 mean 83
mean 84 Alexandria, Egypt. The following are the receipts and
4 days 1.02 in. high 99 low 72 mean 86
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Weatherford
Ardmore, Okla_
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado _
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile,Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S.C
Greenwood
Columbia
Conway
Charlotte, N C
Newbern
Weldon
Memphis
1
I
I
I
1
The following statement we have also received by tele- shipments for the past week and for the corresponding week
graph, showing the height of rivers at the points named at of the previous two years.
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vickshurg
Above zero
Above zero
Above zero
Above zero
Above zero
of gauge_
of gauge_
of gauge_
of gauge_
of gauge_
July 9 1926.
Feet.
2.4
7.5
7.3
9.8
16.2
July 10 1925.
Feet.
2.1
11.5
8.7
6.4
17.8
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures.do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Ended 1926. 1925. 1924.
April
9__ 91,081
16.._ 104,943
23_ 71.673
30 115,448
May
7_ 76,810
14 _ _ 87,891
21__ 73,225
28_ _ 65,277
June
4_ _ 89,807
11_ 47,642
18_ 80,676
25 _ 52.469
July
53.126
Stocks at Interior Towns.
1926.
Receiptsfrom Plantations
1925.
1924.
1926.
1925.
1924.
74.709
74,512
50.632
64.025
60,709 1.630,308
69,435 1,575,256
58,548 1,541,773
64,783 1,479,275
708,223
630,689
594,768
510.646
555,542
517,534
486.199
443,328
41.896 29,115 29,902
49,891 10,304 31.427
38,190 14.711 28,821
62,498
21.912
45,115
49,177
44,06
44,085
44,272 1.438.322
52.39' 1.395,682
50,86 1.345,833
50.4241,301.436
469,707
420,119
561,725
340,620
420,213
392.300
372.553
347,017
35.857
45.251
23.376
20,880
31.997
21,73
39,63
14,161
43,377 1,224,902
35,702 1,186,780
49,228 1,074,997
35,721 1,031,182
312,296
285,662
249,315
234,869
333,056 13.273
312,127 9.520
283,651 68,813
266,789 8,654
18.514 21.781 987.093 213,754 256.315
18,245 21,177 952,467 195,424 243,812
9,037
4,176
nil
3.911
4,73
1924-25.
1923-24.
45,000
7,911,025
7,122.710
3,500
6.396.536
This Since
Week Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
193,896
____ 194,651
To Liverpool
193,877 4,000 228.446
To Manchester, &c
To Continent and India_ 7,000 343,740 5,000 367,430
3.000 153,648 1,000 127,763
To America
3.750 218,466
6.500 215,403
5,000 369,489
1,000 107,801
Receipts (cantars)This week
Exports (bales)-
5.000
av-nnrfa
1 5.000 885.161 10,000 918.290 16.250911.159
Note.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending July 7 were
45,000 cantars and the foreign shipments 15,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both yarns and cloths is quiet. There is a more general
resort to short time. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
21,157
24.482
31,121
24,888
3,673 29,416
14,773
3,286 20.752
nil 18,859
nil
1925-26.
Alexandria, Egypt,
July 7.
11,309
1926.
1925.
Lbs. Shirt- Cotton
sg Lbs. Shirt- Cotton
32s Cop tags. Common Middrg 322 Cop fags, Common Middrg
Uprds Twist.
to Finest.
Twist.
to Finest.
Uprds
sg
April
1
9
16
23
30
May
7
14
21
28
June
4
11
18
25
July
2
o
10017 13 3
1534a164 133
15 a1654 133
15 a1634 13 3
15 al6 i 132
a13 6
al3 6
al3 6
al3 6
a13 5
10.16
9.99
10.13
10.01
9.94
223024 17 1
223024 171
2234a235( 17 1
263020i 18 4
213402231 16 6
a17 4
al7 4
al7 4
a19 0
a17 0
13.72
13.23
13.39
17.70
12.98
The above statement shows: (1) That the total receipts
1534a1634 13 1 al3 4
10.12 21 a2214 16 4 al6 6
17.37
from the plantations since Aug. 1 1925 are 10,313,617
1534a17 132 al3 6
12.36
bales;
10.23 20 a2134 163 a16 5
in 1924 were 9,136 683 bales, and in 1923 were 6,533,729
12.84
1034a17 13 3 al3 6
10.21 2002134 16 4 a17 4
,
153017 13 2 a13 5
13.04
10.32 200214 16 4 a17 4
bales. (2) That although the receipts at the outports
the
past week were 37,067 bales, the actual
151017 13 2 a13 5
13.48
10.33 20302134 16 4 al7 4
plantations was nil bales, stocks at movement from
104017 13 1 al3 4
9.92 2034a2134 162 al6 4
13.36
interior towns
15 a1634 13 1 a13 4
13.62
9.61 20302134 16 2 al6 4
having decreased 40,126 bales during the week. Last
1a101 13 1 a13 4
143
,
13.53
9.56 20 a213i 16 2 a16 4
year
receipts from the plantations for the week were
.
nil
1434al64 13 1 a13 4
9.26 20 a2134 16 2 a16 4
13.35
bales and for 1924 they were nil bales.
1143Aa1itU" 13 0 all 2
9.69 20 a2114 16 3 a16 5
13.67
WORLD SUPPLY AND TAKINGS OF
COTTON.
SHIPPING NEWS.
-As shown on a previous page, the
The following brief but comprehensive statement
indicates exports of cotton from the United States the past week have
at a glance the world's supply of cotton for the week
since Aug. 1 for the last two seasons, from all sources and reached 32,432 bales. The shipments in detail, as made
from up from mail and telegraphic returns, are as follows:
which .tati.tics are obtainable, also the takings or
amounts
Bales.
gone out of sight for the like period.
Cotton Takings.
Week and Season.
1925-26.
Week.
Season.
1924-25.
Week.
Season.
Visible supply July 2
4,314,794
2,969,422
Visible supply Aug. 1
i,
342,887
2.190,493
American in sight to July 9
82,918 16,200,773
89,780 14,811.889
Bombay receipts to July 8
25,000 3,247,000
27,000 3,487,000
Other India shipm'ts to July 8- _
5,000
618,000
17,000
591,000
Alexandria receipts to July 7
9.000 1,583,200
1,415.800
Other supply to July 7_ *_b___ _
10,000
767,000
8,000
490,000
Total supply
4,446,712 24,758,8603,111.202
22,986,182
Deduct
Visible supply July 9
4,178,049 4,178,049 2,811,786
2,811,786
Total takings to July 9_a
268,663 20,580,8111 299.416 2
Of which. Amrican
154,663 14,552,611 218,416 10,174,396
4,355,596
Of which other
114,000 6,028,200
81,000 5,818,800
NEW YORK
-To Liverpool-July 2
-Celtic, 37; Franconia, 650_ __
687
To Ghent
-July 2
-Zeeland, 3
3
To Havre-July 6
-De Grasse, 947
947
To Manchester
-July 3
-Balsam, 1,040
1.040
To Piraeus
-July 3
-Coeur d'Alene,50
so
To Gothenburg-July 2-Gripsholm. 100
100
NEW ORLEANS
-To Liverpool
-July 3
-West Wauna, 1,582_
July 1-Navigator, 5,281
6,863
-West Wauna, 1,473.._ _July 1-NaviTo Manchester-July 3
gator, 436
1,909
To Antwerp-July 6-Burgerdijk, 1,658
1,658
100
To Porto Colombia-July 3-Heredia, 100
-Ethan Allen, 1,392
HOUSTON-To Japan-July 2
1,392
-Ethan Allen. 2,161
To China-July 2
2.161
-Marie Leonhardt, 4,800
To Murmansk July 6
4,800
GALVESTON To Genoa-July 2-Quistconck, 2.551
2,551
-Marie Leonhardt, 7,100
7,100
To Murmansk-July 6
-Maiden Creek, 30
-To Liverpool-July 3
MOBILE
30
-Hastings, 325
To Bremen-July 3
325
-Hastings, 200
PENSACOLA To Bremen July 8
200
-Savannah, 200
BOSTON
-To Glasgow-July 2
200
PHILADELPHIA-To Liverpool
-July 2
-Savannah, 316
316
Total
32,432
THE CHRONICLE
226
[VOL. 123.
and the monsoon
-By cable from Liverpool we have the fol- rains have fallen in the Indian Peninsula is mostly needed.
LIVERPOOL.
where it
ort:
lowing statement of the week's sales, stocks, &c., at thatJulu9. may shortly reach the Northwest, the week were 1,096,000
July 2.
Australian wheat shipments for
June 18. June 25.
22,000
25,000
23,000
27,000
Jan. 1 they are
Sales of the week
13,000 bushels, against 1,168,000 last week; since
15,000
15,000
18,000
Of which American
1,000 59,520,000 bushels, against 98,448,000 in the same period
4,000
1,000
3,000
Actual exports
44.000 last year. To-day prices closed 2 to 2 c. higher in Chicago
38,000
62,000
Forwarded
48,000
2
1
/
846,000 847,000 834,000 852,000
Total stocks
1 to
/
517,000 509,000 489,000 498,000 and 112 to 2c. higher in Winnipeg. Minneapolis was
Of which American
55.000 4c. higher. Kansas City moved up 21
33,000
61,000
Total imports,
4c. The popular idea
33,000
14,000
29,000
23,000
Of which American
Export sales
206,000 170,000 194,000 164,000 was that the bull side was the side to take.
Amount afloat
49,000 were 2,300,000 bushels. It included, however, 2,000,000
71,000
61,000
83.000
Of which American
The tone of the Liverpool market for spots and futures bushels Manitoba taken during the week and not before
each day of the past week and the daily closing prices of announced. Still, it did show that there is a steady foreign
demand coincident with bad crop reports from Europe.
spot cotton have been as follows:
The cables were strong. At first prices eased a little, howSpot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
ever, owing to beneficial showers in the Northwest and the
fact that on the surface the new export demand was disapMarket,Quiet
and
Dull.
Quiet.
Quiet.
Quiet.
Dud.
12:15 1
pointing. But commission houses and others later on took
firm.
PM.
hold of the buying side. Northwestern crop reports were
9.60
9.37
9.37
9.19
9.17
9.20
Mid.Upl'ds
still more or less unfavorable. Hot weather and rains, it
was feared, might cause black rust. Recently estimates of
4,000
3,000
4,000
4,000
5,000
2,000
Bales
States were 206,000,000
Very st'dy, the spring wheat crop in eight
Quiet unch.
Quiet
Quiet
Quiet unch.
Quiet
Futures.
to 178,000,000 bushMarket 1 4 to 6 pts. to 3 Ida. 11 to 15pts. 18 to 19pts. to 3 pts. 8 to 12 pts. bushels. This has now been reduced
advance.
decline.
advance.
decline,
decline,
decline,
els. The season looks a good deal like that of 1924. The
opened
Canadian crop outlook, however, is good. In the American
Quiet,
Steady Q't but st'y Steady
Market, I
Quiet.
Quiet. 8 to 12 pts. 16 to 21pts. 11 to 12pts. 11 to 18pts. Northwest it is dubious. Putting that with the unfavor4
advance. advance.
suivAnre
dpellnp
P. M.
able outlook in Europe, some were inclined to buy and did
Prices of futures at Liverpool for each day are given below: buy. Europe, it is believed, is not telling the worst about
the crop outlook there. American cash markets were firm
Fri.
Thurs.
Tues. I Wed.
Mon.
Sat.
despite good receipts. Kansas City July advanced 3c. July
July 3
4:00
to
1234 1234 1234 4:00 1234 4:00 1234 4:11 1234 4:00 1234 p. m. in Minneapolis was up 4c. Those two items were considp. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.
July 9.
ered suggestive. Foreign stocks are said to be small.
d.
d.
d.
d.
Europe has to keep buying all the time. Leading operad. d. d. d. d. d. d. d.
July
8.80_ __ 8.69 8.79 8.81 8.97 8.97 8.97 9.08 9.20 9.26 tors are said to be working on the bull side once more at
August8.68-. -- 8.61 8.64 8.66 8.82 8.84 8.84 8.96 9.07 9.11
2
1
/
week of 4
8.59 _ .._ 8.51 8.54 8.57 8.73 8.75 8.75 8.87 8.98 9.02 the West. Final prices show a rise for the
September_ _ _ _ __
October- 8.53 __ __ 8.45 8.48 8.51 8.67 8.70 8.69 8.81 8.92 8.95 to 5 c.
2
1
/
8.41 8.44 8.69 8.64 8.62 8.75 8.84 8.88
November
December
January
February
March
April
May
June
8.45 __
8.47 __
8.46 _
8.47 _
8.51 __
8.51 __
8.54 __
8.52 __
__ 8.37
__ 8.39 8.43 8.46
__ 8.38 8.42 8.45
8.38 8.42 8.45
__ 8.42 8.46 8.49
__ E 10 8.44 8.47
__ 8 15 8.49 8.53
__ 8.43 8.47 8.51
8.61
8.60
8.60
8.64
8.62
8.68
8.66
8.65
8.64
8.64
8.69
8.68
8.73
8.71
8.63
8.62
8.62
8.67
8.66
8.70
8.68
8.76
8.75
8.75
8.80
8.79
8.84
8.82
8.85
8.84
8.84
8.89
8.88
8.92
8.90
8.89
8.88
8.88
8.£2
8.91
8.95
8.93
BREADSTUFFS
Friday Night, July 9 1926.
Flour has.been in small demand, with prices, as usual,
affected more or less by the fluctuations in wheat. But
whether prices fall or rise matters little as to the average
daily business. It is merely to supply the wants of :he
next few weeks. There is no disposition to buy for delivery
far ahead. In short, buyers' policy has not changed. Some
of the mills report that deliveries on all ;!ontracts have been
liberal. That limy mean, probably does, that in some directions business is likely to increase in the near future. It
does not imply that any real activity is ahead. Exporters
have recently been fair buyers of new American flour. For
Canadian flour there was a steady demand, mostly from
Germany and Cential Europe.
Wheat advanced on bad crop reports from the Northwest.
It was hot and dry, both north and south of the Canadian'
frontier. The crop of the Dakotas, it was feared, might
fall much below ant of last year. North Dakota, it is
said, may not 1;:ise more than 85,000,000 1m4hels and South
Dakota hardly 10,000,000. Liverpool, moreover, was unexpectedly strong on the 6th inst. Canadian markets were
firm over the Fourth of July holidays. Also, European
stocks are too small for safety. The indicated 1926 yield
of European importing countries is 96,000.000 bushels under last year's total. News of floods in Germany counted
also. The export business on this side proved to have been
since July 2 1,000,000 to 1,500,000 bushels as estimated on
the 6th inst. And with prices so strong there were no
hedging sales against the enormous receipts of new wheat
at the Southwest. An increase of 1,350,000 bushels in the
United States visible supply figures was discounted by the
inclusion of 655,000 bushels at Fort Worth, heretofore omitlast week of
ted. The American visible supply's increase .
1,355,000 contrasted rather suggestively, it is true, with a
decrease in the same week last year of 1,998,000 bushels.
But the total even so is only 12,326,000 bushels, against 29,146,000 a year ago. There was a good demand for American hard winter wheat and decreasing stocks at English
and Continental markets. World's shipments were 10,701,000 bushels, the quantity on passage decreased 5,944,000
bushels and the total afloat was 49,112,000 bushels. Washington wired that an Act was before the French Parliament to suspend the duty on wheat until August. If this
should pass it should create a good demand for American
new crop at the Southwest. Canadian grain crops generally look well. Wheat is beginning to head. There were
later reports of black rust in North Dakota. Some gloomy
advices came from South Dakota. One estimate of the crop
of the three big spring wheat States was 115,000,000 bushels, against 170,000,000 harvested last year. The export
sales reported on the 6th inst. of about 1,500,000 bushels
included 300,000 durums. It is said that large sales made
for Gulf shipment are not being reported. In Germany renewed rains have fallen and further complaints of crop
damage have been received. In Italy some early deliveries
of new wheat are said to be wet. The crop is unofficially
estimated at 212,000,000 bushels. In India fairly good
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
157%
157% 155
No. 2 red
cts_ Hol. Hol. 159
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
9
July delivery in elevator__. cts_ Holi- Holi- 13634 13734 13634 13 34
September delivery in elevainr____ day. day. 136% 137% 136% 138%
139% 140% 139% 141%
December delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Fri.
Sat. Mon. Tues. Wed. Thurs.153
,
July delivery in elevator__ cts_
149% 152% 15234 15231
134% 136
October delivery in elevator_ _
13434 135
_ 133
4 a
December delivery in elevator
130% 13134 13234 13234 13 /
Indian cornrose 118 to 1%c at the beginning of the week.
/
because of bad crop reports. Corn was said to be firing
in Oklahoma and was reported late in Illinois. Moreover,
the American visible supply decreased last week no less
than 2,308,000 bushels, against a decrease In the same week
last year of 1,773,000. The total, to be sure, is still 30,333,000 bushels, against 15,021,000 a year ago. That is the
total is still double that of the same time in 1925. Fargo,
N. D., wired: "St. Paul to Fargo corn fully two weeks
late, but hot weather during past few days beneficial."
Domestic demand continues slow, as reflected in the visible
supply points, but the decrease in the Western movement
resulted in a decrease in the visible the past week. To-day
2
1c.
prices were irregular, ending unchanged to / lower on
better weather. Showers fell in parts of the belt, where
they were needed. But the rise in wheat halted any decline in corn. Also, there was quite a little covering on the
smallness of the receipts. Cash markets were steady.
Things that militated against any rise, however, aside from
the beneficial rains, were profit-taking and hedge selling
tho
coun tmr offerings
of
.
a
Leosed. Final prices show a rise
for
week
inc
Nto 3
DAILY CLOSLNG PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. 7'hurs. Fri.
No. 2 yellow
cts_ Hol. Hol. 8734 8734 89% 89%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
70% 71% 71%
July delivery in elevator
cts _ Holi- Holi- 69
September delivery in elevator_ _ _ _ day. day. 76 • 77% 77X 77
December delivery in elevator
7834 7934 7834 7834
Oats advanced 14 to / on the 6th inst. partly because
2
1c.
of the rise in other grain. The response of oats prices to
the advance in wheat and corn was sluggish, however.
Nothing seems to be able to stir this market into new life
and animation. The American visible supply increased
last week 25,000 bushels, against a decrease in the same
week last year of 772,000 bushels. The total is now 37,927,000 bushels, against 35,268,000 a year ago. Weather
conditions at times have been somewhat mixed. There
have been rather favorable reports in the Central West,
but continued dry weather is reported in parts of the
Northwest. The private estimates of the crop have ranged
from 1,275,000,000 to 1,364,000,000 bushels, compared with
last year's final of 1,502,000,000. To-day fluctuations were
small, ending unchanged to Mic. higher. The tone was
steady, in spite of favorable weather. The cash demand,
however, was only fair. As an offset receipts were moderate. Commission houses were not taking a decided stand.
Some bought; others sold. Last prices showed a rise for
the week of 73 to 1Y4c.
4
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 white
cts_ Hol. Hol. 4834 4931 4934 4934
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ Holt- Holi- 3734 3834 3734 38
Suptember delivery in elevator ____ day. day. 39% 4034 4034 4014
4234 4234
4234 43
December delivery in elevator
JULY 10 1926.]
THE CHRONICLE
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts
45% 47% 47% 473% 47%
October delivery in elevator _______ _
_ 45
4634 46/ 453% 4634
December delivery in elevator _____ ---- 43% 443% 443% 443% 443%
227
Flour.
Exports for Week
and Since
July 1 to-
Week
July 3
1926.
Since
July 1
1925.
Wheat.
Week
July 3
1926.
Since
July 1
1925.
Corn.
Week
July 3
1926.
Since
July 1
1925.
Rye advanced on the 6th inst. some 3 to 3%c. in symBarrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
pathy with a rise in wheat of 3 to 4c., with unfavorable crop
99,890 3,867,301 1,885,106 91,628,888
reports from the Northwest and also in response to some United Kingdom_ 118,852 5,632,132 2,997,445 133,177,431 51,048 2,292,252
Continent
14,000 3,734,388
renewal of export demand for rye itself. The sales were So.& Cent. Amer_ 18,450 396,632
43,000 5,778,254
2,700
West Indies
143,625 105,000 3,026,000
only 200,000 bushels, but they might, it was thought, prove Brit.No.Am.Cols. 19,335 737,864
18,000 1,793,900
31,000 1,885,234
the herald of other business with Europe. The next day Other countries_ _ _ 7,000 934,594
2,355
prices advanced further with those for wheat and corn.
263,527 11.568,523 4,930,251 230,569,566 217,048 12,892,761
Total 1926
The American visible supply decreased last week 170,000
278.782 3.863.786 3.862,786 108.000
278.782
Total 1925
108.000
bushels, against a decrease, however, in the same week last
The world's shipments of wheat and corn, as furnished by
year of 1,194,000 bushels. Moreover, the total is still 10,- Broomhall to the New York Produce Exchange,for the week
811,000 bushels, against 8,706,000 a year ago. To-day prices ending Friday, July 2 and since July 1 1925 and 1924,
.
,
closed 2 to 2%c. higher after lower opening, due to rains at are shown in the following:
the Northwest. But it turned out that there was no presWheat.
Corn.
sure to sell. And later on rye took its cue from wheat,
1924-25.
1925-26.
1925-26.
I 1924-25.
which advanced decisively. Also, crop reports from Europe
Since
Since
Week
Week
were unfavorable. Finally, there was said to be a little
Since
Since
July 1.
July 1.
July 2.
July 2.
July 1.
July 1.
business for export. Rye has been giving a good account
Bushels.
Bushels.
of itself during the week and if the European reports of
Bushels.
Bushels.
Bushels.
Bushels.
144,000 10,900,000
North Amer_
26,000
poor food crops are verified later it would not be at all Black Sea__ _ 7,275,000397,006,000 4,653,000 721,000 39,104,000
208,000 30,272,000
1,139,000
surprising to see a larger export demand for American Argentina_ _ _ 1,410,000 99,539,000 1,421,000 4,420,000 155,491,000 3,648,000
776,000
Australia -- 1,168,000 76,551,000
rye. Last prices show an advance for the week of 5 to 6c.
696,000
1 584;00
0
640,000 7:040 00
India
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ Holi- Holi- 953% 96
September delivery in elevator. -- day. day. 9934 10084
-_
9934 1013%
December delivery in elevator
1033% 1044 1033% 1053%
Clo.ing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2 red f.o.b
1.57M
No. 2 white
None
No. 1 Northern
No.3 white
No.2 hard winter,f.o.b___ -1.59
Rye, New York
Corn, New YorkNo. 2, f.o.b
1113%
No.2 yellow (new) N. Y___ 893% Barley, New York
No.3 yellow (new)
873%
Malting
85@88
FLOUR.
$8 50 $900 Rye flour, _patents
Spring patents
$6 25 ®36 60
7 75 Semolina No. 2,lb
7 25
Clears, first spring
5Xc
7 40 Oats goods
7 00
Soft winter straights
2 60© 2 70
8 OQ
8 50 Corn flour
Hard winter straights
2 15© 2 25
Hard winter patents__ - 8 50
9 00 Barley goods__
Hard winter clears
7 75
7 25
Nos. 2, 3 and 4
425
Fancy Minn. patents....10 10 10 85
Fancy pearl Nos. 2, 3
City mills
10 25 10 85
and 4
7 25
Other countr.
Total
33,850,000
10.701,000611.992.000
7.546.000 5.285.000239,345.000
4,813,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 3, were as follows:
GRAIN STOCKS.
Corn,
Wheat,
Oats.
Rye.
Barley.
bush.
bush.
bush.
United States
bush.
bush.
78,000
32,000
520,000
121,000
New York
12,000
1,000
14,000
2,000
Boston
139,000
90,000
191,000
4,000
Philadelphia
2,000
130,000
35,000
58,000
Baltimore
34,000
4,000
15,000
Newport News
300,000
150,000
30,000
68,000
New Orleans
889,000
Galveston
539,000
655,000
723,000
45,000
Fort Worth
93,000
952.000 3,294,000 1,837,000
Buffalo
29.000
20,000
201,000
143,000
150,000
109,000
142,000
" afloat
182,000
534,000
484,000
Toledo
42,000
5,000
5,000
125,000
37,000
Detroit
4.000
1,567,000 17,592,000 4,764,000 2,739,000
Chicago
237,000
312,000
191,000
575,000
Milwaukee
243,000
82,000
9,000 9,473,000 3,951,000
1,464,000
Duluth
229,000
429,000 14,940,000 3,307,000 1,947,000
3,048,000
The statements of the movements of breadstuffs to market Minneapolis
81,000
54,000
194,000
7,000
Sioux City
11,000
indicated below are prepared by us from figures collected
229,000 1,664,000
394,000
5,000
3.000
by St. Louis
495,000 3,104,000
663,000
the New York Produce Exchange. The receipts at Western Kansas City
86,000
15,000
3,000
793,000
1,000
Wichita
lake and river ports for the week ending la.t Saturday
777,000
56,000
222,000
St.Joseph, Mo
2,000
6,000
263,000
212,000
since Aug. 1 for each of the last three years have been: and Peoria
427,000
14,000
78,000
Indianapolis
526,000 2,221,000
208,000
9,000
Omaha
10.000
Receipts at- Flour.
Wheat.
Corn.
251,000
Oats.
245,000
174,000
Barley.
Rye.
On Lakes
26.000
127,000
187,000
On Canal and River
bbls.1961bs.bush.60 lbs.bush.56 lbs bush.32 lbs.bush.481bs
bush.561bs.
Total July 3 1926_ _ _ _12,326,000 30,333,000 37,927,000 10,811,000 2,814,000
Chicago
456,000
207,000
530,000
568,000
67,000
19,000
Total June 26 1926____10,975,000 32,641,000 37,902,000 10,981,000 2,904,000
Minneapolis_
1,200,000
115,000
87,000
148,000
78,000
Total July 4 1925____26,670,000 13,094,000 33,263,000 7,160,000 1,384,000
Duluth
642,000
3,000
147,000
131,000
73,000
Milwaukee_
47,000
114,000
-Bonded grain not included above: Oats, New York, 77,000 bushels; Buf52,000
Note.
69,000
83,000
14,000 falo, 221,000; Duluth, 68,000; on Lakes, 139,000; total, 505,000 bushels, against
Toledo
71,000
32,000
50,000
1,000
1,000 747,000 bushels in 1925. Barley, New York, 62,000 bushels; Boston, 14,000; BufDetroit
19,000
4,000
16,000
31,000
Indianapolis
149,000
falo, 134,000; Buffalo afloat, 129,000; Duluth, 103,000; on Canal, 269,000; total,
90,000
81,000
351,000
St. Louis_ _ _ _
711,000 bushels, against 555,000 bushels in 1925. Wheat, New York, 1,000.000
386,000
210,000
17,000
1,000 bushels; Boston, 61,000; Philadelphia, 751,000; Baltimore, 652.000; Buffalo, 2,899,Peoria
21,000
34,000
309,000
43,000
17,000
Kansas City_
3,040,000
137,000
000; Buffalo afloat, 120,000; Duluth, 123,000; on Canal, 539,000; total, 6,145,000
67,000
Omaha
114,000
233,000
bushels, against 5,487,000 bushels in 1925.
90,000
146,000
Bt. Joseph
102,000
Canadian
16,000
2,166,000
3,715,000
210,000
2,554,000
Wichita
840,000
11,000
Montreal
3,523,000 1,697,000 3.853,000
38,000
Sioux City_
83,000
Ft. William dr Pt. Arthur_16,790,000
11,600
1,000
1.334,000
5.398.000
78.000
630.000
Other Canadian
Total wk. '28
369,000 8,797,000 2,146,000 1,465,000
7,023,000 1,985,000 5,323,000
Total July 3 1926 _ _ _ _25,903,000
186,000
Same wk. '25 410,000 4,952,000 1,749,000 2,641,000 465,000
8.097,000 2.053,000 5.931,000
Total June 26 1926....26,994,000
586,000
151,000
Same wk. '24 310,000 1,463,000 2,145,000 1,503,000
219,000 7,257.000 1.558.000 1.855,000
Total July 4 1925...22,872,000
260,000 860,000
Summary
Since Aug.112,326,000 30,333,000 37,927,000 10,811,000 2,814,000
American
20,763,000326,329,000 223,753,000 211,909,000
1925
25 903.000
7,023.000 1.985.000 5,223.000
1924
21,569,000 486,032,000 232,098,000 255,226,000 69,600,000 22,939,000 Canadian
Total July 3 1926 ____38,22o,000 30,333,000 44,950,000 12,796,000 8.037,000
1923
215,674.000 276,176,000 219.331.000 62,161,000 55,941,000
19.919.000
35 Q q7•nnn on
nr...
.
Total June 26 1926 _ _ _ _37,969,000 32,641,000 45,999,000 13.034.000 8,835,000
Total July 4 1925_ _ _ _49,542,000 13,313,000 40,520,000 8,718,000 3,239,000
Total receipts of flour and grain at the
134
the week ended Saturday, July 3,follow:
Receipts atNew York_ _ _
Philadelphia__
Baltimore____
Norfolk
New Orleans.
Galveston
Montreal
Boston
Flour.
Barrels.
167,000
36,000
9,000
2,000
42,000
30,000
40,000
Wheat.
Corn.
seaboard ports for
Oats.
Barley.
Rye.
Bushels.
Bushels. Bushels.
256,000 607,000
113,000
24,000
28,000
76,000
Bushels.
844,000
137,000
287,000
Bushels.
62,000
1,000
4,000
21,000
748,000
3,507,000
132,000
121,000
12,000
48,000
1,629,000
12,000
905,000
389,000
Total wk. '26
326,000 5,676,000
Since Jan.1'26 11,959,000 96,562,000
236,000 1,961,000 1,588,000
502,000
9,351,000 27,498,000 15,646,000
7,431,000
Week 1925
366,000 3,938,000
108,000 1,544,000 618,000
Since Jan.1'25 13,179,000 95.154.000 3,521.000 33.522 nen 1 c us
1,050,000
K ...., .,„ „....-.
•Receipts do not include grain passing through
New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports
ending Saturday, July 3, 1926, are shown in for the week
the annexed
statement:
Exports from
-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels.
Bushels. Bushels.
1,241,251
51,048 114,527 213,542 131,350
670,884
275,000
3,000
56,000
343,000
43,000
1,000
2,000
40,000 123,000
29.000
5,000
43,000
3,031,000
114,000 775,000
39,000 1,029,000
Total week 1926_ _ 4,930,251 217,048
Same week 1925__ 3,862,786 108.000 263,527 1,049,542 213,550 1,699,884
278.782 1541R51 071 170 Al n ttan
New York
Philadelphia
Baltimore
Norfolk
New Orleans
Montreal
The destination of these exports for the week
and since
July 1 1925 is as below:
WEATHER BULLETIN' FOR THE WEEK ENDED
-The general summary of the weather bulletin
JULY 6.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended July 6, follows:
In marked contrast to last week, which was abnormally cool over the
Eastern half of the United States, the weather during that just closed was
unusually warm throughout the great central valleys, and temperatures
continued high in the far West. In fact, Chart I shows that the week
was warmer than normal quite generally, except in some Southern border
districts and in the Lake region, where the weekly mean temperatures, as
a rule, were moderately subnormal. They were 3 deg. to 8 deg. above normal in the central portions of the country, with maxima of more than 100
deg. reported from many stations, and were 6 deg. to 11 deg. above in the
northern half of the trans-Rocky Mountain area. There has been a remarkable persistence of high temperatures in the latter section, as subnormal warmth has prevailed in only a very few weeks since the beginning
of last winter.
Chart II shows the weekly totals and geographic distribution of precipitation for the week. The amounts were moderate to rather heavy in the
middle Atlantic area and in the more southeastern districts; also locally
In the Northwest. Throughout the interior valleys, from the Lake region
eastward, and in most of the South the amounts were light to moderate,
while the far Western States had practically no precipitation.
The reaction to warmer throughout the Central and Northern States
promoted rapid growth of vegetation wherever there was sufficient moisture, being especially favorable for corn. At the same time, the weather
was generally favorable for field operations and harvesting made good
advance in interior States, with threshing progressing favorably in the
Southwest. The need for rain, however, had become urgent in a great
many places, especially over an extensive area comprising the central and
northern Plains States and in parts of the central valleys. The drought
is becoming severe over a more or less limited area comprising the immediate lower Ohio Valley districts and southeastern Missouri.
Generous rains near the close of the week in the Middle Atlantic States
were very beneficial and crops will now make rapid growth in that section
with the prevailing favorable warmth. In the Southeast the warmer
weather, following the recent good rains, was helpful and satisfactory crop
growth was reported, while in other portions of the South conditions were
mostly favorable, except that moisture is needed rather badly for some
crops in parts of the central Gulf area, especially in portions of Mississippi
and Louisiana. In the more western States conditions were favorable for
irrigated crops, but the continued high temperatures caused a heavy drain
on the water supply, which is now getting low in many places; dry-land
crops are needing moisture in much of the far West.
228
THE CHRONICLE
SMALL GRAINS.—The harvest of winter wheat made good progress
under fayorable weather conditions and advanced during the week to the
central portions of Indiana and Illinois and eastern Nebraska. In the East
some wheat is now readyto cut as far north as southern Pennsylvania.
Threshing made good progress in the Southwest. Conditions were rather
unfavorable for spring wheat, as the lack of moisture was still felt in many
sections and temperatures were rather high. In North Dakota progress
of the crop was poor to only fair, though very good in a few places that
were favored by showers, while in South Dakota there was very little
change in condition. The crop is very spotted in Minnesota and is mostly
poor. In the far Northwest the warm, dry weather was very unfavorable,
but in the central Rocky Mountain sections showers were laeneficial.rain
Oats continued to improve in most Northern States, except where
was needed in the Great Plains and parts of the central valleys. There
are still many reports of the crop heading on short straw. Threshing returns in the Southwest are showing generally satisfactory yields. Grain
sorghums and broomcorn are mostly good in the lower Great Plains, but
needing rain in most sections.
Note.—Through the kind co-operation of the officers of the Meteorological Services of several of the principal agricultural countries, we are now
able to include in this Bulletin brief weekly summaries of weather conditions
prevailing in these, with occasional remarks as to the effect of the weather
on crops, especially the cereals. Reports are now being included from
Argentina, Australia, Canada and England, the initial one from Australia
list
appearing in this issue. It is hoped to add other countries to this
In the near future.
in the
generally light in the Corn Belt, exceptgrowth
CORN.—Rainfall was
more eastern portion, but the higher temperatures promoted good
in
in all sections where moisture was sufficient. It was too dry for corn
the immediate lower Ohio Valley and southeastern Missouri, and more
in
moisture is rather badly needed in much of the Great Plains, especially
third of the
Kansas, where the crop is beginning to tassel in the easternvery good to
Growth was
State and is approaching a critical condition.
excellent in Ohio, the central and northern portions of Indiana ana Illinois,
Iowa and Missouri, and was stimulated by rains in the middle Atlantic
area. More moisture is needed in parts of the central Gulf area, but in
the Southeast and the Southwest good progress was reported.
the northern
COTTON.—Considerably warmer weather prevailed over
portion of the Cotton Belt, which was generally favorable. In Texas, tempractically rainless, except in
peratures were moderate and the week was
the south and locally in the east, and excellent growth was reported, but
frequent rains in the south caused increase in insect activity and shedding,
with some bolls rotting; fleas are more active, with considerable damage.
In Oklahoma the weather was dry and warm and the progress and condition of the crop ranged from fair to excellent, with fields clean.
In the central and eastern portions of the belt rainfall was mostly light
to moderate, and very good to excellent progress was reported in the
States of Arkansas, Louisiana, Tennessee, the Carolinas and Florida.
while advance in general was fair to very good in Georgia, Alabama, and
Mississippi. Further complaints of damage by hoppers were reported
from Georgia westward to the Mississippi Valley and in Arkansas.
RANGES, PASTURES, AND LIVESTOCK.—Pastures are doing well
in
generally in the Northeast and Middle Atlantic area. The dry weather
the Ohio Valley caused burning of pastures and shortage is reported genarea. Ranges are good in
erally, while rain is needed in the Great Plains
Montana, but are below normal in Wyoming. Rains are needed in the
are
southern Reeky Mountain area and the Great Basin; valley pasturesThe
drying in the North Pacific States. Livestock are mostly good.
weather was generally favorable for haying in the Northern States, except
for some local interruption in the Ohio Valley. Alfalfa needs rain in the
Western States.
the
MISCELLANEOUS CROPS.—Sweet potatoes are doing well inmost
Southeast and East. Potatoes are reported in good condition in from
the East, with improvement noted
sections. Truck 13 doing well in
the Carolinas, and made fair to good progress in most other sections,
although rain is needed in Oklahoma and the Great Basin. Tobacco is
doing well with improvement in the Southeast; harvesting made good
progress in Florida. Excellent weather for tobacco was reported in Tennessee, but firy weather retarded this crop in Kentucky. Sugar cane is
growing rai idly in Louisiana and is doing well in Florida. Sugar beets
are fair to good generally.
[VOL. 123.
THE DRY GOODS TRADE.
•
Friday Night, July 9 1926.
made in the markets
Further price readjustments were
for textiles during the past week. Following upon the heels
of last week's reduction of rayon quotations, the American
Woolen Co. surprised the woolen trade by opening their
men's wear spring fabrics for 1927 at an average decline of
10%. The reductions were almost double those generally
expected and were made possible by mill economies and
lower wool values since last season, which have been passed
on to 'consumers. It is hoped that this policy will stimulate
buyers to 'anticipate future needs. The new prices were
admitted to be at an attractive level. In regard to silks,
measured by deliveries of the raw product, manufacturers
succeeded in increasing operations somewhat last month.
The Silk Association of America reported deliveries of 37,644 bales, or 3,545 more than in May, but under June 1925.
Silk in storage reached the lowest level since July 1924,
totaling only 29,111 bales, compared with 31,143 last month.
Imports were slightly higher at 35,612 bales, compared with
35,120 during the month previous. Quotations for raw silk
were steadier, following publication of these favorable
monthly figures, which substantiated the belief that the
silk industry has been holding its own despite the wider
use of rayon fabrics. As to the proposed cotton textile institute, a meeting of the special committee of ten cotton
manufacturers will be held in this city July 20 to complete
their plans. Their survey of the industry has been completed and a statement will be given to the nation's manuanfacturers at another meeting the date of which will be
nounced later.
the first
DOMESTIC COTTON GOODS: The issuance of stimucotton crop condition report of the season failed to cotton
late renewed buying in the markets for domestic
goods during the week. If anything, it tended to increase
of the
hesitancy, as following the publication of the forecastbuyers
Department of Agriculture Crop Reporting Board, calling
continued apathetic and refused to place contracts
for future delivery. The report placed the condition of the
acres
crop at 75.4%, estimated the acreage at 48,898,000
and total yield at 15,635,000 bales. The maximum figure
quoted for the crop, assuming that conditions during the
current season are as favorable as those of last season and
1924 was 16,294,000 bales, while the minimum figure based
on the possibility of conditions as unfavorable as those of
1921, 1922 and 1923 was 13,726,000 bales. These figures
of 75.9% for the same period in
The Weather Bureau also furnishes the following resume compare with a condition
1925. The acreage was 1.7%, or 808,000 acres above that
of tie conditions in the different States:
for the corresponding period last year. This was much
North Carolina.—Raleigh: Very favorable for growth of crops and field
reflection In
excellent; condition poor to very larger than generally anticipated and found
work. Progress of cotton very good to
good; uneven age and size; some blooming and some not yet through a decline in prices for the raw material. Quotations subCorn, peachopping to stands. Considerable improvement in tobacco. only fair.
result was the realization
nuts, sweet potatoes, and fruits doing well; truck and pastures Condition sequently rallied, but the net
South Carolina.—Columbia: All crops growing vigorously.
that there is plenty of cotton available and in sight. Most
and progress of cotton very good with good stands in northwest where cloth prices have already discounted a decline in the staple
chopping active; early squaring and blooming freely; weevil have appeared.
ents will deGood stands of corn in northwest; elsewhere much old corn laid by. To- to 15 cents per pound and further readjustm
bacco improved; curing begun. Truck and lesser crops improved.
pend upon the amount of goods pressed for sale and the
Georgia.—Atlanta: Progress and condition of cotton continue generally
increased subfair to very good, though late; squaring in north with late crop mostly extent of curtailment. Restriction of output
good stands; blooming in south and central; fruiting well in some south stantially during the month just ended and will probably
and central sections, though growth too rank some places; flea infestation
possibly longer.
continues in much of north and west-central and some reported in south; be extended through the current month and
considerable damage; we vil continues in south and central. very good, Print cloths, 28-inch, 64 x 64's construction, are quoted at
Florida.—Jacksonville: Progress and condition of cotton
goods in the
A
although rain needed 1 i small areas of west, and too much moisture on 5%c., and 27-inch, 64 x 60's, at 473c. Gray
A
much of peninsula; wee..il more active. Corn good, but too much rain 39-inch, 68 x 72's construction, are quoted at 773c., and
locally in north-central and too dry small areas in west. Cane, peas,
39-inch, 80 x 80's at 9%c.
sweet potatoes, and peanuts doing well.
for
Alabama.—Montgomery: Temperatures averaged nearly normal; rains
WOOLEN GOODS: The feature of the markets
somewhat general and locally heavy. Vegetation needs rain in scattered
sections. Corn, sweet potatoes, truck, and pastures doing well. Growth woolens and worsteds was the unexpectedly low quotations
and condition of cotton mostly fair to very good, but bolls forming slowly;
Co. at Wednesday's
well cultivated in most sections, but grassy locally; weevil increasing and announced by the American Woolen
hoppers reported in several counties of south with much damage locally.
opening of their men's wear lines for spring 1927. New
Mississippi.—Vicksburg: Rains generally light; locally moderate. prom
reduction of 10%, ranging
sts15v com
Progress in growth and cultivation of cotton fair, but hopper causing fr ices7lito showedan average
1924,
shedding locally, especially in delta counties, and some weevil increase
pared with the levels for spring
of corn poor to fair, depending on occurrence of rain.
spring
throughout. Progress
in north while some were 15 to 20% below the quotations for
Louisiana.—New Orleans: Beneficial light to generous rains
fabrics
at close, but scattered showers elsewhere; more rain needed generally, 1925. The fact that Wednesday's opening of spring
especially for corn truck, and pastures, which suffered from hot, dry was nearly
three weeks earlier than last year's, coupled
winds. Progress of cotton very good; condition fair to very good; weevil
that
and hoppers in many places. Rice flooded in southwest. Sugar cane with the sharp decline in prices prompted the belief
grew 13g rar idly.
the big company had made an active bid for business. The
Texas.—Houston: Much cloudiness and frequent rains in south; widely
at an
scattered showers elsewhere. Threshing wheat and oats made fine prog- consensus of market opinion was that prices are now
ress with good to excellent yields. Progress and condition of pastures,
level, which in turn should stimulate consumer
corn, rice, truck, and minor crops fair to very good. Growth, cultivation, attractive
lines of
and condition of cotton plants excellent, but frequent showers in south demand. The company will open its complete
fourth caused increase in insects, shedding, and rotting bolls; elsewhere woolen and worsted tropical fabrics next Monday.
and worm damage slight, but fleas more active and damage moderate;
weevil
of
traps and poison being used against fleas.
FOREIGN DRY GOODS: Statistically, the condition
Oklahoma.—Oklahoma City: Hot and dry, with clear skies and few
For inat close. Progress and condition of cotton generally the linen market was claimed to be very healthy.
scattered showers
fair to excellent; fields clean and setting squares and bloom; weevil increas- stance, stocks of a number of different styles of costume
ing in east, but not yet serious. Progress and condition of corn generally
depleted. This was particufair to excellent, but needing rain on uplands. Threshing wheat and oats linens have been pretty well
progressed rapidly; yields good to excellent.
larly true of the bleached white and oyster white shades,
ittle Rock: Progress of cotton very good to excellent, except
Arkensas.—L
good consumer demand.
locally in south and central localities where considerable damage by hoppers; which have recently enjoyed a
weevil numerous some southeastern counties, but held in check by heat and This has succeeded in substantially reducing available
to very good. Progress of corn very good,
dryness; condition of crop fair
stocks and indications now point to scant supplies of these
except some north-central, eastern, and southern localities where too hot
cloths within the near future. Outlook for the latter was
and dry. Minor crops good in most sections.
condition of cotton excellent,
Tennessee.—Nashville: Progress and
helped by importers who were claimed to have no Incentive
although almost no rainfall attended heat. Corn in excellent state of
tory prices
cultivation and rapidly improving. Wheat and oats best showing with to import further quantities owing to unsatisfac
fine harvest weather. Fine growing weather in tobacco section and plants and the attitude among buyers who claim that they are
condition.
in best
Burlaps
Kentucky.—Loulsville: High temperatures and few scattered showers. unable to sell anything above distress quotations.
where condition
Moisture still adequate in most places of central and eastimmediate Ohio ruled dull and tended toward lower levels during the week.
corn very good; moisture deficient in
and progress of
corn condition and prog- Buyers refused to operate and were generally expecting
Valley and drought acute in extreme west where
places. Tobacco retarded in dry dis- lower prices, owing to estimates of a large jute yield. Light
ress poor to fair and curling some
State. Pastures drying rapidly
tricts, but doing well over about halfof
weights are quoted at 6.90c., and heavies at 8.80c.
becoming short. Wheat harvest completed.
and
JULY 10 1926.]
THE CHRONICLE
*tate an Tity Department
MUNICIPAL BOND SALES IN/JUNE.
Long-term State and municipal bond disposals during
June were about the same as in the previous-month, totaling
$134,550,418.• The amount issued in May was $134,954,493.
In June a year ago aggregate awards were $139,653,772.
The aggregate of State and municipaljbonds sold during
the first six months of 1926 reached $709,256,355; for the
first six months of 1925 the aggregate was $751,838,574;
for 1924, $788,744,973; for 1923, $584,800,923; and for
1922, $655,086,150.
The larger offerings during June may be:summarized as
follows:
229
1926.
, 1925.
1924.
1923.
1922.
$
$
5
$
$
Perm. loans(U. S.)_133,550,000 139,653.772 242,451,538 161,711,897 118,969,285
*Temp'y loans(U.5.) 60,248,000 99,813,948 52,231,933 55,489,124 23,321,465
Canadian l'ns
(perm.)
Placed in Canada_ 6,35,
,919 7,523,780 7,507,352 9,597,246 10,514,539
Placed in U. S___ 16,292,000 12,132,000 1,705,000 3,155,000
450,000
General fund bonds
(N. Y. City)_ _ __
15,000,000
Bonds U.S. Posses'ns 1,000,000
4.700,000
Total
218,417,337 274,123.600 303,895,823 229,953,267 157,955,289
* Includes temporary securities (revenue bonds and bills and corporate stock
notes) issued by New York City, $35,975,000 in June 1926, $66.494,000 in
$23,350,000 in 1924, 530,629,000 in June 1923 and $11,000,000 in June 1922. 1925,
•
- The number of municipalities in the United States issuing
permanent bonds and the number of separate issues made
during June 1926 were 508 and 674, respectively. This
contrasts with 392 and 510 for May 1926 and 583 and 788
for June 1925.
For comparative purpoEes we give the following table,
showing the aggregates for June and the six months for a
series of -years. In these figures temporary loans and bonds.
issued by Canadian municipalities are excluded:
Fourteen issues of 44% Buffalo, N. Y., bonds, aggregating:$7.682.000.
awarded to a syndicate headed by the Guaranty Co. of New York
at
101,609, a basis of about 4.07%.
Three issues of 44% State of New Jersey bonds sold to more than
30
local banks at various prices.
Month of
For the
Month of
For the
Sir Months.
June.
$4,000,000 44% State of Virginia certificates of indebtedness purJune.
Six Months.
5134,550,418 $709,256,355 1908
$31,606,064 5169,082,579.
chased by the Guaranty Co. of New York and the First & Merchants 1926
139,653,772 751,838,574 1907
1925
21,390,486 115,347,889
National Bank of Richmond at 101.059, a basis of about 4.09%.
242,451,538 788.744,973 1906
1924
21,686,622 102,338,245.
161,711,897 584,800,023 1905
$3,812.000 5% Los Angeles City School District, Calif., bonds (com- 1923
19,016,754 111,723,054
118,969,285 655,086,0 1904
1922
24,425,909 137,869,155
posed of $1,998,000 Los Angeles City School District bonds and:$1,814,0
00
110,412,059 466.415,b7 1903
16,926,619 79,576,434
Los Angeles City High School District bonds) awarded to a syndicate 1921
1920
45,113,020 322,661, 32 1902
28,417.172 87,628,395
headed by the First National Bank of New York at 105.85, a basis
100,378.461 305,650,831 1901
13,468,093 61,223,060
of 1919
27,821,083 151,7E6,284 1900
1918
about 4.52%•
19,670,126 77,943,665.
28,510,832 221,579,100 1899
1917
29,348,742 63,345,376
$3,550,000 Miami, Fla., bonds sold to Stranahan, Harris & Oatis,
Inc., 1916
47,555,691 283,464,572 1898
9,704,925 44,078.547'
of Toledo and associates as 5s at 98, a basis of about 5.17%.
x108,976,230 322,982,610 1897
1915
16,385,065 73.275,377
Three issues of 4% and 5% Tampa, Fla., bonds, aggregating $3,507,000, 1914
54,403,737 357,557,177 1896
12,792,303 43,176,964
39,386,230 218.879,270 1895
1913
purchased by the First National Bank of New York and associates
15,907,441
56,991,613
at 1912
49,485,807 246,289,293 1894
16,359,377 66,426,992
101.85, a basis of about 4.63%•
1911
27,470,820 223.262,370 1893
1,888,935 32.663,115
$3,200,000 4% Chicago South Park District, Ill., bonds (composed of 1910
19.369.775 162,846,110 1892
12,249,000 49,093,291
three issues) awarded to a syndicate headed by A. B. Leachl&
*62,124,450 207,125,317
Co. of 1909
Chicago at 98.66, a basis of about 4.17%.
* Incl. $40,000,000 48 of N. Y. City. x Incl. $71,000,000 44s of N. Y. City.
Two issues of 44% Milwaukee, Wis., bonds, aggregating $2.850,000,
Owing to the crowded condition of our columns, we are
purchased by the First National Bank of New York and associates
at
102.827, a basis of about 4.13%.
obliged to omit this week the customary table showing the
$2.700,000 6% Nine Mile Halfway Drainage District, Mich., bonds, month's bond
sales in detail. It will be given later.
purchased by Halsey, Stuart & Co. Inc.. of Chicago.
Eight issues of Syracuse, N. Y., bonds, aggregating7$2,536.000,
sold
to Geo. B. Gibbons & Co. of New York and associates as 4s at
100.063.
a basis of about 3.99%•
$2,400,000 Newport News, Va., bonds awarded to a
syndicatelheaded
by the Guaranty Co. of New York and the Wm. R. Compton Co.
of St.
Louis as 44s at 100.599, a basis of about 4.70%•
AGAR, Sully County, So. Dak.—BOND SALE.—The $11,000 coupon
water works bonds offered on June 5—V. 122, p. 3242—were awarded to
Seven issues of 4% Albany, N. Y., bonds, aggregating
$2,345,000, the Agar State Bank of Agar as 6s, at a premium of $125. equal to 101.13.
purchased by Estabrook & Co. of New York and associates
at 101.939 Date July 1 1926. Denom. $1,000. Due serially 1936 to 1947 incl.
a basis of about 4.01%.
Int. payable J. & J.
Two issues of Kearney, N. J., bonds, aggregating $2,190,000, $500 000
,
ALAMEDA COUNTY (P. 0. Oakland), Calif.—BOND SALE.—The
bearing interest at the rate of 4% and remainder 44%, sold
to Eldredge $500,000 5% tube bonds offered on July 6—V. 123. p. 106—were awarded
& Co. of New York, and M. M. Freeman & Co. of Philadelphia.
to Dean Witter & Co. and the Wells-Fargo Bank & Union Trust Co., both
Six issues of 5% Palm Beach, Fla., bonds, aggregating $2,000,000, of San Francisco, jointly, at a premium of $17,479. equal to 103.49. a basis
on a 9 u. 4.36%. Due $47,000, 1931; $225,000, 1932 and 1933 and $3.000
if 1bo4t
3
awarded to the Guardian Detroit Co. of New York at 99.01.
$2,000,000 4% Berks County, Pa., bonds purchased by
thelReading
National Bank of Reading at 101.02. a basis of about
ALBANY INDEPENDENT SCHOOL DISTRICT, Shackleton:1
3.93%.
Two issues of 44% State of Maryland bonds, aggregating $1,800,000, County, Tex.—BOND SALE.—Garrett & Co. of Dallas have purchased
an issue of $60,000 5% school bonds.
sold to Alexander Brown & Sons of Baltimore and Harris,
Forbes & Co.
ALICE INDEPENDENT SCHOOL DISTRICT, Jim Wells County,
of New York at 103.64, a basis of about 4.03%.
Tex.—BOND SALE.—The $15,000 54% school bonds offered on June 25—
$1,800,000 6% Scramento Valley Reclamation District No.
2047, Calif., V. 122, p. 3631—were awarded to Conn Brown of San Antonio.
bonds purchased by Cliford De Lorme & Co. of San Francisco at
par.
ALLIANCE, Stark County, Ohio.—BOND SALE.—On June 30 the
$1,750,000 44% State of South Dakota bonds purchased by
a syndicate $100,000 5% coupon or registered sewage disposal plant bonds
offered on
headed by Barr Bros. & Co. of New York..
that date (V. 122, p. 3631) were awarded to Howe, Snow & Betties of
$1,500,000 44% Knoxville, Tenn., bonds awarded to the
Guaranty Chicago for $105,289, equal to 105.289, a basis of about 4.45%. Date
Co. of New York and associates at 100.93, a basis of about
March 1 1926. Due $4,000, April 1 1928 to 1952 incl.
4.43%.
81.400.000 Harrison County, Miss., bonds sold to a syndicate
ALTUS, Jackson County, Okla.—BOND OFFERING.—Adella Minor,
headed
by the Hibernia Securities Co. of New Orleans as 5%s at
101.69, a basis City Clerk, will receive sealed bids until 8 p. m. July 26 for $690,000 5%
of about 5.35%.
water works bonds. Due in 1 to 25 years. A certified check for $10,000
required. There are the bonds originally offered for sale on July 2—V.122.
$1.198,000 Passaic, N. J., bonds awarded to the First
National Bank p. 3631.
of New York as 44s at 100.22, a basis of about 4.22%.
$1,039,000 5% Hillsborough County, Fla., ben:Ms purchased
ANNVILLE TOWNSHIP SCHOOL DISTRICT (P. 0. Annville),
by Harris, Lebanon County, Pa.—BOND
Forbes & Co. of New York and Stranahan, Harris & Oatis,
SALE.—On
%
Inc., of Toledo coupon school bonds offered on that date (V. July 7 the $36.000
122, p. 3487) were awarded
at par.
to the Peoples
Annville for $37,440, equal to 104, a basis of
Two issues of Memphis, Tenn., bonds, aggregating $1,007,000, sold to about 4.22%. Trust Co. of 1,
Dated June
1926. Due on June 1, as follows: $8,000
Estabrook & Co. of New York and associates, taking
$957,000 as 44s 1936; $12,000, 1946 and $16,000, 1956.
and $50,000 as 4s at 100.407, a basis of about 4.45%.
ANSONIA, Darks County, Ohio.—NOTE SALE.—On June 11 the
Two issues of 5% State of Colorado bonds, aggregating
$1,000,000, $35,512 50 6%, coupon funding net deficiency notes offered on that date
awarded to Inc., of New York and Barr Bros. & Co.,
associates at 105.429. (V. 122, p. 3242) were awarded to Otis & Co. of Cleveland at a premium
of $611 equal to 101.72, a basis of about 5.25%. Date June 1
a basis of about 4.55%•
1926
Due $3,551 25 each six months from April 1 1927 to Oct. 1 1932 incl.
$1,000,000 4% Duluth, Minn., bonds purchased by
the First National
Bank of New York and associates at 99.319, a basis of
BALTIMORE COUNTY (P. 0. Towson), Md.—BOND SALE.—On
about 4.085%•
July 7 the $250,000 44
Five issues of 5% Jacksonville, Fla., bonds, aggregating
$1,000,000, p. 3368) were awarded % coupon school bonds offered on that date (V. 122.
awarded to the Equitable Trust Co. of New
to Strother, Brogden & Co., MacKubin, Goodrich
York and Howe. Snow
& Co. and the Continental Trust Co. all of Baltimore for $265.245, equal
Berties, Inc., of Chicago at 103.078, a basis of about
&
to 106.09. Denom. $1,000. Date Aug. 1 1926. Int. F. & A. Due in
$1,000,000 6% Fort Lauderdale, Fla., bonds sold 4.49%.
to Eldredge & Co. 1954, 1955 and 1956.
of New York and associates at 99.45, a basis of about 6.05%.
BARRETT TOWNSHIP SCHOOL DISTRICT (P. 0. Canadienss),
There were also placed during June by Honolulu
Monroe County, Pa.—BOND OFFERING.—Sealed bids will be
(City until
received
8 p. m.(standard time) July 21 by Sue C.
and County), Hawaii, $1,000,000 5% 20-30-year
(opt.) Directors, for $5,000 43i% coupon school bonds. Price, Secretary Board of
Denom.$1,000.
public improvement bonds. They were awarded
Oct. 15 1925. D ue Oct. 15 1955, optional on any interest payingDated
date,
to a Certified check for 2% of the amount bid for, payable to the
District Treassyndicate headed by Barr Bros. & Co., Inc., of New
York urer, required.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
at 107.267, a basis of about 4.45% to optional date
and
a basis of about 4.55% if allowed to run full term of years.
Temporary loans negotiated during the month of
June
amounted to $60,248,000, which includes $35,975,000
borrowed by New York City.
The aggregate of Canadian bond disposals made during
June at home and abroad was $22,618,919, which
includes
a $7,500,000 43% issue floated by the Province of
Quebec
and a $6,000,000 43/2% refunding bond issue floated by the
Province of British Columbia.
Below we furnish comparison of all the various forms
of
obligations hold in June during the last five years:
BATON ROUGE, Baton Rouge Parish, La.—BGND SALE.—The
8300.000 5% coupon wharf and river terminal bonds offered on July 6—
V. 122, p. 3487—were awarded to the Hibernia Securities Co. of New
Orleans at a piremium of $15,071. equal to 105.02. Date June 1 1926.
Due serially March 1 1927 to 1954 incl.
BEDFORD (P. 0. Katonah), Westchester County, N. Y.—BOND
OFFERING.—Sealed bids will be received until 11 a. m. (daylight saving
time) July 15, by Edward P. Barrett, Town Supervisor. for $85,000 not
exceeding 5% coupon highway bonds. Denom. $1.000. Date July 1
1926. Int. J. & J. Due on July 1 as follows: $4,000, 1927 to 1941 incl.
and $5,000, 1942 to 1946 incl. Certified check for $2,000, payable to the
Town Supervisor, required. Legality will be approved by Clay & Dillon
of New York.
•
BERKS COUNTY (P. 0. Reading), Pa.—BOND DESCRIPTION.—
The $2,000,000 road bonds awarded to the Reading National Bank of Reading at 101.02 (V. 123, p. 106), a basis of about 3.93%. bear interest at the
rate of 4% and are described as follows: Due on July 1 as follows: $44,000,
1930; 146,000, 1931; $48,000, 1932; 850.000, 1933; $52.000, 1934;
1935; $56,000, 1936; 858,000, 1937; 360.000, 1938; $62,000, 1939; $54.000.
566,000/
230
THE CHRONICLE
[VoL. 123.
-BOND OFFERING.
CHATTANOOGA, Hamilton County, Tenn.
1940; $68,000, 1941; $72,000, 1942; 574,000, 1943: $78,000, 1944; $82,000, Richard Hardy, Mayor, will receive sealed bids until 10 a. m. July 17 for
1945:$84.000, 1946; $88,000, 1947; $92,000, 1948; 596,000, 1949; $100,000 $225,000 434% suburban impt. bonds. Date Aug. 2 1926. Denom.
1954, and
1950; $106,000, 1951; $110,000, 1952; $114,000, 1953; $118,000, office of
Due in 30 .years. Prin. and int.(F.& A.) payable at the National
$122.000, 1955. Prin. and semi-ann. int. (J. & J.) payable at the Munson $1.000.
City Bank, New York City. A certified check for 2% of the par value
the County Treasurer. Legality approved by Townsend, Elliott &
of the bonds payable to F. K. Rosamond, City Treasurer, required. Legalof Philadelphia.
ity approved by Caldwell & Raymond, New York City.
-On
-BOND SALE.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
6n June 29
-BOND SALE. . CLARION COUNTY(P.O. Clarion),Pa.
issue of.$32,900
June 30 the Detroit Trust Co. of Detroit purchased an
the 380,0004 i.f% coupon road bonds offered on that date (V. 122. 13• MS)
434% road assessment district bonds.
at a premium of
were awarded to the National City Co. of New York
-On July 6 $1,181 60, equal to 101.47 a basis of about 4.11%. Date July 1 1925.
-BOND SALE.
BETHLEHEM, Northampton County,Pa.
$20,000, 1944.
the $120,000 water works impt. bonds offered on that date (V. 122, p. 3631) Due on July 1 as follows: $15,000, 1940 to 1943 incl. and
were awarded to the Sinking Fund Commission of Bethlehem at par.
CLARK COUNTY HIGHWAY DISTRICT (P. 0. Dubois), Ida.
1927 to 1929 incl.,
Date Feb. 15 1926. Due $20,000, Feb. and Aug. 15,
-Edward W. Laird, Secretary Board Highway ComBONDS OFFERED.
optional Aug. 15 1927.
% highway
missioners, received sealed bids until July 7 for $100.000
BLACK LICK TOWNSHIP (P. 0. Blairsville), Indiana County, Pa. bonds. Denom. $1,000. Due in 20 years, optional after 10 years.
-Sealed bids will be received until 10 a. m. July 24
BOND OFFERING.
-The $830,000
-BOND SALE.
CLEARWATER,Pinellas County,Fla.
by L. C. Ferguson, Treasurer Board of Supervisors, for $25,000 5% road
-were awarded to a synon July 5-V.122, p.3632
as
impt. bonds. Denem. $1,000. Date July 1 1926. Due on July 1 for 6% impt. bonds offered Hanchett Bond Co. of Chicago, the Well, Roth &
the
dicate composed of
follows: $5,000, 1928. 1930, 1932 and $10,000, 1934. Certified check
Irving Co. of Cincinnati and Watling, Lerchen & Co. of Detroit at 98.43,
$500 payable to the Board of Supervisors, required.
a basis of about 6.12%. Date May 1 1926. Due May 1 1956.
-Sealed
-BOND OFFERING.
Bergen
BOLIVAR, Tuscarawas County, Ohio.
CLIFFSIDE PARK SCHOOL DISTRICT (P. 0. Cliffside),issues of
bids will be received until 12 m. July 31 by John A. Ewing, Village Clerk, County, N. J.
-On June 22 the following two
-BOND SALE.
for $3,300 6% (special assessment) Canal Street bonds. Denom. $180 5% coupon or registered school bonds aggregating $214,000 offered on that
except 1 for $240. Date May 15 1926. Due $180 March and Sept. 15 date (V. 122, p. 3488) were awarded as follows:
1927 to March 15 1935 and $240 Sept. 15 1935.
To Hoffman & Co. of New York:
- $188,000 ($189,000 offered) series A bonds,for $189,087 50,equal to 100.57,
BOSTON HEIGHTS (P. 0. Boston), Summit County, Ohio.
a basis of about 4.94%. Due on July 1 as follows: $8,000,
-On July 3 the $9,700 5% street impt. bonds offered on that
SALE.
BOND
1928 to 1932 incl.; $10,000, 1933; $12,000, 1934 to 1955 incl.
date(V. 122, p. 3368) were awarded to A. E. Aub & Co. of Cincinnati at a
and $11,000, 1956.
premium of $133, equal to 101.37. a basis of about 4.73%. Dated July 1
To A. V. O'Brien & Co. of New York:
1927, and $1,000, 1928 to 1936 incl.
1926. Due on Oct. 1 as follows: $700,
50, equal
$26,000 ($26.000 offered) series B bonds at a premium of $144 1 1928 to
-Sealed
to 100.55, a basis of about 4.94%. Due $1,000, July
-BOND OFFERING.
BRAINTREE, Norfolk County, Mass.
1953 incl..
bids will be received until 3 p. m. July 12 by the Town Treasurer, for
Date July 1 1926. The $326,000 5% series A bonds offered on the same
5
1
$335,800 4% school bonds. Date Ju1y4 , .1926. Due in 1927 to 1941 incl.
date were withdrawn from the sale.
BREVARD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 3
-BOND
-The $100,000 6% school bonds
COLLINGDALE (P. 0. Darby), Delaware County, Pa.
(P. 0. Titusville), Fla.
-BOND SALE.
on
-On June 7 the $20,000 5% registered borough bonds offered
-were awarded to Spitzer, Rorick & SALE.
offered on June 17-V. 122, p. 3110
National
Co. of Toledo at 96.80, a basis of about 6.32%. Date April 1 1926. Due that date (V. 122, p. 3243) were awarded to the Lansdowne
1944 to 1953 incl. Bank of Landsdowne at 107.019.
April 1 as follows: $3.000, 1929 to 1943 incl.; $4,000,
and $5,000. 1954 to 1956 incl. Prin. and int. A. & 0.) payable at the
-Sealed
-BOND OFFERING.
COLUMBUS, Lowndes County, Miss.
National City Bank, New York City.
bids will be received by the City Clerk until July 15 for $60,000 public
Financial Statement.
$6,500,000 improvement bonds.
Real value (est.)
833,875
-The
Assessed valuation, 1925
-TEMPORARY LOAN.
CONCORD, Merrimack County, N. H.
140,000
Total bonded debt incl. this issue
Old Colony Corp. of Boston purchased on July 1 a $50,000 temporary loan
Population (est.), 100,000.
on a 3.53% discount basis plus a premium of $1 50.
(P. 0.
-The
BREVARD COUNTY SPECIAL TAX SCHOOL DIST. NO. 4 offered
-BONDS NOT SOLD.
CONROE, Montgomery County, Tex.
-The $200,000 6% school bonds
-BOND SALE.
-have not as
Titusville), Fla.
122, p. 2990
to Braun, Bosworth & Co. of $55.000 6% sewer bonds offered on June 3-V.
-were awarded
on June 17-V. 122, p. 3110
1 yet been sold.
Toledo at 98.11, a basis of about 6.12%. Date April 11926. Due April
-The
-BOND SALE.
as follows: $6.000, 1929 to 1943 incl.; $8.000, 1944 to 1953 incl. and $10,000,
CORPUS CHRISTI, Neuces County, Tex.
1954 to 1956 incl. Prin. and int. (A. & 0.) payable at the National City William R. Compton Co. of St. Louis has purchased an issue of $300,000
Bank, New York City.
construction bonds. Date April 10
5% coupon seawall and breakwater
Financial Statement.
to 1945 incl. I'rin.
Aprli 10
$15,200,000 1926. Denom. $1,000. Due $25,000, National 1934 Bank, N. Y. City.
Real value (est.)
Park
2,750,150 and int. (A. & 0. 10) payable at the
Assessed valuation, 1925
of Wood & OaKley, Chicago.
375,000 Legality to be approved by Charles B. Wood
Total bonded debt incl. this issue
Financial Statement.
Population (est.), 6,000.
$25,000,000 00
-Sealed Estimated actual value taxable property
16,500,000 00
-NOTE OFFERING.
BROOKLINE, Norfolk County, Mass.
Assessed value (1926 official estimate)
4,249,000 00
bids will be received until 12 m.July 12 by the Town Treasurer for $250,000 Total general bonded debt, incl. all seawall bonds_
Less self-supporting debt and sinking funds- _$1,014,354 34
notes. Due Nov. 18 1926.
3,234.645 66
No. 1 Net bonded debt, incl. all seawall bonds
BROWARD COUNTY SPECIAL TAX SCHOOL DISTRICTcoupon Net bonded debt,excl.seawall bonds payable from State tax_ 1,277,021 29
-The $65,000 6%
-BOND SALE.
(P. 0. Fort Lauderdale), Fla.
Population, 1920 U. S. Census, 10,522; prsent estimate, 17,500.
-were awarded to M. W
122, p. 2843
school bonds offered on June 5-V.
-BOND
Elkins & Co. of Little Rock at 95. a basis of about 6.49%. Date May
CRAWFORD COUNTY (P. 0. Prairie du Chien), W15. issue of
1 1926. Due May 1 as follows: $2,000, 1929 to 1944 incl. and $3,000, 1945 SALE.
-The Hanchett Bond Co. of Chicago has purchased an
1926. Denom. $1,000. Due
to 1955 incl.
$93,000 5% highway bonds. Date May 1
Principal and interest
Fayette $63,000 May 1 1930 and $30,000 May 1 1931.
SCHOOL DISTRICT (P. 0. Brownsville), of Pitts- (M. & N.) payable at the County Treasurer's office. Legality to be
BROWNSVILLE'
-On June 2 J. H. Holmes & Co.
.County, Pa.
-BOND SALE.
approved by Charles B. Wood, of Wood & Oakley, Chicago.
burgh, purchased an issue of $80,000 4K,% school bonds. Denom. $1.000.
0.
Date July 1 1925. Due $10,000, July 1 1932, 1936,.1940, 1943, 1946, - CROWN POINT CENTRAL SCHOOL DISTRICT No. 3 (P.bids
-Sealed
-BOND OFFERING.
Crown Point), Essex County, N. Y.
1950, 1953 and 1955.
will be received until 7.30 p. m. July 15 by Walter A. Clarke, District
-TEMPORARY LOAN.
BRUNSWICK, Cumberland County, Me.
Clerk, for $92,000 5% coupon or registered school bonds. Denom. $1,000.
'The Shawmut Corp. of Boston purchased on July 1 a $20,000 temporary Date May 1 1926. Prin. and semi-ann. bit. (M. & N.) payable in gold
loan on a 3.95% discount basis.
at the Chase National Bank, New York. Due on May 1 as follows: $2,000,
1945 to 1947 incl.;
-Sealed bids 1927 to 1938 incl.; $3,000, 1939 to 1944 incl.; $4.000,
check
-BOND OFFERING.
BRYAN Williams County, Ohio.
$5,000, 1948 to 1951 incl. and $6,000, 1952 to 1954 incl. Certified
will be received until 12 m.July 26 by J. A. Neill, Village Clerk,for $31,000 for w yorequired. Legality approved by Thomson, Wood & Hoffman of
Ne 5% rk
Prin.
5% refunding bonds. Denom.$500. Date Sept. 1 1926. office.and semiDue on
ann. int. (M & S.) payable at the Village Treasurer's 1940 and 1941.
3 (P. 0.
Sept. 1 as follows: $2,000, 1927 to 1939, incl. and $2,500,
CUMBERLAND COUNTY DRAINAGE DISTRICT No. Chairman
'
-E. H. Bullard,
% of the bonds bid for, payable to the Village Fayetteville), No. Caro.
Certified check for
-BOND OFFERING.
until 12 m. Aug.2 for
Treasurer, required.
Board of Commissioners will receive sealed bids
July 1 1926. Denom. $1,000. Due
int.
City), San $59.000 6% drainage bonds. Date
BURLINGAME SCHOOL DISTRICT (P. 0. Redwood M. Kneese, $6,000, July 1 1931 to 1939 incl; and $5,000, in 1940. Prin. and
A certified
-Elizabeth
Mateo County, Calif.
-BONDS OFFERED.
(J. & J.) payable at the Guaranty Trust Co., New York City.
County Clerk, received sealed bids until July 6 for $75,000 5% school check for $1,180 payable to D. Gaster, County Treasurer, required.
bonds. Date July 11926. Denomination $1,000. Due July 1 as follows:
(P. 0.
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT No. 5 Board
$6,000, 1927 to 1938, incl., and $3,000 in 1939. Prin. & in J. & J., payMiami) Fla.-BOND OFFERING.-Charles M. Fisher, Secretary 20 for
able at the County Treasurer's office.
bids until 1.30 p. m. July
of Public Instruction, will receive sealed
CALCASIEU AND JEFF DAVIS PARISHES GRAVITY DRAINAGE $635.000 not exceeding 6% school bonds. Date June 1 1926. Denom.
-BOND OFFERING.- $1,000. Due June 1 as follows: $22,000, 1929 to 1937 incl.; and $23,000,
DISTRICT NO. 1 (P. 0. Lake Charles), La.
of 1%. Prin.
bids until Aug. 25 for $125,- 1938 to 1956 incl. Rate of interest to be in multiples of
-The District Commissioners will receive sealed
,
Bank, New York
n. e
. tA J
(
000 drainage bonds.
l ck
elaiable inug2o,17d0a0t. required.National
andciCity
r&tifDleci
for
TOWNSHIP SCHOOL DISTRICT (P. 0. Washington),
CANTON
-Sealed bids will I3e re-BOND OFFERING.
Washington County, Pa.
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT No. 13 (P. 0
ceived until 7 p. m. July 12 by A. L. Ferrer, Secretary Board of Directors, Miami) Fla.-BOND OFFERING.
-Charles M. Fisher, Secretary Board
Dated Jan. 1 1926. Due of Public Instruction, will receive sealed bids until 1.30 p. m. July 20 for
for $50,000 5% school bonds. Denom.$1,000.
$2,000, Jan. 1 1927 to 1951 incl. Certified check for $500, payable to the $85.000 not exceeding 6% school bonds. Date May 1 1926. Denom.
District Treasurer, required.
$1,000. Due May 1 as follows: $3,000, 1929 to 1943 incl. and $4,000,
in multiples of 34 of 1%. Prin.
1944
CARBON COUNTY SCHOOL DISTRICT NO, 6 (P. 0. Medicine and to 1953 incl. Rate of interest to be Chase National Bank, New York
hit.(M.& N.) payable in gold at the
bonds offered on
-The $25,000 5% school
Bow), Wyo.-BOND SALE.
-were awarded to the State of Wyoming at 102.01, City. A certified check for $1,700, required.
May 22-V.122, p. 2690
a basis of about 4.84%. Date May 1 1925. Due $1,000,1937 to 1941 incl.,
-The $260,000 6%
-BOND SALE.
DE LAND, Volusia County, Fla.
and $2,000, 1942 to 1951 incl.
-were awarded to
coupon city bonds offered on June 30-V. 122, p. 3488
premium of 31,100, equal to
CARMICHAEL SCHOOL DISTRICT (P, 0. Sacramento), Sacra- the Branch-Middlekauff Co. of Wichita at a 1 1926. Due $26,000 July 1
% school bonds 100.42, a basis of about 5.91%. Date July
-BOND SALE.
-The $19,500 534
mento County, Calif.
-were awarded to the Freeman, Smith & 1927 to 1936 incl.
offered on June 7-V.122, p.3110
-Sealed bids
Camp Co. of San Francisco at a premium of $647, equal to 103.31. Due
-BONDS OFFERED.
DENVER, Denver County, Colo.
for
serially 1927 to 1946 incl.
were received by Clem W. Collins, Manager of Revenue, until July 8
years.
In our notice of the offering of these bonds we incorrectly gave the amount $149,000
534% local impt. district bonds. Due in 1 to 6
of bonds to be sold as $195,00^
Cruces),
DONA ANNA COUNTY SCHOOL DISTRICT (P. 0. Las
-On
bonds
CARROLL COUNTY (P. 0, Westminster), Md.-BOND SALE.
N. Mex.-BOND SALE.
-The two issues of 534% coupon school
July I the $39,000 4%% coupon road innds offered on that date (V. 122, aggregating $20,000 offered on June 28-V. 122, p. 2990
-were awarded
John Y. Barr & Co. of Buffalo at 101.769, a
p. 3632) were awarded to
to Geo. W. Vallery & Co. of Denver as follows:
basis of about 4.14%. Date July 1 1926. Due on July 1 as follows: $15,000 School District No. 11 bonds at 101.61, a basis of about 5.33%•
$5,000, 1929 to 1935, incl., and $4,000, 1936.
Due $1,000, July 1 1931 to 1945 incl.
Due
-BONDS OFFERED.
5,000 School District No. 4 bonds at 95, a basis of about 5.91%.
CASS COUNTY (P. 0. Logansport), Ind.
July 11946, optional July 1 1941.
Sealed bids were received unto 10 a. m. July 10 by N. S. Hoffman, County
Date July 1 1926. Int. payable J. & J.
Treasurer, for the following two issues of 434% bonds aggregating $197,000:
$105.000 road bonds.
-The $28,000 6%
-BOND SALE.
DONNA, Hidalgo County, Tex.
.
92,000 road bonds.
-were awarded to
funding bonds registered on June 8-V. 122, p. 3633
Due each six months in 1 to 10 years.
H. C. Burt & Co. of Austin at par. Denom. $500. Due serially in 40
-BOND SALE.
-The years. Int. payable A, & 0.
LE, Wilkinson County, Miss.
CENTERVIL
1-V.
Allegheny
$16,000 coupon water works and electric light bonds offered on Junecity as
DORMONT SCHOOL DISTRICT (P. 0. Pittsburgh),
-were awarded to the Farmers Exchange Bank of this
122, p. 2989
-On July 6 the $100,000 43i% coupon school
-BOND SALE.
County, Pa.
National
6s. Date May 1 1926. Due May 1 1951. Int. payable M. & N.
bonds offered on that date (V. 122, p. 3633) were awarded to the
-BOND OFFERING. City Co. of New York at a premium of $809, equal to 100.809-a basis
CHARLESTON, Charleston County, So. Caro.
to 1955, inclusive.
S. Smith, City Treasurer, will receive sealed bids until 12 m. July 15 of about 4.19%. Due $5,00 May 1 1936
-W.
July 11926. Denom. $1,000. Due
-On July 6
-BOND SALE.
-for $200,000 5% paving bonds. Date
DUNKIRK, Chautauqua County, N. Y.
1929 to 1936 incl. and $12,000
3244)
July 1 as follows: $20,000. 1928: $21,000,
the i185.000 434%city hall bonds offered on that date (V. 122, p.
check for $2,500, required.
,n 1937. A certified
JULY 10 1926.]
THE CHRONICLE
were awarded to Pulleyn & Co. and F. B. Keech & Co., both of New York,
at 102.93. a basis of about 4.16%. Due on July 1 as follows: $10,000, 1928
to 1932 inel., and $9,000, 1933 to 1947 incl.
EAST BATON ROUGE PARISH SCHOOL DISTRICT No. 1 (P. 0.
-W. B. Hatcher, Superin-BOND OFFERING.
Baton Rouge), La.
tendent Board of Education will receive sealed bids until 11 a. m. July 22
for $500,000 5% school bonds. Date April 1 1925. Denom. $1,000.
Due April 1 as follows: $32,000, 1936; $64,000, 1937;$67,000, 1938;$71,000,
1939; $74,000, 1940; $79,000, 1941; 382,000, 1942 and $31,000, 1943.
Prin. and int. (A. & 0.) payable at the office of the Secretary Board of
Education or at the National City Bank, N.Y.City. A certified check for
$5,000 payable to W.H.Perkins, District Superintendent,required. Legality approved by Wood & Oakley of Chicago.
231
-The
-BOND SALE.
GULF COUNTY (P. 0. Wewahitchka), Fla.
$100,0006% court house and jail bonds offered on July 6-V.122, p.3489
were awarded to the American Exchange National Bank of Appalachicola
at 99.17, a basis of about 6.08%. Date Jan. 1 1926. Due Jan. 1 as follows: $3,000, 1929 to 1948 incl., and $5,000, 1949 to 1956 incl.
HARLINGER, Cameron County, Tex.
-BONDS OFFERED.
-Sealed
bids were received until July 7 by the City Secretary for the following 534%
improvement bonds aggregating $175,000:
$125,000 paving bonds.
25,000 sewer bonds.
10,000 water works improvement bonds.
5,000 incinerator bonds.
5,000 sidewalk bonds.
3,000 city hall and fire station completion bonds.
EAST COVENTRY TOWNSHIP SCHOOL DISTRICT (P.O. Potts2,000 city park bonds.
town R. F. D. No. 3), Montgomery County,Pa.
-BOND SALE.
-M.N.
Freeman & Co. of Philadelphia have purchased an issue of $42,000 434%
-BOND SALE.
-E. D.
HARPER COUNTY (P. 0. Buffalo), Okla.
chool bonds. Denom. $1,000. Date July 1 1926. Prin. and semi- Edwards of Oklahoma City purchased on July 2 an issue of 360,000 6%
ann. int. (J. & J.) payable at the Royersford Trust Co. Royersford. Due court house bonds at a premium of $1, equal to 100.001. Due serially in
on July 1 as follows: $5,000, 1931, 1936, 1941 and '
1946, $10,000, 1951 25 years.
and $12,000, 1956. Legality approved by Saul, Ewing, Remich & Saul
-BOND OFFERING.
-Sealed
HARRISBURG, Saline County, Ill.
of Philadelphia.
bids will be received until 1 p. m. July 10 (to-day) by Anne Davenport,
EAU CLAIRE,Eau Claire County, Wis.-BOND SALE.
-The $80,000 City Clerk, for 380.000 5% city hall bonds. Denom. 31,000. Dated
43 % high school bonds offered on July 7-V. 122, P. 3633-were awarded Aug. 1 1926. Prin. and hit, payable at any suitable bank or banking house
to Paine, Webber & Co. of Minneapolis at a premium of $2.070, equal to
n Chicago or St. Louis. Due $4,000, Aug. 1 1927 to 1946 incl. Certified
102.58, a basis of about 4.19%. Date July 1 1926. Due 35,000, July 1 check for $1,600, payable to the city, required. Purchaser to pay for legal
1928 to 1931 incl. and 34.000. July 1 1932 to 1946 incl. The total amount opinion and print the bonds.
of bonds issued was $85,000, but the City reserved the first maturing $5,000
-A. T.
HASTINGS, Adams County, Neb.-BOND OFFERING.
(due July 1 1927) for the investment of special funds.
Bratton,City Clerk, will receive sealed bids until 8 p. m.July 12for $150,000
ECHOLS COUNTY (P. 0. Statenville), Ga.-BOND ELECTION.
- not exceeding 4M% sewer bonds. Denom. $1,000. A certified check for
An election will be held on Aug. 4 for the purpose of voting on the uestion 1% of the bid, payable to A. M. Campbell, City Treasurer, required.
of issuing $32,000 school bonds. J. T. Culberson, Secretary Board of
Education.
HATBORO SCHOOL DISTRICT (P. 0. Hatboro), Montgomery
-Sealed bids will be received until
-BOND OFFERING.
County, Pa.
EL CAMPO, Wharton County, Tex.
-BOND SALE.
-The $60,000 7 p. m. (standard time) July 19 by George S. Stuart, Secretary Board of
534% coupon sewer bonds registered on June 8 (V. 122, p. 3633) were Directors, for $110,000 431% coupon school bonds. Denom. $1,000.
awarded to the Drake-Jones Co. of Minneapolis at a premium of $2,216, Date July 11926. Prin. and saini-ann. int.(J. & J.) payable in Hatboro.
equal to 103.69. Date Oct. 10 1925. Due serially April 10 1926 to 1965, Due on July 1 as follows: $10,000, 1929, and $4.000, 1930 to 1954 incl.
inclusive. Interest payable A. & 0. 10.
Certified check for 2% of bid, required. Legality approved by Townsend,
Munson of Philadelphia.
EL MONTE SCHOOL DISTRICT, Los Angeles County, (P. 0. Elliott &
Angeles), Calif.
-BOND SALE.
Los
-The $75,000 5% school bonds
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 10 (P. 0.
-were awarded to the William R. Baldwin), Nassau County, N. Y.
offered on June 28-V. 122, I). 3633
-BOND OFFERING.
-Sealed bids
Swats Co. of Los Angeles. Date June 1 1926. Due $3,000, June 1 1927 will be received until 8 p. m. July 20 by Chas. L. Wheeler, District Clerk,
to 1951 incl.
for the following two issues of 4 % bonds, aggregating $75,000;
$50,000 school bonds. Due $2,000 April 1 1927 to 1951, inclusive.
ENGLEWOOD, Arapahoe County, Colo.
-BOND OFFERING.
school bonds. Due on April 1 as follows: $1,000, 1927, and 32,000.
Lenora Fogle, City Clerk, will receive sealed bids until 8 p. m. July 26 for. 25,000 1928 to 1939, inclusive.
,
6
$6,500 5, 53 or 6% sidewalk District No. 1 bonds. Date Aug. 1 1926.
Denom.$1,000. Date April 1 1926. Pirncipal and semi-annual interest
Due serially Aug. 1 1927 to 1948 incl. A certified check for $500required.
(A. & 0.) payable at the Baldwin National Bank, Baldwin, in New York
exchange. Certified check for 10% of the bonds required.
-BOND SALE.
EUSTIS, Lake County, Fla.
-The $45,000 6% coupon
street impt. assessment bonds offered on June 9-V. 122, p. 3244
-were
HEMPSTEAD UNION FREE SCHOOL DISTRICT No. 15 (P. 0.
awarded to the Citizens Bank of Eustis at par. Date July 1 1926. Due Lawrence), Nassau County, N. Y.
-BOND SALE.
-Oh June 29 the
serially July 1 1927 to 1936, incl. Int. payable J. & J.
following three issues of 4 % coupon or registered bonds aggregating
FOLCROFT SCHOOL DISTRICT (P. 0. FOLCROFT), Delaware $820,000 offered on that date (V. 122, p. 3634) were awarded to a syndicate
-BOND SALE.
-On June 28 the $5,000 434% coupon school composed of A. M. Lampert & Co., Blodget & Co. and Pyne, Kendall &
County, Pa.
bonds offered on that date (V. 122, p. 3633) were awarded to the First Hollister, all of New York for $845,089, equal to to 103.059, a basis of
National Bank of Lansdowne at 100.27, a basis of about 4.47% to optional about 4.23%.
"A" bonds. Due on July 1 as follows: $5,000, 1929 to
date and a basis of about 4.49% if allowed to run full term of years. Date $240,000 seriesincl., and $10,000, 1937 to 1956 incl.
1936
July 1 1926. Due July 1 1956, optional July 1 1936.
180,000 series "B" bonds. Due on July 1 as follows: $5,000, 1928 to
1949 incl., and $10,000, 1950 to 1956 incl.
FORT LAUDERDALE, Broward County, Fla.
-BIDS.
-The follow400,000 series "C" bonds. Due on July 1 as follows: $5,000, 1928;
ing is a list of other bids received for the 31,000,000 6% coupon city bonds
$10,000, 1929 to 1933 incl., and 315,000, 1934 to 1956 incl.
awarded on June 29 to a syndicate composed of Eldredge & Co.and Halsey,
Date July 1 1926.
.Stuart & Co. both of New York City and Wright, Warlow & Co.of Orlando
at 99.45, a basis of about 6.05% (V. 123, p. 107):
HENDRY COUNTY SPECIAL TAX SCHOOL DISTRICT No. 5
BidderPrice Bid. (P.O. La Belle), Fla.
-E.G.Pfluge, Superintendent
-BOND OFFERING.
Steifel, Nichols & Co., Inc.; Kauffman, Smith & Co., Inc
$971,850 Board of Public Instruction, will receive sealed bids until 12 m. July 17
Atlantic National Bank, Jacksonville; Brown-Crummer Co.- Stranschool bonds. Date July 1 1926. Denom. $1.000. Due
for 350,000 6%
ahan, Harris & Oatis, Inc.; Breed, Elliott & Harrison; Bohmer'
32,000, July 1 1929 to 1953 incl. A certified check for $1,000, payable
Reinhardt Co.; Farson Son & Co
First National Bank, Fort Lauderdale; Fort Lauderdale Bank & 970,150 to the Chairman Board of Public Instruction required. Legality approved
by Chapman, Cutler & Parker of Chicago.
Trust Co., Fort Lauderdale
960,000
HILLSBORO INDEPENDENT SCHOOL DISTRICT, Hill County,
FORT WORTH, Tarrant County, Tex.
-BOND OFFERING.
-0. E.
-At an election held on June 26 the voters author
-BONDS VOTED.
Carr. City Manager, will receive sealed bids until 10 a. m. July 20 for Tex.
$1,170,000 434% city bonds. Date July 1 1926. Denom. $1,000. Due zed the issuance of $60,000 school bonds by a count of 318 for to 245 against.
serially, July 1 1931 to 1966 incl.
HOPEWELL TOWNSHIP SCHOOL DISTRICT (P. 0. New
-BOND OFFERING.
-Sealed bids will
Sheffield) Warren County, Pa.
FRANKLIN, St. Mary County, La.
-BOND OFFERING.
--C. Aucon, be received until 9 a. m. (eastern standard time) July 15 by J. H. Figley,
Town Clerk, will receive sealed bids until 10 a. m. Aug.4 for $150,000 not Secretary Board of Directors, for $15,000 4Yi % coupon school bonds.
exceeding 6% public impt. bonds. Date Sept. 1 1926. Denom. 31,000. Denom. $1,000. Date June 1 1923. Prin. and semi-ann. int. (J. & D.)
Due serially Sept. 1 1928 to 1946 incl. Prin. and int.(M.& S.) payable in payable at the Woodlawn Trust Co., Woodlawn. Due on June 1 as follows:
New York City. A certified check for 34,500 required. Legality approved $8,000, 1948 and $7,000, 1953. A certified check for $500, payable to the
by Thomson, Wood & Hoffman, New York City.
School District, required. Bids to be opened at the office of W. D. Craig,
382 Franklin Ave., Woodlawn, Pa.
FREDERICK, Frederick County, Md.-BOND OFFERING.
-Sealed
bids will be received until 7.30 p. m. Aug.4 by the Mayor and City Register,
-BOND SALE.
-The
HOQUIAM, Grays Harbor County, Wash.
for the whole or any part of 325.000 4 % bonds. Denom. 31.000. Date $250,000 bridge bonds offered on June 16-V. 122. p. 3112
-were awarded
Aug. 1 1926. Int. F. & A. Due $1,000 yearly from Aug. 1 1928 to 1952 to a syndicate composed of the National Bank of Commerce, Carstens &
incl. Certified check for 5% of the amount bonds bid, payable to the Earles, Inc., Ferris & Hardgrove and Geo. H. Burr, Conrad & Broom, Inc.
Mayor and Aldermen, required.
all of Seattle, as 5s. Date July 1 1926. Denom. $1,000. Due July 1 as
follows: 34,000, 1928 to 1930 incl.; $5,000, 1931 to 1934 incl.; 36,000, 1935
FROMBERG SCHOOL DISTRICT (P. 0.
g),
-BOND SALE.-Sidlo, Simons, Day & Co. of Carbon to 1937 incl.; $7,000, 1938 to 1940 incl.•, $8,000, 1941 to 1943 hid:: $9,000,
County, Mont.
Fromber
have purchased an issue of $12.000 school bonds at a premium of Denver 1944 and 1945; $10,000, 1946 and 1947; 311.000, 1948 and 1949; $12,000,
$302.20. 1950 and 1951; $13,000, 1952; $14.000, 1953 and 1954 and $15,000, 1955
equal to 102.51.
and 1956. Prin. and int. (J. & J.) payable at the City Treasurer's office
GENEVA, Ontario County, N. Y.
-BOND SALE.
-On July 1 the or at the Equitable Trust Co., New York City at holder s option. Legality
following two issues of 4%% coupon qr registered local impt.
bonds offered to be approved by Shorts & Denney of Seatte.
on that date (V. 122. p. 3633) were awarded to the
Financial Statement.
Manufacturers &
Traders Trust Co. of Buffalo as follows:
Actual valuation taxable property
$10,326,200
$37,000 series A bonds for $37,776 63, equal to 102.09, a
basis of about Assessed valuation, 1925
5,163,100
4.23%. Due on April 1 as follows: $1,000, 1927
and $2,000, Total bonded debt (including this issue)
468,000
1928 to 1945 incl.
Less sinking funds
16,918
40,000 series B bonds for 340.247 60, equal to 100.61, a
basis of about Net debt
451,082
4.36%. Due $4,000, Oct. 1 1926 to 1935 incl.
Population, 1920 Census, 10.058; 1926, est., 12,000.
Date July 1 1926.
HURON COUNTY (P. 0. Bad Axe), Mich.
-BOND OFFERING.
GOLIAD COUNTY (P. 0. Goliad), Tex.
-BONDS REGISTERED.
Sealed bids will be receive until 2 p. m. (Eastern standard time) July 15
The State Comptroller of Texas registered on July 3 an
issue of 554% by Clarke Munford, Clerk Board of County Road Commissioners,for $225,bridge refunding bonds. Due serially.
000 5% road bonds. Dated May 1 1926. Due in 1 to 10 years. Certified
GORMAN, Eastland County, Tex.
-BONDS REGISTERED.
-The check for $2,500 required.
State Comptroller of Texas registered on June 29 an issue of
$125,000 6%
JACKSON COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
refunding bonds. Due serially.
-BOND SALE.
Marianna), Fla.
-The following two issues of school
GREELEY, Weld County, Colo.
-BOND SALE.-Tho
bonds, aggregating $180,000, were awarded on July 6 as follows:
National Co., Gray, Emery & Vasconcells & Co., both of United States
To the G. B. Sawyers Co. of Jacksonville.
Den er, jointly
have purchased an issue of $85,000
% Paving District No.2
$150,000 6% Special Tax School District No. 1 bonds, at a discount of
equal to 99.06, a basis of about 6.10%. Duo Jan. 1 as
GREEN LAKE COUNTY (P.O. Green Lake),
Wis.-BOND SALE.
follows: $5,000, 1928 to 1945, inclusive, and $6,000, 1946 to 1955,
$1,400'
The $105,000 series "C" highway bonds offered on June
22-V. 122, p
inclusive.
3370-were awarded to the Berlin State Bank of Berlin as 5s
at a premium
To the State of Florida.
.
of $3,215, equal to 103.06, a basis of about 4.42%.
Date
330,000 6% Special Tax School District No. 25 bonds at 97.50, a basis
Coupon bonds, registerable as to principal only. Denom. July 1 1926.
$1,000. Due
of about 6.25%. Due Jan. 1 as follows: $1,000, 1928 to 1954,
as follows: 325,000. July 1 1927 and 1928; $10,000, April 1
1932,
Inclusive, and 32.000 in 1954 and 1955.
and 1937,and $15,000, 1935. Prin. and in (J.& J.) payable at 1933, 1934
the County
Date Jan. 1 1926. These are the bonds originally offered on May 7.
Treasurer's office. Other bids received, all for 5% bonds,
were as follows:
(V. 122, p. 2247.)
BidderPremium.
First Wisconsin Co., Milwaukee
JOHNSON
-PRICE PAID.
$3,189 00 The price paidCOUNTY (P. 0. Iowa City), Iowa.
A. C. Allyn & Co., Chicago
for
3,106 00 awarded on June 30the two issues of road bonds, aggregating $260,000,
Markesan State Bank, Markesan
to Geo. M. Bechtel & Co. of Davenport as 4Yas (V.
2,982 17 123, p.
Harris Trust & Savings Bank, Chicago
108) was 101.69-a basis of about 4.01%.
2,929 00
Mississippi Valley Trust Co., St. Louis
2,742 00
KENMORE, Summit County, Ohio.
Taylor, .wart & Co., Chicago
-On July 6 the
-BOND SALE.
2,722 65 $58,500
% (special assessment) street impt. bonds offered on that date
Hill, Joiner & Co., Chicago
2,635 00 (V. 122. p. 3634) were awarded to W.L. Slayton & Co. of Toledo at a preFinancial Statement (as Official Reported).
mium of $2,240, equal to 103.82, a basis of about 4.67%. Due on Sept. 1
Total debt (including this issue)
$685,000 as follows: 36.500, 1927; $6.000, 1928 to 1934 incl., and 35,000, 1935 and
Assessed valuation, real estate
1936.
23,539.035
Assessed valuation, personal
-BOND OF4,330,300
KINGSFORD (P. 0. Detroit), Wayne County, Mich.
Total assessed value, 1925
27,869,335 FERING.
-Sealed bids will be received until 6:30 p. m.July 12 by C. Walter
Total value of money and credits(May 25 1926)
153,000 Seiler, Village Clerk, for $125,000 6% sanitary storm sewer bonds. Dated
Value of property owned by county
175,000 July 15 1926. Due $31,250, July 15 1927 to 1930 incl. Certified check
Population 1926 (estimated)
16,000 for $5,000 required.
T3onds.
-441
232
THE CHRONICLE
LAKE GEORGE CALDWELL UNION FREE SCHOOL DISTRICT
NO. 1 (P. 0. Warren County, N. Y.
-BOND OFFERING.
-Sealed bids
will be received until 8 p. in. (daylight saving time) July 21 by Frank H.
Smith, Clerk Board of Education, for 3200,000 5% coupon (registerable as
to principal only or as to both principal and interest) school bonds. Denom.
$1,000. Date July 1 1926. Prin. and semi-ann. int. (J. & D.) payable in
gold coin or lawful money of the United States at the First National Bank,
Lake George, New York,in New York exchange, or at the New York Trust
Company in New York at the option of the holder. Due on Dec. 1 as
follows: $5,000, 1929 to 1942 incl. and $10,000, 1943 to 1955 incl. A
certified check or cashier's check on an incorporated bank or trust company
for $2,500, payable to Emmet Archibald. Treasurer Board of Education,
required. Legality approved by Clay & Dillon of New York.
LAKE COUNTY (P. 0. Waukegan), 111.
-BOND OFFERING..Sealed
bids will be received until 1 p. m..Tuly 12 by Lew A. Hendee, City Clerk,
for $730,000 4%% road bonds. Date July 1 1926. Denoms. $500 and
$1,000. Due $36,500 July 1 1927 to 1946 incl. Prin. and int. (J. & J.)
payable at the Continental & Commercial Trust & Savings Bank, Chicago.
A certified check for $2,500 is required.
Financial Statement.
Estimated actual value of all taxable property
$1,000,000,000
Assessed value of all property for taxation as equalized for
year 1925
50,521,907
Assessed value of all property for taxation as returned by
Assessor for year 1925
44,905,985
Total bonded indebtedness,including this issue
1,910,000
Total floating debt
50,000
Value of property owned by issuing community
1,000,000
LAS CRUCES, Dona Ana County, N. M.
-M.
-BOND OFFERING.
M.Humphrey,Town Clerk, will receive sealed bids until 2 p. m. Aug.3 for
the following not exceeding 6% coupon bonds, aggregating $134.000:
$99,000 sanitary sewer extension and disposal plant bonds.
35,000 water system extension bonds.
Date Aug. 1 1926. Due Aug. 1 1956, optional Aug. 1 1946. Bidders
may submit alternative bids based upon interest rates as follows: 4i%.
4%%,5% and 5X %. A certified check for8% of amount bid is required.
LATAH COUNTY HIGHWAY DISili
l
NO. 3 (P. 0. Moscow),
Idaho.
-BOND SALE.
-The Union Trust Co. of Spokane purchased on
June 28 an issue of $20,000 highway bonds at 100.18.
LAWRENCE COUNTY (P. 0. Bedford), Ind.
-On
-BOND SALE.
June 25 the $3,200 4 Y2„_% road bonds offered on that date (V. 122, p. 3635)
were awarded to the Fletcher Savings & Trust Co. of Indianapolis at a
premium of $36 60, equal to 101.14. Due each six months in 1 to 10 years.
LINCOLN, Lancaster County, Neb.-BOND SALE.
-The following
2 issues of coupon bonds aggregating 315,440 offered on July 2-V. 122,
p. 3371-were awarded to the Lincoln Trust Co. of Lincoln as 43s at a
premium of $1,023 94, equal to 100.32:
$286,170 paving bonds. Due serially July 1 1927 to 1936 incl.
29,270 water bonds. Due serially July 1 1927 to 1931 incl.
Date July 1 1926. Int. annually on July 1.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. July 22 by Adelaide E. Schmitt,
Clerk of Board of County Commissioners, for the following 5% bonds,
aggregating $63,104:
$58,548 highway impt. No. 274 bonds. Denom.$1,000, except 1 for $548.
Due $7,548, 1927; $7,000, 1928 to 1930, incl., and $6,000, 1931
to 1935, incl.
4,556 highway impt. No. 292 bonds. Denom.$1,000, except 1 for $556.
Due $1,556, 1927, and 31,000, 1928 to 1930, incl.
Principal and interest payable at the County Treasurer's office. Certifled check for $500 requir'ed.
ICT
[VOL. 123.
MIDDLESEX COUNTY (P.O. New Brunswick), N.J.
-BOND SALE.
-On July 1 the following two issues of coupon (with privilege of registration as to principal only or as to both principal and interest) road impt.
and bridge bonds aggregating $693,000 offered on that date (V. 122, p.
3635) were awarded to the New Brunswick Trust Co. of New Brunswick
as 45(s as follows:
$401,000 ($403.000 offered) road imptl bonds, series 31 bonds, paying
$4403,003 49, equal to 100.49, a basis of about 4.20%. Due on
July 15 as follows: $20,000, 1928 to 1936 incl.; $23,000, 1937;
$25,000, 1938 to 1944 incl., and $23,000, 1945.
289,000 ($290,000 offered) bridge bonds, paying $290,748 45, equal to
100.60, a basis of about 4.20- Due $10,000, July 15 1928 to
1955 incl., and $9,000 in 1956.
Dated July 15 1926.
MILLEDGEVILLE, Baldwin County, Ga.-BOND SALE.
-The
$25,000 5% coupon paving bonds offered on July 1-V. 122, P. 3635
were awarded to the Trust Co. of Georgia of Atlanta, at a premium of
$1,042 50, equal to 104.17, a basis of about 4.66%. Date July 15 1926.
Due $1,000, July 15 1932 to 1956 incl.
MINEOLA, Nassau County, N. Y.
-BOND SALE.
-On July 2 the
$50,000 43% water supply plant bonds offered on that date (V. 122,
p. 3635) were awarded to Pulleyn & Co. of New York at 102.63. a basis
of about 4.27%. Date Aug. 1 1926. Due $2,000, 1931 to 1955, incl.
MONROE, Walton County, Ga.-BONDS OFFERED.
-Sealed bids
were received by E. P. Nowell Jr., City Clerk, until July 8 for $60,000 5%
Improvement bonds. Denom. $1,000.
MONROE COUNTY (P. 0. Woodsfield), Ohio.
-BOND SALE.
On June 24 the following three issues of 534% coupon bonds aggregating
$44,000 offered on that date (V. 122, p. 3491) were awarded to Ryan,
Sutherland & Co. of Toledo at a premium of $1,265, equal to 102.87. a.
basis of about 4.66%:
$12,000 road impt. bonds. Due $2,000, Oct. 1 1927 to 1932 incl.
, 18,000 road impt. bonds. Due 83,000 Oct. 1 1927 to 1932, incl.
14,000 road impt. bonds. Due $2,000, Oct. 1 1927 to 1933 incl.
Date June 1 1926.
MORNINGSIDE (P. 0. Hopkins), Hennepin County, Minn.BOND SALE.
-The $10,000 permanent improvement bonds offered on
June 3(V. 122, p. 3113) were awarded to the Drake-Jones Co.of Minneapolis as 5s at par.
MORROW COUNTY (P.O. Mount Gilead), Ohio.
-BOND SALE.
On June 21 the $72,000
% coupon I. C. H. No. 111 Section "0" bonds
offered on that date (V. 122, p. 3372) were awarded to Ryan, Sutherland &
Co. of Toledo at a premium of $3,725, equal to 105.17, a basis of about
4.57%. Date July 11926. Due $9,000 Sept. 1 1929 to 1936 incl.
. MOUNT KISCO, Westchester County, N. li.-BOND OFFERING.Sealed bids will be received until 8 p. m.(daylight saving time) July 13 by
F. Rockwell Matthews, Village Clerk, for the following four issues of 434%
registered bonds, aggregating $214,200:
$147,000 street impt. bonds. Denom. 31,000. Due on Aug. 1 as follows:
$8,000, 1927 to 1938 incl.; $7,000, 1939 to 1945 incl. and $2,000.
1946.
24,000 sewer bonds. Denom. $1,000. Due $1,000 Aug. 1 1931 to 1953
incl.
23,000 water bonds. Denom. $1,000. Due $1,000 Aug. 1 1931 to 1953
incl.
20,200 street impt. bonds. Denom. $1,000 except 1 for $200. Due on
Aug. 1 as follows: $1,000, 1927 to 1945 incl. and $1,200, 1946.
Date Aug. 2 1926. A certified check for 5% of the amount of bonds.
required. Legality approved by Clay & Dillon of New York.
MOUNT PLEASANT, Titus County, Tex.
-BONDS REGISTERED.The State Comptroller of Texas registered on June 28 an issue of $50,000
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND SALE.
-On July 534% water works bonds. Due serially in 5 to 40 years.
2 the $162,412 5% I. C. H. Imp. No. 173 bonds offered on that date
MOUNT PLEASANT UNION FREE SCHOOL DISTRICT NO. 1
(V. 123, p. 109) were awarded to the Herrick Co. of Cleveland at a premium
-BOND SALE.
of $4.938, equal to 103.04, a basis of about 4.29%. Date May 25 1926. (P.O. North Tarrytown) Westchester County, N. Y.
On June 29 the following two issues of 434% coupon bonds, aggregating
Due $18,412, 1927 and $18,000, 1928 to 1935 incl.
$148,000 offered on that date (V.122, p. 3636) were awarded to Pulleyn &
LYNBROOK, Nassau County, N. Y.
-BOND SALE.
-On July 6 the Co. of New York at 101.56, a basis of about 4.29%•
$110,000 43% coupon or registered paving bonds offered on that date $120,000 school bonds. Due $6,000 July 1 1927 to 1946 incl.
28,000 school bonds. Due $4000 July 1 1927 to 1933 incl.
(V. 122, p. 3635) were awarded to Roosevelt & Son of New York at 101.149,
Date July 1 1926.
a basis of about 4.36%. Dated Aug. 1 1926. Due $5,500, Aug. 1 1927
to 1946 incl.
NEWARK, Essex County, N. J.
-Sealed bids
-BOND OFFERING.
LYNDHURST TOWNSHIP SCHOOL DISTRICT (P.O. Lyndhurst), will be received until 11 a. in. (daylight saving time) July 26 by John Howe,
-BOND SALE.
-On June 15 the First Natinal Director of Revenue and Finance for an issue of 4 % coupon or registered
Bergen County, N. J.
Bank of Lyndhurst purchased the following three issues of 4%% coupon or bonds not to exceed $2,000,000;no more bonds to be awarded than will
produce a premium of $1,000
registered bonds aggregating $72,000 at par:
Dated Aug. 1 1926. Prin.
and semi-ann. int. (F. & A.)over $2,000,000. at the National State Bank,
$45,000 school bonds. Due $3,000 July 1 1927 to 1941, incl.
payable in gold
Newark. Due on Aug. 1 as follows: $40,000, 1927 to 1946 incl., and $60,20,000 school bonds. Due $1,000 July 1 1927 to 1946, incl.
000, 1947 to 1966 incl. Certified check for 2% of the amount of bonds
7,000 school bonds. Due $1,000 July 1 1926 to 1932, incl.
bid for, payable to the Director of Finance, required. Bonds will be preDate July 1 1926.
pared under the supervision of the United States Mortgage & Trust Co.,
These bonds were originally offered on May 25 (V. 122, p. 2693).
New York City, which will certify as to the genuineness of the signatures
McALLEN INDEPENDENT SCHOOL DISTRICT, Hidalgo County, of the officials and the seal impressed thereon, and the validuty of the bonds
Tex.
-BOND OFFERING.
-Sealed bids will be received by the Secretary will be approved by Reed, Dougherty & Hoyt of New York.
Board of Education until July 19 for $3325,000 school bonds.
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN.
McCLELLAND SCHOOL DISTRICT, Pottawattamie County, Ia.- The Merchants National Bank of New Bedford purchased on July 1 a
BONDS OFFERED.
-Sealed bids were received by the Secretary Board of $500,000 temporary loan on a 3.33% discount basis, plus a premium of $12.
Education until July 7 for $12,000 school bonds.
NEW SALEM, Morton County, No. Dak.-BOND OFFERING.
MACOMB COUNTY(P.O. Mt. Clemens), Mich.
-BONDS OFFERED. R. G. Meyers, City Auditor, will receive sealed bids at the County court
-Sealed bids were received until 1 p. m.(central standard time) July 9 by house in Mandan until 3 p. in. July 23 for $25,000 6% coupon municipal
the Clerk Board of County Road Commissioners, for $20,000 road assess- auditorium bonds. Date July 1 1926. Denoms. $1,000 and $500. Due
July 1 as follows: $3,500, 1931;$1000 1932 and 1933;$1,500, 1934;$1,000,
ment district No. 108 bonds. A certified check for 31,000, required.
1935; 31,500, 1936; $1,000
1941 incl.; $2,000, 1942;
,
-BOND OFFERING.
- $1,000, 1943; $2.500, 1944; 1937;'$1,500, 1938 to in 1946. Prin. and int.
MADISON COUNTY (P. 0. Anderson), Ind.
,
32,000, 1945 and $1,000
Sealed bids will be received until 10 a. m.July 17 by Earl C. Morris, County (J. & J.) payable at the First National Bank, Minneapolis. A certified
road bonds. Due semi-annually in 1 to 10 check for 2% of the bid payable to A. S. Meier, City Treasurer, required.
Treasurer, for $56,500 43. %
years.
Legality approved by Lancaster, Simpson, Junell & Dorsey of Minneapolis.
-BOND OFFERING.
MARION COUNTY (P. 0. Marion), Ohio.
NEW YORK CITY.
-TEMPORARY LOAN ISSUED DURING JUNE.
Sealed bids will be received until 12 m. July 15 by T. A. O'Leary, Clerk of -The City of New York issued
securities in the aggregate of
Board of County Commissioners, for $10,192 5% road bonds. Date $35,975,000 consisting of special short term
bills, tax notes and
1926. Prin. and semi-ann. int. (M. & S.) payable at the County corporate stock notes during Junerevenue bonds and
April 1
as follows:
Treasurer's office. Due $592 March and Sept. 1 1928 to 1933,incl. CertiSpecial Revenue Bonds of 1926.
Corporate Stock Notes of 1926-Concl.
fied check for $300, payable to the Board of County Commissioners,
Amount. Maturity. Int. Rate, Issued.
Int. Rate. Issued.
required.
51,000,000_ _Feb. 21 '27 334%_ _June 21 Amount, Maturity.
Rapid Transit.
MARSHALL, Harrison County, Tex.
-BONDS REGISTERED.
-The
Revenue Bills of 1926.
475,000 June 17'27 334% June 17
State Comptroller of Texas registered on July 1 the following Issues of 5% 15,000,000 Dec. 23'26 334% June 23 5,000,000 Feb.21'27 334% June 21
bonds, aggregating $150,090:
50,000 Feb. 21 '27 334% June 21
Tax Notes of 1926.
$75,000 city hall bonds.
I $25,000 fire station bonds
950,000„ Feb.21'27 33-4% June 21
1,000,000 Feb. 21'27 354% June 21
50,000 water works bonds.
Dock Purposes.
Due serially.
Corporate Stock Notes of 1926.
2,000,000 Feb.21'27 33-4% June 22
Various Municipal Purposes.
School Construction.
MARYSVILLE UNION HIGH SCHOOL DISTRICT (P. 0. Marys500,000 Feb. 21 '27 33-4% June 21
-BOND SALE.
ville), Yuba County, Calif.
-The $375,000 5% school 88,000,0001On or before13%% June 7
1 June 7'27 f
Assessment Bonds Sec. 181.
109) were awarded to 'Weeden & Co. of
bonds offered on July 7 (V. 123.
1,000,000 Feb.21 '27 334% June 22
June 7
500,00010n or before13%
p.
San Francisco at a premium of 317,915, equal to 104.77, a basis of about
Water Supply. .
1 June 7 '36 J
4.42%. Due $12,000, 1927; $13,000, 1928; $15,000, 1929 to 1931 incl.;
500.000 Feb.21 '27 334% June 21
to 1945 incl., and $25,000 in 1946.
$20,000, 1932
NORFOLK COUNTY (P. 0. Portsmouth), Va.-BOND OFFERING.
MASHASKA COUNTY (P. 0. Oskaloosa), Ia.-BOND OFFERING.
R. W. Varley, County Auditor, will receive sealed bids until 2 p. m.July 21 -The Clerk Board of Supervisors will receive sealed bids until July 22 for
for $200,000 43 % primary road bonds. Due serially 1929 to 1943 incl. $250,000 4A% road and bridge bonds. Denom. $1,000.
Purchaser to furnish the bonds. A certified check for 3% of the bid re-On
-BOND SALE.
NORTHAMPTON, Hampshire County, Mass.
quired. Legality to be approved by Chapman, Cutler & Parker of Chicago. July 1 the following two issues of 4% coupon bonds, aggregating $102,000
at oo.54, a basis of pb3 3 3 7
6 ) re
MAURICE SCHOOL DISTRICT, Vermilion Parish (P. 0. Abbe- Bostonon rat date (V. l22, a.0nt 6 .9 70:awarded to R. L. Day & Co. of
-J. H. Williams, Secretary of Parish $40,000
-BOND OFFERING.
ville), La.
highway permanent pavement bonds. Due $8,000 July 1 1927 to
School Board, will receive sealed bids until July 22 for $15,000 6% school
1931 incl.
bonds. Denom. $500.
62,000 bridge street school bonds. Due on July 1 as follows: $5,000,
Date J9 y an92 928 and $4,000, 1929 to 1941 incl.
1nl 71 1d 1.
2
6
-BOND OFFERING.
MELBOURNE, Brevard County, Fla.
-David
Peel, Chairman City Commission, will receive sealed bids until 2 p. m.
6% improvement bonds. Date Dec.20 1925. Denom.
OLIVE BRANCH CONSOLIDATED SCHOOL DISTRICT (P. 0.
July 30 for $30.000
$1,000. Due $3,000, Dec. 20 1926 to 1935 incl. Prin. and int. (J. & D.) Hernandos), De Soto County, Miss.
-The $30,000
-BOND SALE.
payable at the Hanover National Bank, N. Y. City. A certified check for coupon school bonds offered on June 7-V. 122, P. 2993
-were awarded to
$500, payable to the City Commission, required. The legal opinion of a the Olive Branch Bank of Olive Branch as (5 at a premium of 81,850,
equal to 106.16. Date June 1 1926. Due serially. Int. payable J. Sz.,D,
recognized attorney will be furnished the purchaser.
JULY 10 1926.]
THE CHRONICLE
ORLANDO,Orange County,Fla.
-BOND OFFERING.
-J.A.
City Clerk, will receive sealed bids until 10 a. m. July 21 for the Stinson,
following
5% bonds aggregating $230,000:
$170,000 pavbag bonds. Due $17,000 Aug. 1 1927 to 1936.
• 60,000 sewer-bonds. Due $6,000, Aug. 1 1927 to 1936.
Date Aug. 1 1926. Denom. $1,000. Prin. and int.
in gold at the Hanover National Bank, New York City.(F. & A.) payable
for $2,300 payable to the City required. Legality to A certified check
be approved by
John C. Thomson, New York City.
OSCEOLA COUNTY SPECIAL TAX SCHOOL DISTRIC
T NO. 1
(P. 0. Kissimmee), Fla.
-BOND OFFERING -Samuel Brammar,
Secretary Board of Public Instruction, will receive .
for $130,000 6% school bonds. Date July 1 1926.sealed bids until Aug.9
July 1 as follows: $4,000, 1929 to 1950 incl.; $5,000,Denom. $1,000. Due
1951
1953 and 1954, and $9,000, 1955 and 1956 incl. Prin. and 1952; $7.000
payable in gold at the Hanover National Bank, New Yorkand int. (J. & J.)
City. A certified
check for 2% of the par value of the bonds payable to the
Board of Public
Instruction, required. Legality approved by Thomson, Wood
& Hoffman,
New York City.
OTISVILLE, Orange County, N. Y.
-BOND SALE.
-On July 6 the
following two issues of 5% bonds, aggregating
(V. 122, p. 111) were awarded to Sherwood & $6,000 offered on that date
Merrifield of New York at
101.01, a basis of about 4.69%:
$2,500 fire apparatus. Due $500 July 1 1927 to 1931 incl.
3,500 fire house bonds. Due $500 July 1 1927 to 1933 incl.
Date July 1 1926.
PAYNE SCHOOL DISTRICT (P. 0. Payne), Paulding
County,
Ohio.
-NOTE SALE.
-On June 7 the $11,078 6% net
offered on that date (V. 122, p. 3246) were awarded to deficiency notes
Co. of Toledo at a premium of $169, equal to 101.52.Spitzer, Rorick &
a basis of about
5.34%. Date April 1 1926. Due $1,178,
six months from Oct. 1 1927 to Oct. 1 1931 incl. 1 1927 and $1,100, each
PELHAM, Westchester County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m.(daylight saving time)
July
Rich, Village Clerk, for $34,000 434% registered street 20 by E. B.
impt. bonds.
Denom. $1,000. Date Sept. 1 1926. Prin. and semi-ann. in
(M. & S.)
payable in gold at the office of the United States Mortgage
&
New York. Due $3,000 yearly from Sept. 1 1927 to 1937 incl. Trust Co.,
A certified
check on a national bank or on incorporated state bank or
trust company
for 2% of the amount of bonds bid for, payable to the
Village, required.
Bonds will be prepared under the supervision of the United
& Trust Company, New York City, which will certify as toStates Mortgage
the genuineness
of the signaturers and the seal impressed thereon, and their
legality will be
approved by Caldwell & Raymond of New York.
PENSACOLA, Escambia County, Fla.
-BOND SALE.
-The Wm, R.
Compton Co. of Chicago has purchased the $360.000
offered unsuccessfully on April 26 (V. 122. p. 2535),improvement bonds
paying par for 5%
bonds. Date Oct. 1 1925. Due Oct. 1 1955.
PHILADELPHIA, Pa.
-BOND SALE.
-On July 7 the
issues of coupon or registered bonds, aggregating $3,000,000 following three
date (V. 122, p. 3373) were awarded to the Sinking Fund offered on that
Commission of
Philadelphia as 4s at 100.551, a basis of about 3.97%:
-year bonds. Due July 1 1976 with the option to
$1,000,000 50
the city
redeem at par and accrued int. at the expiration
to
from date of issue of this loan, or at any int. period of 20 Years
thereafter,
upon 60 days' notice by public advertisement.
1.000,000 30
-year bonds. Due July 1 1956 with the option
to the city
to redeem at par and accrued int. at the
from date of issue of this loan, or at anyexpiration of 20 years
interest period thereafter, upon 60 days' notice by public advertisem
ent.
1,000,000 15
-year bonds. Due July 1 1941.
Date July 1 1926.
PHOENIX, Maricopa County, Ariz.
-BOND
-The $335,000
sewer and water bonds offered on July 7 (V. 122, p.SALE.
3492) were
a syndicate composed of Bosworth, Chanute & Co. of Denver awarded to
and Taylor,
Ewart & Co. and the Northern Trust Co., both of
th
Chicago, as 4 s at
100.066, a basis of about 4.49%. Due Jan. 1 as follows:
$13,00. 1927 to
1946 incl., and $15,000, 1947 to 1951 incl.
PINELLAS COUNTY SPECIAL SCHOOL
DISTRICTS (P. 0.
Clearwater), Fla.
-BIDS REJECTED.
-All bids received
issues of school bonds, aggregating $1,870,000 offered on for the following
June 23-V. 122,
p. 3373
-were rejected:
$650,000 Special Tax School District No. 3 bonds.
425,000 Special Tax School District No. 12 bonds.
350,000 Special Tax School District No. 7 bonds.
125,000 Special Tax School District No. 10 bonds.
100,000 Special Tax School District No. 2 bonds.
80,000 Special Tax School District No. 15 bonds.
60,000 Special Tax School District No. 6 bonds.
30,000 Special Tax School District No. 8 bonds.
25,000 Special Tax School District No. 1 bonds.
25,000 Special Tax School District No. 5 bonds.
PITTSBURGH, Allegheny County, Pa.
-BOND OFFERING.
Sealed bids will be received until 1:45 p. m.(Eastern
by John H. Henderson, City Comptroller, for the standard time) July 22
following 21 issues of
4 % coupon or registered bonds, aggregating $8,766,000:
$840,000 funding "A" bonds. Due $28,000 june 1 1927
690,000 funding "B" bonds. Due $23,000 June 1 1927 to 1956 incl.
to 1956 inel.
30,000 East Street bridge bonds. Due $1,000
1,500,000 water bonds. Duo $50,000 June 1 1927June 1 1927 to 1956 incl.
to
990,000 bridge bonds. Due $33,000 June 1 1927 to1956 incl.
1956
600,000 sewer bonds. Due $20,000 June 1 1927 to 1956 incl.
600,000 street impt. bonds. Due $30;000 June 1 1927 incl.
120,000 Grant Street impt. bonds. Due $4,000 June to 1946 incl.
1 1927
120,000 Boulevard of the Allies impt. bonds. Due $4,000 to 1956 incl.
June 1 1927 to
1956 incl.
150,000 Baum Boulevard impt. bonds. Due $5,000
June 1 1927 to 1956
incl.
30,000 Irwin Ave. impt. bonds. Due $1,000 June 1
1927 to 1956 incl.
30,000 Chartiers Ave.impt. bonds. Due 81,000 June
1 1927 to1956 incl.
132,000 North Ave. impt.bonds. Due $4,400 June
1
200,000 Lincoln Ave. impt. bonds. Due $10,000 June1927 to 1956 incl.
1 1927 to 1946 incl.
1,500,000 City Home and Hospitals bonds. Due
$50,000 June 1 1927 to
1956 incl.
249,000 hospital bonds. Due $83,000 June 1 1927
300,000 playgrounds bonds. Due $10,000 June 1 to 1956 incl.
400,000 public safety bonds. Duo $20,000 June 1 1927 to 1956 incl.
1927 to 1946 incl.
30,000 Second Avenue impt. bonds.
210,000 Mt. Washington Roadway impt. bonds.
45,000 North and Irwin Ave. Bridge bonds.
Denom. $1,000, $500 and $100, exchangeable at the
option of the holder
at any time for a registered bond or bonds of
denomination of $100 or a multiple thereof,the same maturity and of the
not
principal amount of the coupon bond or bonds exceeding the aggregate
surrendered in exchange
therefor. Certified check for 2% of the amount of
the
ble to the city, required. Legality will be approved bonds bid for, payaby
& McClaY of Pittsburgh, except for the $30.000 East Reed, Smith, Shaw
Street bridge bonds,
which will be approved by Hawkins, Delafield &
Longfellow of New York.
PLANT CITY SPECIAL ROAD AND BRIDGE
DISTRICT, Hills.
borough County (P. 0. Tampa), Fla.-I/W
I/EST BID.
-The highest
bid received for the $1,100,000 6% road and bridge bonds
offered on June 25
-Nr. 122, p. 3373
-was that of the McDonald Mortgage
& Realty Co. of
Lakeland, which offered $1.073,000, equal to 97.54.
This bid was made on
condition that the McDonald Construction Co. of
contract for the paving work. No award has yetLakeland be awarded the
been
are dated Jan. 1 1926, and mature on Jan. 1 as follows: made,. The bonds
$20,000, 1929 and
1930; $22,000. 1931 and 1932; $25,000, 1933 and
1936; $30,000, 1937 and 1938: $35,000, 1939 and 1934; $28,000, 1935 and
1940;
1942; $45,000, 1943 and 1944; $50,000, 1945 to 1948, $40.000, 1941 and
1949 and 1950; $70,000, 1951 and 1952; $75,000, 1953 inclusive; $60,000,
and 1954.
POMPANO, Broward County, Fla.
-BOND SALE CANCELLED.....
We are now informed that the sale of the $750,0006% town
bonds
for July 15-V. 122, p. 3492
-has been postponed indefinitely.scheduled
PORT ARTHUR, Jefferson County, Tex.
election will be held on Aug.7 for the purpose -BOND ELECTION._
An
of voting on the question
of issuing $50,000 improvement bonds.
233
PORT JEFFERSON FIRE DISTRICT (P. 0. Port
Jefferson),
Suffolk County, N. Y.
-BOND SALE.
-On July 6 the
Issues of 4%% coupon bonds, aggregating $69.000, offeredfollowing two
on that date
-V. 123, p. 111-were awarded to Brandon, Gordon & Waddell
of New
1:ork at 100.57:
$4,000 fire house land bonds.
65,000 fire house construction bonds.
Denom. $1,000 and $900. Due in 1927 to 1936 inclusive.
PORTLAND, Multnomah County, Ore.
-BOND
Stanhope S. Pier, Commissioner of Finance, will receive OFFERING.
sealed bids until
11 a. m. July 13 for $80,887 68 6% street lighting system
June 1 1926. Due June 1 1931, optional June 1 1929. A bonds. Date
for 5% of the bid required. Legality to be approved by certified check
Storey, Thorndike, Palmer & Dodge, of Boston'.
PORTLAND, Multnomah County, Ore.-CORIcAt....iviv
.-The
000
% assessment collection bonds offered on June 29(V. 122, p.$297,3492)
were awarded as follows:
$162,000 bonds to A. B. Leach & Co., Inc., of Chicago, and Peirce, Fair
Co. of Portland, jointly, at 101.431, a basis of about 4.39%. &
135,000 bonds to the sinking fund at par.
Date July 1 1926. Due July 1 1946. The above corrects the report given
in V. 123, p. 111.
POWELL, Park County, Wyo.-BOND SALE.
-The $32,000 6%
coupon sewer bonds offered on June 29-V. 122, p. 3373
-were awarded
to Peck, Brown & Co. of Denver. Due in 10 years.
QUANAH, Hardeman County, Tex.
-BOND SALE.
-H. C. Burtl&
Co. of Houston have purchased an issue of $15,000 5% funding bonds
at
par.
ROCHESTER,Olmsted County, Minn.
-BOND SALE.
-The $25,000
4N% coupon sewerage disposal plant bonds offered on June 7-V. 122,
-were awarded to the Sinking Fund Commission at a premium of
p. 3115
$1,039.25, equal to 104.15. Date Sept. 1 1924. Due serially. Int. payable
J. & D.
ROCHESTER, N. Y.-NOMOFFERING.-Sealed bids will
received
until 2.30 p. m. July 12 by
Wilson, City Comptroller, for city of
Rochester notes as follows: '
$58,000 municipal building, as per ordinance of the Common Council
June 8 1926.
25,000 municipal hospital, as per ordinance of the Common Council
June 22 1926.
175,000 subway railroad, as per ordinance of the Common Council March
24 1925.
50,000 water improvement, as per ordinance of the Common Council
Feb. 23 1926.
Notes will be made payable seven (7) months from July 15 1926 at the
Central Union Trust Co., New York City will be drawn with interest;
and will be deliverable at the Central Union Trust Co., 80 Broadway,
New York City, July 15 1926. Bidder to state rate of interest,
denominations desired and to whom (not bearer) notes shall designate
be made
payable. No bids will be accepted at less than par.
RYE, Westchester County, N. Y.
-BOND SALE.
-On June ziu tee
$216.000 coupon or registered sewer bonds offered on that date (V. 122,
p. 3037) were awarded to Winsor, Trowbridge & Co. of New York as 4
for $219,283 20, equal to 101.52, a basis of about 4.14%. Date July Xs
15
1926. Due $6,000 July 15 1931 to 1966 incl.
ST. JOHNS COUNTY (P. 0. St. Augustine), Fla.
-BOND SALE.
The $500,000 5% series "A" coupon impt. bonds offered on July 3-V.
122, p. 3637
-were awarded to Brown, Bosworth & Co. of Toledontt
97.151,a basis of about 5.39%. Date Jan. 1 1926. Due Jan. 1 1936.;_ill
SAN BUENAVENTURA SCHOOL DISTRICT (P. 0. Ventura),
Ventura County, Calif.
-BOND SALE.
-The $40,000 5% school bonds
offered on July 6--V. 122, p. 3637
-were awarded to the Bank of
of San Francisco, at a premium of $1.678, equal to 104.19, a basis of Italy,
about
4.47%._Date July 11926. Due $2,000 July 1 1927 to 1946, incl.
j 04
SANTA CRUZ IRRIGATION DISTRICT (P. 0. Espanola),TRio
Arriba County, N. Mex.-NO BIDS RECEIVED.
-No bids were received
for the $250,000 6% coupon irrigation bonds offered on June 12-V. 122,
P• 3115. The bonds will be sold at private sale.
SCHROON (P. 0. Schroon Lake) Essex Cou- rit yrN. y.-BON)5
SALE.
-On June 25 the $15,000 registered bridge bonds offered on that date
(V. 122, p. 3637) were awarded to the Emerson National Bank of Warransburgh at 100.20. Date June 1 1926.
SEMINOLE COUNTY SPECIAL TAX SCHOOL DISTRICT No. 6
(P. 0. Sanford), Fla.-730ND SALE.
-The $35,000 6% coupon school
bonds offered on July 6-V. 122, p. 3637
-were awarded to the First
National Bank of Sanford at par. Date July 1 1926. Denom. $1,000.
Due serially July 1 1929 to 1956 incl. Int. payable J. & J.
SHEFFIELD LAKE SCHOOL DISTRICT (P. 0. Lorain) Lorain
County, Ohio.
-BOND SALE.
-On June 17 the $40,000
% school
bonds offered on that date (V. 122. p. 3247) were awarded to W.L. Slayton
& Co. of Toledo. Date April 1 1926. Due on July 1 as follows: $2,000,
1927; $3,000, 1928 to 1930 incl.; $2,000, 1931 and $3,000, 1932 to 1940 incl.
SIMI VALLEY UNION HIGH SCHOOL DISTRICT (P.O. Ventura),
Yentura County, Calif.
-BOND SALE.
-The $30,000 5% school bonds
offered on July 6-V. 122, P. 3637
-were awarded to the
of Italy
of San Francisco at a premium of $1,408, equal to 104.69, a Bank of about
basis
4.62%. Date July 1 1926. Due $1,000 July 1 1931 to 1960, incl.
SPARTANSBURG COUNTY (P. 0. Spartansburg), So. Caro.
NOTE SALE.
-The State Planters Bank & Trust Co. of Richmond has
purchased an issue of $100,000 tax anticipation notes at 3.95%. Due
Jan. 5 1927. The above supersedes the report given in V. 123, p. 112.
SPECULATOR, Hamilton County, N. Y.
-BOND SALE.
-On
July 6 the following three issues of coupon or registered bonds aggregating
$149,000 offered on that date (V. 122, p. 3638) were awarded to the Manufacturers & Traders Trust Co. of Buffalo as 43s at 100.199, a basis of
about 4.48%:
$80.000 water supply bonds. Due $2,000 July 1 1927 to 1966, incl.
9,000 water supply bonds. Due $1,000 July 1
1935, incl.
60.000 lighting system bonds. Due $2,000 July 1927 toto 1956, incl.
1 1927
Date July 1 1926.
SPRINGFIELD TOWNSHIP(P.O.Springfield), Allegheny County,
Pa.
-BOND OFFERING.
-Sealed bids will
8 p.
(daylight saving time) July 27 by John W. be received until Board m.
Calder, Secretary
of
Supervisors, for $250,000 45.1% coupon impt. bonds. Denom.
$1.000.
Date Aug. 11926. Due on Aug. 1 as follows: $50,000, 1931.
and $200,000,
1956; optional $25,000 Aug. 1 1931 to 1940 incl. Certified check
$2,500 required. Legality approved by Townsend, Elliott & Munsonfor
of
Philadelphia.
STARK COUNTY (P. 0. Dickinson), No. Dak.-CERTIFICATE
OFFERING.
-A. S. Ward, County Auditor, will receive sealed
10 a. m. to-day (July 10) for $40,000 certificates of indebtedne bids until
ss. Denom.
$5,0004 Due on or before Jan. 1 1927.
STARR COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT No. 1 (P. 0. Rio Grande), Tex.
-WARRANT SALE.
-Conn
Brown of San Antonio has purchased an issue of
$86,500 6% general fund
warrants.
SUMTER COUNTY SPECIAL TAX SCHOOL DISTRICT/NO.c9
(P. 0. Bushnell), Fla.
-BOND SALE.
offered on June 17-V. 122, p. 3374 -The $20,000 6% schoolt,bonds
Date July 11925. Due $1,000 .April 1 -were taken by the contractors.
1928 to 1947 incl.
TEXAS (State of).
-BONDS REGISTERED.
-The State
of Texas registered on June 28 the following two issues of bonds,Comptroller
aggregating
**one
$7,000:
$4,000 6% Knox County Common School District No. 24 bonds."'"
3,000 5% Howard County Common School District No. 24 bonds.
Due serially.
[VOL. 123.
THE CHRONICLE
234
TILLAMOOK COUNTY UNION HIGH SCHOOL DISTRICT
-Henry W. Tohl,
-BOND OFFERING.
NO. 1 (P. 0. Nehalem), Ore.
District Clerk, will receive sealed bids until 6 p. m. July 12 for $10,000 5%
school bonds. Date June 1 1926. Denom. $1,000. Due $5,000 Dec. 1
1930 and 1931. A certified check for $500 required. Legality approved
by Teal, Winfree. Johnson & McCulloch of Portland.
-BOND OFFERING.
TIOGA COUNTY (P. 0. Wellsboro), Pa.
Sealed bids will be received until 1 p. m. July 23 by S. Y. Doumaux, Clerk
of Board of County Commissioners, for $200,000 434% coupon highway
bonds. Denom. $1,000. Date July 11926. Int. J. & J. Due $20.000
Jan. 1 1928 to 1937, incl. These bonds were originally offered on July 2
(V. 123, p. 112).
-BOND OFFER-TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
ING.-Sealed bids will be received until 2 p. m. July 16 by Clyde F. MorPerry Township road bonds.
gan, County Treasurer, for $8,200 434%
Due semi-annually in 1 to 10 years.
-A syndicate
TOOMBS COUNTY (P. 0. Lyons), Ga.-BOND SALE.
composed of the Citizens & Southern Co. of Savannah, J. H. Tinsman &
Co.,Inc. and the Robinson-Humphrey Co., both of Atlanta have purchased
an issue of $300,000 434% road bonds. Date Jan. 1 1926. Denom.
$1,000. Due Jan. 1 as follows: $1,000, 1927 to 1931 incl.; $5,000, 1932
to 1936 incl.; $10,000, 1937 to 1941 jncl.•, $12,000, 1942 to 1946 incl. and
Fulton
$16,000, 1947 to 1956 incl. Prin. and int. (J. & J.) payable at the Palmer
National Bank,Atlanta. Legality approved by Storey, Thorndike,
& Dodge, Boston.
Financial Statement.
$10,000,000
Actual value
4,758,400
Assessed value, 1925
300,000
Total bonded debt (this issue only)
Population (1920), 13,897.
-F. L.
-BOND OFFERING.
TOPEKA, Shawnee County, Kan.
Stevens, Finance Commissioner, will receive sealed bids until 10 a. m.
1**1
.
July 13 for $84,025 39 paving bonds. Date July 1 1926.1
-Sealed
=
Wayne County, Michlr 430ND OFFERING.
TRENTON,
bids will be received until 7:30 p. m. July '12 by Leonard Frebes, Village
Clerk,for the following two issues of6% bonds, aggregating $101,539 37.
$22,811 50 pavement intersection bonds.
78,727 87 pavement bonds.
Date July 12 1926. Due in 1 to 4 years. Certified check for 1% of
the amount of the bid, payable to the Village, required.
-On July 1, the
-BOND SALE.
TROY, Rensselaer County, N. Y.
following two issues of 434% coupon or registered bonds, aggregating $70,&
000 offered on that date (V. 122, p. 3639) were awarded to J. S. Bache of
Co. of New York at a premium of $2,253.93, equal to 103.21, a basis
about 4.10°4'
$20,000 public school impt. bonds. Due $1,000 July 1 1927 to 1946 incl.
50,000 Prospect park swimming pool bonds. Due $2,500 July 1 1927_to
Ia
1946 incl.
ff Date July 11926.
•
-On July 3 the $55,000
TROY, Miami County, Ohio.
-BOND SALE.
% coupon waterworks bonds offered on that date (V. 122, p. 3374)
were awarded to W. L. Slayton & Co. of Toledo for $55,074, equal to
100.13, a basis of about 4.48%. Date March 1 1926. Due on Sept. 1 as
follows: $2.500. 1927 to 1936 incl. and $3,000, 1937 to 1946 incl106
Lake Butler), Fla.-BOND OFFERING.-J.S.
COUNTNIP.07
Howard, Chairman Board of Bond Trustees, will receive sealed bids until
1
2 p. m. Aug. 3 for $360.000 6% road bonds. Date Jan. or Julyin 1926.
1933;
Denom. $1,000. Due $1,000 in 1931; $2,000, in 1932; $3,000
$4.000 in 1934. $6,000 in 1935. $7,000 in 1936, $8,000 in 1937, $9,000 in
1938, $10,000 in 1939, $13,000 in 1940, $14,000, 1941 to 1943 incl., $15,000
In 1944, $16,000 in 1945, $17,000 in 1946 and 1947, $18,000 in 1948 and
1949,$20,000 in 1950 and 1951, $22.000 in 1952, $23,000 in 1953 and 1954;
$22,000 in 1955 and $24,000 in 1956. Prin. and int. J. & J. payable at the
Hanover National Bank, New York City or at the office of the Bond
Trustees. A certified check for 5% of amount bid, payable to T. M.
Riherd, Secretary, required.
These are the bonds offered on June 14 at which time all bids were
rejected-V.122, p. 3493.
-F. Dune11,
-BOND OFFERING.
VALIER, Ponders County, Mont.
Town Clerk, will receive sealed bids until 8 p. m. July 27 for $16,000 534%
coupon funding bonds. Date Jan. 1 1926. Denom. $500. Prin. and int.
(J. & J.) payable at the Town Treasurer's office or at Kountze Bros., N. Y.
City at option of holder. A certified check for $1,000 payable to the Town
required. Bids to be made for either amortization bonds or serial bonds.
Amortization bonds the first choice.
-The
-BONDS NOT SOLD.
WAGRAM, Scotland County, No. Caro.
two issues of 6% coupon bonds aggregating $50,000 offered on June 29V. 122, p. 3493
-were not sold on that date.
WALLA WALLA SCHOOL DISTRICT NO. 1, Walla Walla County,
Wash.
-BOND SALE.
-The $90,000 coupon school bonds offered on June
26-V. 122, p. 3374
-were awarded to Fraser, Goodwin & Colver of Seattle
as 434s at a premium of $243, equal to 100.27. Denom. $1,000. Due
serially in 2 to 20 years. Int. payable F. & A.
-BOND SALE.WAPELLO COUNTY (P. 0. Ottumwa), Iowa.
Ringhelm & Co. of Des Moines purchased on June 28 an issue of $200,000
% road bonds at a premium of $910, equal to 100.45, a basis of about
4.37%. Date July! 1926. Due May 1 as follows: $38,000, 1927;$29,000,
1928; $4,000, 1930; $7,000, 1931; $10,000, 1932; $12,000, 1933; $16,000.
1934; $8,000, 1935; $11,000, 1936; $14.000, 1937; $12,000, 1938; $10,000,
1939; $13,000, 1940, and $16,000 in 1941. Legality approved by Chapman, Cutler & Parker of Chicago. George M. Bechtel & Co. of Davenport
offering a premium of $905, was the only other bidder.
WAYNESBURG SCHOOL DISTRICT (P. 0. Waynesburg), Greene
County, Pa.
-On June 29 the $200,000 43,1% coupon or
-BOND SALE.
registered school bonds offered on that date (V. 122. p. 3247) were awarded
to the National City Co. of New York at a premium of $818, equal to
100.409, a basis of about 4.21%. .Date July 1 1926. Due on July 1 as
follows: $2,000, 1927 and 1928: $3,000, 1929: $5,000, 1930 to 1934 incl.;
$9.000, 1935 to 1939 incl.; $10.000, 1940 to 1943 incl.; $11,000, 1944;
$10.000, 1945; $8,000, 1946; $10,000, 1947 to 1950 incl. and $14,000, 1951.
WEATHERSFIELD TOWNSHIP (P. 0. Niles) Trumbull County,
Ohio.
-BOND OFFERING.
-Sealed bids will be received until 1 p. m•
July 19 by Luther Campbell, Township Clerk, for $40,000 44% viaduct
bonds. Denom. $1,000. Date July 1 1926. Prin. and semi ann. int.
(A. & 0.) payable at the Savings Bank Co.Niles. Due $1,000 April and
Oct. 1 1927 to 1946 incl. A certified check'for $500, required.
-The
-TEMPORARY LOAN.
WELLESLEY, Norfolk County, Mass.
First National Bank of Boston purchased a $50,000 temporary loan on a
3.46% discount basis.
-At an
-WARRANTS VOTED.
WESLACO, Hidalgo County, Tex.
election held on June 10 the voters authorized the issuance of $225,000
funding, street and water warrants.
-BOND SALE.
WEST PALM BEACH, Palm Beach County, Fla.
The $1,540,000 5% improvement bonds offered on July 1-V. 123, p. 113were awarded to a syndicate composed of Eldredge & Co. and Halsey,
Stuart & Co. both of New York City, and Wright. Warlow & Co. of Orlando
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THE CHRONICLE
at 95.47, a basis of about 5.88%. Date July 1 1926. Due July 1 as follows*
$100,000, 1928 and $180,000, 1929 to 1936 incl.
WEST PIONEER SCHOOL DISTRICT No. 70 (P. 0. Vancouver),
Clarke County, Wash.
-BOND SALE.
-The State Finance Commission
has purchased an issue of $2,500 534% school bonds at par.
WEST SPRINGFIELD, Hampden County, Mass.
-BOND SALE.The National City Co. of New York has purchased an issue of $50,000 4%
highway bonds
100.32. Date June 1 1926. Due in 1927 to 1931 incl.
WEST VIEW, Allegheny County, Pa.
-BOND SALE.
-On June 29
the following two issues of 4
coupon bonds. aggregating $65,000 offered
on that date (V. 122, p. 3494) were awarded to R. M. Synder & Co. of
Philadelphia, at a premium of $2,012 50, equal to 103.09, a basis of about
4.28%:
$45,000 borough bonds. Due on July 1 as follows: $5,000, 1934 and
$10,000, 1942, 1948, 1953 and 1955.
20,000 borough bonds. Due $5,000 July 1 1934, 1942, 1948 and 1951.
Date July 1 1926.
WHITE LAKE TOWNSHIP FRACTIONAL SCHOOL DISTRICT
No. 1 AND 2 (P. 0. Pontiac, R. R. No. 7), Oakland County Mich.BONDS OFFERED.
-Sealed bids were received until 8 p. m. July 9 by
T. M. Nelsey, School Director, for $12,000 4i, 434, 4Y, or 5% school
bonds. Denom. $1,000. Date Feb. 1 1927. Prin. and interest payable
at the Pontiac Commercial & Savings Bank, Pontiac. Due Feb. 1 1939.
WICHITA COUNTY COMMON SCHOOL DISTRICT NO. 6 (P. 0.
Wichita Falls), Tex.
-BONDS REGISTERED.
-The State Comptroller
of Texas registered on June 30 an issue of $40,000 5% school bonds. Due
serially.
a
WISEBURN SCHOOL DISTRICT, Los Angeles County (P. 0. Los
Angeles), Calif.
-BOND SALE.
-The $50,000 5% school bonds offered
on June 28-V. 122, p. 3639
-were awarded to the Wm..R. Stoats
of Los Angeles. Date June 1 1926. Due $1,000, June 1 1927 to Co..
1950
incl.; $3,000. June 1 1951 to 1958 incl. and $2,000, June 1 1959.
YAKIMA,Yakima County, Wash.
-BOND SALE.
-William P. Harper
& Son of Seattle have purchased an issue of $1,050.000 5% water revenue
bonds. Dat, June 1 1926. Denom. $1,000. Due June 1 as follows:
$18,000, 1932; $21.000. 1933; $24,000, 1934; 327,000, 1935; 530,000,
$34,000, $1937; $38,000, 1938; $42,000, 1939; 346.000, 1940; 350,000, 1936;
1941;
$54,000, 1942; 358,000, 1943; $62,000, 1944; 366,000, 1945; 370,000, 1946;
$74,000, 1947; $78,000, 1948; 382,000, 1949; 386,000. 1950 and $90,000
In 1951. Legality approved by Preston, Thorgrimson & Turner of Seattle.
Financial Statement,
Actual valuation taxable property
$24,698,816
Assessed valuation, 1925 (one-half of actual)
12,349,408
Total general bonded debt
1,220,500
Less general obligation water bonds
$450,000 00
Less sinking funds
161,457 00
Net debt
4
Water revenue bonds (this issue)
1,050,000
Population. 1920 census, 18,539; population, 1926, estimated, 23,000.
YORK COUNTY (P. 0. York), Pa.
-BOND SALE.
-On July 6 the
$500.000 43.1% coupon Series C road bonds, offered on that date (V. 123,
p. 113), were awarded to Graham, Parsons & Co. of Philadelphia at
102.56
a basis of about 4.07%. Dated July 15 1926. Due on July 15 as follows:
$25,000, 1931; $50,000, 1936; 575,000, 1941; $100,000, 1946, and
$125,000.
1951 and 1956.
235
-year serial bonds in denom. of $100. $500 and $1,000 each.
3110,000 5% 30
The bonds are dated July 1 1926 and are payable at Cap de la Madeleine,
Montreal and Quebec. J. 0. Loranger, Secretary-Treasurer.*
CHICOUTIMI, Que.-BOND OFFERING.
-Sealed bids will be received
until July 12 by D. V. Morris, Town Clerk, for $215,000 impt. bonds.
DUNNVILLE, Ont.-BONDS OFFERED.
-Sealed bids were received
-installment bonds.
up to noon July 7 for the purchase of $45,000 5% 10
J. Clark, Clerk.
Sask.-BOND SALE.
-On June 23 the $11,500 04%
FOAM LAKE,
town bonds offered on that date(V. 122, p.3494) were awarded to the Great
West Life Insurance Co. of Winnipeg at a premium of $380,equal to 103.30.
Due in 15 years.
-BONDS AUTHORIZED.
FREDERICTON, N. B.
-The Council
,
4,„
,42 didut
authorized the issuing of $25,000 waterworks bonds.
-Sealed
HALTON COUNTY, Ont.-BOND OFFERING.
-year
be received up to noon July 20 for the purchase of $18,000 5% 15
bonds. W. Panton, Clerk, Milton, Ont.
-Sealed bids will be received
LONGUEUIL, Que.-BOND OFFERING.
until July 16 by..A. L'Heureux, Secretary-Treasurer,for $57,600 improve,
ment bonds.
MONTREAL PROTESTANT CENTRAL SCHOOL DISTRICT, Que.
-Sealed bids will be received until 12 m. (to be
-BOND OFFERING.
opened at 2 p. m.) July 14 by W.E. Dunton, Secretary Treasurer, for $1,
400,000 5% school bonds. Denom. 31.000. Date May 1 1926. Prin. and
semi ann. int. (M. & N.) payable at the Bank of Montreal, Montreal or
Toronto. Due on May 1 as follows: $20,000, 1927 to 1930 incl.' $30,000
1931 to 1937; $40,000 1938 to 1942 incl.; 350.000, 1943 to 1946 incl.;
$60.000, 1947 to 1950 incl.; $70,000, 1951 to 1952 incl.; $80,000, 1953 to
1955 incl. and $90,000, 1956. A certified check for 1% of the bonds bid
for, required.
d
-The municipality of
1*
,1 -ST. AMBROISE, Que.-BONDS OFFERED.
Ambroise parish received bids up to 8 p. m. July 10 for the purchase
St.
-year serial bonds in denom. of $100 and $500 each,
of 517.000 5% 20
and dated June 1 1926. A. Fselin, Secretary-Treasurer
a
Ns
-Sealed bids are
ST. JOSEPH d'ALMA, Qtie.-BOND OFFERING.
invited up to July 12 for the purchase of $100,000 bonds dated May 1 1926,
and payable at St. Joseph d'Alma, Montreal and Quebec. Alternative bids
-year serial bonds at 5 or 53i% interest, and for 10
-year
are asked for 30
serial bonds at 5 or 53-4% interest. J. E. Cote. Secretary-Treasurer. IA 4
-Sealed bids are invited up to
SANDWICH,Ont.-BOND OFFERING.
-instalment school bonds.
July 12, for the purchase of $80,000 554% 20
E. R. North. Clerk.
SASKATCHEWAN SCHOOL DISTRICTS, Sask.-BOND SALES.
The following according to the "Monetary Times" of Toronto is a list of
school district bonds reported sold by the Local Government Board from
-years to Nay & James' Finlayson,
% 10
June 7 to 12: Norman,$2,000
-years to C. C. Cross & Co.; Redvers, $23,000
% 20
$4,300 554% 15
-years to Geo. Moorhouse & Co.;
years, locally; Royal Rock, $1,200 6% 10
-years
15-hears to Houston, Willoughby & Co.; Forest
% 15
hemersyde, $4,600
Sinking Fund.
-years to
Grove, $900 6% 10
-The following according to the same paper is
BONDS AUTHORIZED.
a list of school district bonds authorized by the Board during the same
-instalments; Actonvale.
period: Canada, $1,300 not exceeding 7% 10
-years; Cherry Dale, $1,500 not exceeding 7%
35,000 not exceeding 6% 20
YORK TOWNSHIP (P. 0. Powhatan) Belmont County, Ohio.- 10
-instalments; Longman,
-years; Garden River,35,800 not exceediniF 7% 20
BOND SALE.
-On June 29 the $15,000 6% road impt. bonds
-years; Maybridge, $1,000 not exceeding 7%
500 not exceeding 7% 10
$I,
that date (V. 122, p. 3494) were awarded to Seasongood & offere on 10
-years; Piche, $33,000 not
-years; Mervin, $3,500 not exceeding 7% 10
Mayer of
Cincinnati for $15,956 50, equal to 106.37, a basis of about
-instalments; Pontiac, 32,200 not exceeding 8% 10
exceeding 7% 15
-years;
4.78%.
-years; Unity Town,$20,000
July 11926. Due each six months as follows: $500 April 1 1927 to Date Mitchellton, $1,300 not exceeding 8% 9
%
-years; St. Front, $1,200 not
1930 incl.; $1,000 Oct. 1 1930 to Oct. 1 1935 incl. and $500 April 1 April 1 20
-years; Windthorst, $17,000 5 % 20
1936.
-instalment.
exceeding 6% 10
SHAWINIGAN FALLS Que.-BOND urter.HING.-Sealed bids will
'
be received until July 14 by A. J. Meunier, Secretary-Treasurer,for $59,000
5% improvement bonds.
BRAMPTON, Ont.-BOND SALE.
-On July 5 the $43,000 high school
-BONDS OFFERED.
WESTBOURNE R. M. Man.
-Sealed bids were
bonds offered on that date (V. 123. p. 113) were awarded to
July 6 for the purchase of 310,000 6% 30
-installment
Co. of Toronto as 5s at 99.27, a basis of about 5.06%. Due in Gairdner & received up to noon McGregor, Secretary-Treasurer, Gladstone. Man."
,
W. J.
road bonds.
30 Years.
•
BURNABY DISTRICT, B. C.
-BONDS DEFEATED.
Ont.-BONDS APPROVED.
-The Council passed a $375,WINDSOR,
-The ratepayers defeated the $128,000 water works by-law.
000 school bond by-law.
CAP DE LA MADELEINE, Que.-BOND OFFERING.
-The Council passed
-The School
YORK TOWNSHIP,Ont.-BONDS APPROVED.
Commissioners will receive bids up to 7 p. m. July 20 for the
purchase of a 864,000 school bonds by-law.
CANADA, its Provinces and Municipalities.
NEW LOANS
NEW LOANS
$34,000
$200,000
VILLAGE OF PELHAM,
Union Free School District No. 1
WESTCHESTER COUNTY, NEW YORK, Town of Caldwell, Warren Co., N. Y.
Street Improvement Bonds
Notice is hereby given that the Board of
Trustees of the Village of Pelham, in the County
of Westchester, New York, will on the 20th day
of July, 1926, at eight o'clock P.M., Daylight
Saving Time, at the Village Office, 198 Sparks
Avenue, in said Village, receive sealed proposals
for the following issue of bonds of said Village,
dated September 1, 1926:
$34,000 Street Improvement Bonds Maturing
Three Bonds on September 1 of Each of the
Years 1927 to 1937, Inclusive, and One
Bond on September 1, 1938.
All of the bonds will be in registered form, in
the denomination of $1,000. and will bear interest
at the rate of four and one-half• per cent= per
annum, payable March 1 and September 1 in
each year, both principal and interest being
payable at the office of the United States Mortgag_e & Trust Company, New York City, in gold.
The bonds will be prepared under the supervision of the United States Mortgage & Trust
Comoany. of New York City, which shall certify
as to the genuineness of the signatures and seal
thereon, and their legality will be approved by
Messrs. Caldwell and Raymond of New York
City, whose opinion as to legality will be furnished
to the purchaser without charge.
The Board reserves the right to reject any and
all bids, and any bid for less than par and
Interest will be rejected. The purchaseraccrued
will be
required to pay for said bonds at the office of the
United States Mortgage & Trust Company, in
the City of New York, on the 15th day of September, 1926. Proposals must be unconditional
and are desired on forms which will be furnished
by the undersigned, or by said United States
Mortgage & Trust Company, and a certified
check on a national bank or an incorporated
state bank or trust company of the State of New
York for two per centum of the par value of the
bonds bid for, payable unconditionally to the
order of the Village of Pelham, must accompany
each bid, as security for the performance of the
bid, if accepted.
By order of the Village Board.
E. B. RICH, Village Clerk.
Dated: Pelham, N. Y., July 6, 1926.
FINANCIAL
0'46*EUOVA,
ga . rfg,_
gaFil
5% Coupon Bonds
Exempt
Sealed proposals will be received by the Board
of Education of Union Free School District No. 1.
From Federal Income Taxes
Town of Caldwell, Warren County, New York.
at Lake George, New York, up to 8 O'CLOCK
P. M. DAYLIGHT SAVING TIME, ON THE
21st DAY OF JULY, 1926 for the purchase of
the following described bonds of said Board of
'
Education:
$200,000 coupon bonds, dated July 1, 1926, deof
nomination $1,000, interest five per centum per
annum payable semi-annually December 1 and
St. Louis, Missouri
June 1, and maturing in numerical order five
Kansas City, Missouri
bonds on December 1 in each of the years 1929 to
1942 inc. and ten bonds on December 1 in each
Los Angeles, California
of the years 1943 to 1955 inc.
Huntington, W. Va.
Principal and interest payable in gold coin or
lawful money of the United States at the First
Oklahoma City, Okla.
National Bank, Lake George, New York, in New
Tulsa, Oklahoma
York exchange, or at the New York Trust company in the City and State of New York at the
Priced to Yield 5.50%
Option of the holder.
Bonds will be registerable as to principal only or
as to both principal and interest.
No bid for less than par value and accrued
Interest or for less than the total amount of bonds
offered will be considered. The right is reserved
INCORPORATED
to reject any and all bids. Any bid not complying
with the terms of this notice Will be rejected.
Sixty Wall Street
New York
Each bid must be accompanied with a certified
Tel. Hanover 0267
check drawn upon an incorporated bank or trust
company in the State of New York or a cashier's
check of such bank or trust company and payable
to the order of Emmet Archibald, Treasurer, for
$2.500. The deposit of the successful bidder will
be credited upon the purchase price. Cheeks of
unsuccessful bidders will be returned on the award
of the bonds.
The approving opinion
& Dillon,
neys, of New York City,of Clay furnished Attorwill be
to the
purchaser, without charge.
351-353 Montgomery Street
Dated, Lake George, N. Y., July 6th, 1926.
SAN FRANCISCO, CALIF.
BOARD OF EDUCATION OF UNION
FREE SCHOOL DISTRICT No. 1,
TOWN OF CALDWELL, WARREN Information meld Quotations on all Pacific
COUNTY,N.Y.
Coast Securities
By PRANK H. SMITH,Clerk.
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CHAPMAN DE WOLFE CO.
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